Succession Planning - a MUST for farmers!

Anne was recently invited to speak at a farming conference on Planning for Succession.

The conference was one of the initiatives being taken following the publication of The Yorkshire Rural Support Network's Report 2006 - Succession Planning within Farming Families.

Key points in the report:

• Succession planning should be addressed at an earlier stage, not when the older generation is at the end of their career


• An awareness should be created of the importance of future planning


• Fear of succession planning and the emotional implications prevent families from acknowledging the issue


• Tenanted farmers have limited options and may struggle to change/diversify


• Housing is a barrier to young people entering into the farming business


• Young people are going on to further education and a career before returning home to work, often because there isn't an income available from the farm.

The event was a great success - there was even a write up in the Farmers Guardian.

Due to the success of the event, more conferences are planned in the New Year, hopefully the first of which will be in February. I'll keep you posted as to dates, times etc.

Change, Change and more Change

Normally I embrace change but at the moment it 's a case of too much of a good thing.
How on earth are Tax Lawyers and Accountants supposed to advise their Clients-the CGT rules/legislation are in a permanent state of flux and inevitably they are going to be tinkered with between now and publication of next year's Finance Act - as and when and how Alistair Darling sees fit.

The Pre Budget Statement as far as I am concerned just provides the Government with a sounding board-they float a few ideas/draft measures-see how the public and more specifically the various lobbies respond and then decide what degree of unpopularity they are prepared to countenance and then legislate accordingly.

I am not a political animal-I just like to know what the rules of the game are!!
I suspect I sound like a grumpy old woman but I thought government and legislation was intended to provide certainty-this sort of approach does not instil confidence in the business community.

Still onwards and upwards-I am presenting with professional colleagues in Harrogate tomorrow -talking to members of the farming community on "Planning For Succession" and the need for it-if I am asked by farmers looking to retire whether they go for it now or after April when the proposed CGT revised legislation will be implemented what do I say? They might be better off dying in harness/with their boots on so to speak-ie not retiring and staying involved in the business-but then that might solve CGT issues but generate IHT problems
I wish my crystal ball was a bit bigger and better -and clearer!!

We soldier on

Technology!!

What a week!!

We circulated my Client Alert by e mail-horror of horrors it replicated itself-and has done so for the last 2 days-the Practice Manager has just told me that he thinks it's stopped.

Our contacts have been bombarded with batches of 950/1000/and more !!! We are now e mail persona non grata!!

Fantastic initiative that went a bit wrong-but the recipients won't forget us-and eventually in some cases they started to smile at our misfortune!

Hey ho...it's off to home I go-for a good strong drink!!!

The Magpie Pre Budget Report

Oh what a day!!

Comparing notes this afternoon it transpired that a colleague and I were both awake at 5am today thinking about IHT and CGT-how sad is that?

At a Tax Club Meeting first thing -8am not 5.30 am!!- we tax lawyers and accountants present decided there was still plenty of work for us-still plenty of "life in the old dog" ie advisory mileage in relation to IHT and CGT

I then walked in to the office to be met by the "doom and gloom" merchants in my department -pessimism is a necesssary trait for Wills Probate and Tax Lawyers (you know-the only 2 certainties in life ?..death and taxes). Equally I hate negativity!!

"No" I protested "there is still loads of mileage in Nil Rate Band Discretionary Will Trusts!"
I am massively upbeat about the new opportunities facing us Tax Planners-everyone thinks I'm "on" something and want to know what it was- the truth?-no not wacky baccy -just positive thinking-as one door closes etc etc...

So to convince everyone/put my money etc etc I have spent more or less the whole day poring over the HMRC bumph and writing and circulating an Alert.

Were the Parliamentary Draftsmen really burning the midnight oil writing the new Schedule to the Finance Bill covering transferability of the Nil Rate Band on the back of the Tory Conferance commitment to a nil rate band of £1000000 ?....and on the basis that the Government had to do SOMETHING?

I don't really think so-we had been warned by "them in the know" that Gordon had something in his arsenal before he left his previous life.

So tomorrow..another day another challenge!!

Old files are going to have to be dusted down-if they have been kept that is!!

Life don't get any easier!!

And there are still the Realignment of Trusts issues to sort before 6th April!!

Oh and CGT...

Real work to do now..files to read,letters to dictate..

PS: Client Alert on the Latimer Hinks website-any problems shout!

All About Me!

I have been asked by Smiths Gore to speak at a Farming Event in Harrogate on the 8th November.

It is titled - Farming: The Next Generation

It's a conference for farming families and business professionals with practical advice on how to prepare for the next generation in farming.

As a presenter it was requested that I produce a "brief" biography - this is it!

Me on Me

• Education: Leeds Univeristy - LLB (Hons) degree
• Trained in Leeds from 1973 - 1975
• Qualified and joined Latimer hinks in 1976
• Became Partner in 1978 and Marketing Partner in 1998
  

As a farmer’s daughter with two brothers (both of whom wanted to farm) and a sister it was clear to me from a very early age that the family farms were earmarked for the boys- I was going to have to “get on my bike”!

Directed by an incredibly forward thinking, well-educated headmistress at Richmond Convent I graduated in Law from Leeds University in 1973 and stayed in Leeds and trained and qualified as a solicitor in 1976. I joined Latimer Hinks that year as a newly qualified solicitor- female solicitors were extremely “thin on the ground”/something of a novelty- especially those with a special interest in agriculture. Thirty one years on I am still at 5-8 Priestgate, Darlington specialising in Agricultural Work, Wills, Trusts, and Tax Planning, responsible for a team of sixteen (growing year on year- the team that is!).

With a special interest in and some knowledge of the agricultural industry I have perhaps been able to provide “added value” in the context of advice provided to the agricultural community. I appreciate the special relationship as between the farmer and his land and enjoy the challenges presented in the context of farmers looking to plan for succession.

My specialisms are: Wills, Trusts, Tax Planning, Agriculture, Succession Planning, Pertnership Agreements...

Chambers on Me

The Chambers UK Guide is an annual publication ranking solicitors and barristers in over 60 specialist areas of law. Chambers have “Top Ranked” me.

2006— The “well known and respected” team acts for farmers on a full range of work, from major matrimonial matters to widespread diversification, including wind farm agreements. Clients reported that these lawyers are “on the ball” and praised their high levels of responsiveness. The firm continues to foster good land agent relationships, ensuring work on landlord and tenant issues. Anne Elliott is a “switched on” practitioner who has developed a good following, particularly among tenants.

2007— The eight-partner practice in Darlington acts for farmers and landowners in the region and beyond. The firm is enjoying a buoyant farming and estates market and demonstrates a commercial ethos through it’s comprehensive service including diversification and environment specialisms. Private Client and Agricultural lawyer Anne Elliott focuses on IHT, CGT planning and gains respect for her “down to earth approach, an important quality for farming Clients.”

Nothing like blowing your own trumpet!

Charity Awards for Unsung Heores

Latimer Hinks and Horwath Clark Whitehill are sponsoring the FIRST County Durham and Tees Valley Charity Awards.

The awards are aimed at recognising and celebrating the individial volunteers and fundraisers who give their time and energy to local charities.

We hope that people will nominate both their favourite charity and the inspiring people who work selflessly behind the scenes.

There are an amazing number of people in the region involved in the charity sector, from fundraisers and charity workers through to volunteers and business supporters and it is for these people the awards are intending to gain recognition.

We are all aware of the ‘grass roots’ work that is being carried out in communities across the region by local charities often operating under severe financial constraints and with little recognition.

These awards are an opportunity to promote the region’s vibrant third sector, and so we would encourage local charities to consider making an application for these awards – as the old saying goes, you’ve got to be in it to win it! - so please pass this message on.The work of the charities, within the TS, DL, DH, SR and YO postcode areas, will be acknowledged.

The ceremony will be held at Hardwick Hall Hotel, Sedgefield on November 1st.Anyone wishing to complete a nomination form should email caroline.walker@recognitionpr.co.uk or call 01325 363436. Full details are on the website http://www.durhamteesvalleycharityawards.co.uk/

Categories

1. Charity Volunteer of the year

The nominations should not include merely fundraising but for time and effort put into assisting a charity in its objectives in either frontline or back office functions. Nominations should include a description of the work involved and the importance of it to the charity concerned.

2. Charity Fundraiser of the Year

The nominations should include a description of the work and funds involved and with particular emphasis on the importance of it to the charity concerned.

3. Business Supporter of the Year

The nominations should explain what the business supporter has contributed that marks the business out as special in that charity’s experience.

4. Health and Welfare (inc Elderly) Charities

The nominations should explain what the charity has achieved that marks it out as special in its particular sector. It should include a copy of its annual report & accounts and any other appropriate documentation to support its nomination.

5. Young Person’s Charities

The nominations should explain what the charity has achieved that marks it out as special in its particular sector. It should include a copy of its annual report & accounts and any other appropriate documentation to support its nomination.

6. Education & Training Charities

The nominations should explain what the charity has achieved that marks it out as special in its particular sector. It should include a copy of its annual report & accounts and any other appropriate documentation to support its nomination.

7. Housing Charities

The nominations should explain what the charity has achieved that marks it out as special in its particular sector. It should include a copy of its annual report & accounts and any other appropriate documentation to support its nomination.

8. Local Branch of a National Charity

The nominations should explain what the branch has achieved that marks it out as special in its particular sector. It should ideally include a statement from the branches National HQ as to why the branch is worthy of nomination, with special mention of its activities, fundraising and volunteer work for the charities objectives.

Durham and Tees Valley Charity of the Year.

The winners of categories 4 – 8 will be entered into this award.

Deadline Looming - the end of Enduring Powers of Attorney

Just to remind you that Enduring Power of Attorneys are to be replaced with Lasting Powers of Attorney. See here

An Enduring Power of Attorney (EPA) is a legal document which i think of an a sort of insurance policy. I say now, who i want to deal with my financial affairs if in the future i can't deal with them personally.

From 1st October EPA's can no longer be made. However, EPA's in place at 1st October will be operative.
LPA's are more expensive and lengthier.

At the moment an EPA may cost around £110 + VAT for single, £200 + VAT for double.

For an LPA estimates from lawyers vary - the figures i've heard are between £700 + VAT + £1500 + VAT.

Here I explain why you should arrange a Power of Attorney asapnow - you could save alot of money and provide yourself with peace of mind.