Trusts and farming partnerships for life
‘What is a lifetime trust, and is it right for you?’
The specialist expertise to create an effective lifetime trust
Your farm may well be a family business where different responsibilities are shared between the generations. This can sometimes make it difficult to decide who’s the best family member to take over the business. A lifetime trust or farming partnership may well be the solution.
- What is a lifetime trust?
A lifetime trust lets you transfer part of the ownership of your farm during your lifetime. Your family will still own the farm, and it will still be held and managed in one piece, but more than one family member will benefit from it. It’s the ideal solution if you have relatives who need financial support from the business.
- Transferring value
A lifetime trust could help you transfer the value of your farm to the next generation. For instance, you could pass the value on to your grandchildren before they are old enough to manage the assets themselves.
- Tax relief
Lifetime giving lets you take advantage of current tax reliefs, even if they are withdrawn later. With the continued uncertainty about Agricultural Property Relief against Inheritance Tax, that may well be a valuable option for your family.