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The Queensland Government has made available Farm Management Grants for eligible primary producers and farmers or their relatives to contribute towards the costs of obtaining professional, legal and financial advice when contemplating passing onto the next generation. We call this “Succession Planning”.
The Farm Management Grant Scheme is run by the Queensland Rural Adjustment Authority (QRAA) and a rebate of up to 50% of the costs of obtaining professional advice, to a maximum of $2,500.00 for each financial year during the Scheme, is available.
Rapid Legal Solutions provides Succession and Estate Planning advice to farmers as part of their Agribusiness practice and depending upon each client’s individual set of circumstances, are able to work with your Accountant in establishing a Succession Plan. This could include and require Agreements for transfer of property, establishing a Trust, a Partnership Agreement, Leases, Agistment Agreements and of course, Wills and Enduring Powers of Attorney.
Remember the grant also applies to the relatives of the primary producer including children who could be eligible to claim the Grant and receive professional legal advice.
Contact Rapid Legal Solutions if you are interested in obtaining professional legal advice and claiming the Grant in order to reduce your costs.