In this session you will take a strategic look at the key areas of advice you need to give your clients to ensure a smooth farm succession. Learn how to have hard conversations early on and identify what needs to be covered. Compare alternatives to traditional farm structures. Understand the implications of relationship property issues and consider the succession from an accounting perspective including the tax and financial considerations that you may need to seek further advice on.
Chair
Mark Dineen, Partner, Anthony Harper
9.00am to 9.45am Front-Footing the Elephant in the Room: Succession Planning for Farming Families
Succession planning can be hard on farmers’ mental health. Not only does it require contemplating what life will be like beyond the days of a key family member, there can also be significant differences of opinion as to the best way forward for the passing on of assets. This can lead to anxiety, stress and the temptation to place succession planning in the “too hard basket” or put it off until later. But the more there is a delay, the more difficult the succession planning process will become. To ensure the process run smoothly – front-footing it and having conversations early is key. In this session you will explore issues including:
- Encouraging open communication
- Having clear objectives and intention
- Ensuring the success of a farming business for the future
Presented by Rod Hansen, Partner, BDO Christchurch
9.45am to 10.30am Traditional Farm Structures: Are They Fit for Purpose and What Other Options are Available
- The suitability of using traditional farm asset protection structures
- Company structures
- Family investment companies
- Will drafting and appropriate clauses
- Deed of Family Arrangements/consultation with family member
Presented by Gareth Davis, Director, Preston Russell Law
Description
Attend and earn 3 CPD hours
10.30am to 10.45am Break
10.45am to 11.30am Key Financial Considerations in Farm Estate Planning
Hear from a financial expert on the key financial factors that need to be taken into account when advising on a farm succession.
Presented by Brent Love, Partner – Farm Enterprise, KPMG New Zealand
11.30am to 12.15pm Relationship Property Issues in Farm Succession
- How relationship property claims against farming family Trusts can arise
- Special considerations in Contracting Out Agreements in a rural context
- Valuation of rural assets in relationship property division
- Homestead provisions in the Property (Relationships) Act 1976
Presented by Shelley Greer, Director and Nicole Porima, Senior Solicitor, Gallie Miles Limited
Presenters
Gareth Davis, Director, Preston Russell Law
Gareth’s career started in 2002 working for another local law firm in Invercargill before joining PRLaw in 2003. Gareth enjoys dealing with clients and is especially proud of having been personally involved in numerous major rural transactions throughout the years. Not many people know it but Gareth also spent several years while at University and his early legal career in the New Zealand Army (Territorials) serving as a Combat Medical Technician, obtaining the rank of Lance Corporal. Nowadays, when he’s not representing PRLaw, his time is occupied by his roles on the SIT Zero Fees Southland Sharks and Southland Basketball Association boards, being a trustee of the Deep Cove Outdoor Education Trust, a member of the Waihopai Board of Trustees where his children attend and a member of the Fiordland Rotary Club which he attends when manning the firm’s Te Anau office on Thursdays. Gareth’s expertise is in rural and residential property matters, asset protection and estate planning including farm succession, and in wills, enduring powers of attorney, and trusts.
Shelley Greer, Director, Gallie Miles
Shelley was awarded the gold medal for top honours at Waikato Law School in 2014 and went on to complete her Master of Laws in the area of intellectual property law. Shelley enjoys providing clients with advice and assistance on a broad range of issues involving the structuring and establishment of asset and succession plans, interpretation of trust deeds, the management and administration of trust funds and trust disputes. She is also experienced in Property (Relationships) Act issues and advises clients on both contracting out agreements and separation. Shelley is practical, thorough, and efficient, and enjoys the challenge of her work. Shelley is a member of the Mathematics for a Lifetime Charitable Trust Board.
Mark Dineen, Partner, Anthony Harper
Mark brings a unique blend of legal expertise in agribusinesses of all sizes, and an approach grounded in sixteen years experience as a stock agent. Admitted to the bar in 2004, Mark’s is a pragmatic, collaborative and flexible style honed over years of coming to know the sector and its people. His passion for agribusiness, insights into what goes on behind the farm gate and ongoing connections within the sector mean his clients get advice that is grounded in the real world. He understands the issues that those in agribusiness grapple with every day – as well as the many opportunities on offer.
Rod Hansen, Partner, BDO Christchurch
Rod is an Advisory partner based in BDO's Christchurch office. Rod has travelled extensively overseas gaining experience within the financial sector. He also spent nine years in agribusiness banking, working with a broad spectrum of clients ranging from sharemilkers to some of New Zealand’s largest farming businesses. Rod assists clients with all aspects of their businesses operations including strategic planning, succession planning, governance, budgeting, interest rate risk management and development proposals.
Brent Love, Partner – Farm Enterprise, KPMG New Zealand
Brent’s role within KPMG is to enhance the knowledge that KPMG can bring to the agriculture sector. He specialises in advisory and financial management of private and corporate agricultural businesses, as well as, provides additional support around equity partnerships, debt funding, succession planning and strategy. Brent is well versed in on-farm management practices and systems with significant practical experience too. Through long term commitment to the industry, Brent has a good understanding of physical, financial and social (people) factors in business.
