£1000 Donation to the Farm Crisis Network, but do I really need a photograph??

This morning saw me up bright and early leaving home before 7am to keep a breakfast appointment at the Great Yorkshire Show at 8.30am

Incredibly I had to queue to get in to the Showground-a vast area-and then had to find Stand 614!!

I made it and renewed acquaintances with friends and colleagues from the Tenant Farmers Association (of which I am a recommended professional) and was warmly welcomed by all especially the Farm Crisis Network people.

We do a lot of work with farmers in North Yorkshire and South Durham and many of them have a very tough and solitary existence-the FCN supports them practically, emotionally and financially.

On the 22nd May the TFA organised a sponsored walk to raise funds for FCN. Normally I would have taken part BUT the Latimer Hinks Charity Ball was held on the 21st May - which resulted in a very late night/early morning for me! I was in no fit state to attend a lengthy walk but felt we needed to support this very worthy cause.

The ball raised £11,500 with monies going to Help for Heroes, St Teresa's Hospice and smaller local charities. We chose the Farm Crisis Network to be one of our "smaller charities." We wanted to support them by handing over a donation of £1000 from the fund.

Andrea my Marketing PA insisted that this was not just a case of me handing over a cheque-I had to find a beast, a cow, a pig or a sheep to be photographed with –and, as you can see by the photo I duly obliged.

We are making huge efforts to try and encourage farmers and the farming community to look at succession planning-and the TFA and FCN and the Yorkshire Agricultural Society are working with us to get the message out there-very much a case of a joined up approach.

Finance for Farmers - follow up

If you really wanted to attend the Latimer Hinks/Barclays presentation on Finance for Farmers but were unable to make it - here is a brief outline of what was discussed

FINANCIAL SEMINAR FOR FARMERS

Latimer Hinks Solicitors have recently co-hosted with Barclays Bank a breakfast presentation on the theme “Finance for Farmers 2010.”

Issues explored included lending in the current financial climate, the legal issues surrounding providing security for borrowing and the importance of planning for the future and how to achieve it.

Presentations were given by Anne Elliott and Rosanne Green, Agricultural Specialists at Latimer Hinks Solicitors and Martin Redfearn, National Agricultural Specialist with Barclays Bank.

Rosanne Green outlined the legal formalities relevant to providing Banks with security for lending.

One of the important factors highlighted was that the borrowers and the owner occupiers may need to seek separate legal advice.

Rosanne used the example parents owning a farm, but the borrowing being taken by the farming partnership, perhaps including not only the parents but sons/daughters/daughters-in-law etc. Each would need to be advised in their different capacities.

Anne Elliott explained that at the point in time where borrowing is being taken/considered it is very important to look at the structure of the business and the aspirations/intentions of the various parties.

She stressed it was important for farmers to talk to all their advisers - the bank, the accountant, property or personal lawyer and financial adviser in terms of analysing where a business is going and, importantly, succession planning for older generations.

Anne Elliott said: “The event provided a range of practical advice and information which those attending could take on board and which I hope will prove useful in their farming businesses.

It was good to provide the opportunity for people to hear what is involved in relation to setting up and finalising borrowing arrangements and also to talk informally to professional advisers.”

The event was of course followed by a breakfast of bacon and sausage sarnies!

Succession Planning for Farmers - a talk!

Back in 2007 and 2008 I (Anne Elliott, Partner at Latimer Hinks Solicitors) was invited to speak at a Farming Conference targeted at succession planning for farmers and their families (and other interested parties).

Well, it must have "hit the spot" as Robert Dunning (an accountant on the platform with me) and I have been invited back to speak again on the same topic.

"Where and when?" you ask....

Thursday, 8th October 2009 at 6.30pm
The Sportman's Arms, Wath, Nr Pateley Bridge - Succession Planning

The aim is to tell a few tales to "encourage" (for which read "terrify") farmers into planning for family succession, retirement and their exit from the farming business (whether they decide to "go quietly" or die "with their boots on"!).

It will be an informal event with every opportunity given to ask questions and to seek information on all sorts of issues including Will making, family trusts, exit strategies and options.

Did you know 50% of farmers in the Yorkshire Dales haven't made a will!!

If you have a special interest in this topic (you may already advise on these issues) and live in or around the Pateley Bridge area, let me know - you may be able to come along, though numbers are limited!

Succession Planning for Farmers - Taking Control

We're writing an article for the Country Land Association on Succession Planning and I thought I'd share the final version with you.

Succession Planning - Taking Control

It's very easy for me (as a legal professional) to suggest that Succession Planning is required

BUT people are reluctant to talk about anything which involves finances, retirement, death etc. Hopefully this article will make things a little easier along with the accompanying fact sheet Succeeding at Succession.

However, it goes without saying always take expert legal advice!