Farm Succession – Is it Straightforward?

TRMr Farmer died in 1988 leaving the farm to his wife during her life time and then to his son after her death.  The son has worked on the family farm since childhood and is now in his late forties.

As the son does not own the family farm, he has had difficulties negotiating funding with his bank because of his mother’s life interest.

His mother agrees to surrender her life interest in the family farm during her lifetime,  to enable the legal estate in the family farm to be passed to her son.

Stamp duty on the transfer of mum’s interest to the son is exempt under the inter-generational stamp duty exemption for primary production land.… Read More