More than 50 people from across the North of England, attended the second seminar on family farming business run by CLA North in partnership with Silk Family Law and accountants Armstrong Watson.
The successful “Keeping it in the Family” event, which was held at The Rheged Centre, Penrith, looked at the risks in landowning and agricultural businesses – from tax issues to family fallouts and divorce.
CLA North regional director Dorothy Fairburn, who introduced the seminar, summarised the three key messages from the speakers as: make a will, make sure partnership agreements are robust, and have a pre-nuptial agreement.
Andrew Robinson, partner at Armstrong Watson, spoke about tax issues, ownership, and the importance of understanding accounts when it came to safeguarding farming businesses. A well-known expert in advising farming businesses and landed estates, Andrew is chairman of the Northern Farming Annual Conference.
Wayne Lynn , a partner at Silk Family Law, outlined the complex matters relating to assets and finances that can arise in a landowning or agricultural business if divorce happens.
Wayne was followed by Margaret Simpson , one of Silk’s founding partners. Well-known for her expertise in handling complex farming and land-owning cases, Margaret looked at the benefits of pre- and post-nuptial agreements for farming families.
The seminar ended with an expert panel question and answer session chaired by Silk partner and in-house counsel, Ian Kennerley . Questions ranged from partnership agreements to the cost of divorce.