Succession Planning for Farming Families

In this episode of the Clarke Willmott Farming Heirs and Affairs Podcast, Tom Chiffers and Philip Whitcomb discuss the critical topic of succession planning for farming families, especially in light of recent changes in inheritance tax legislation.   They cover the importance of effective communication among family members and advisors, and the various tax implications that arise during the succession planning process.   The conversation also covers recent changes in inheritance tax rules, the relevance of capital gains tax, and the advantages of different business structures for farming families. Finally, they provide practical tips for initiating and managing the succession planning process effectively.