Thursday, February 2, 2017

Succession planning seminar held in Pincher Creek

Sun Life Financial Associate Don Strankman and KPMG Manager CPA Rebecca Sanford
Photo Toni Lucas

A farm succession planning seminar was hosted at the Lebel Mansion on Wednesday, February 1 with around 20 people in attendance.  The topic was transitioning your rural property to a different owner, whether that is your children, other family members, neighbours, or another person or entity of your choice.  "The most important thing is developing a plan for the future.  If you are looking for a way to pass on your farm to the future generation, or potentially you are a retiring farmer and you don't have any farming children who want to take over, what are the next steps for you?", explained Justine Peters from Stringam LLP.  The session covered a wide range of possible topics which can occur in real life: small family farms, incorporated properties, multiple business partners, multiple children with different interests, no children, to name a few of the various scenarios discussed.
Stephen Mogdan from Stringam LLP, Sun Life Financial Associate Don Strankman, and KPMG Manager CPA Rebecca Sanford were there to discuss the legal, taxation and financial implications of succession of property. They each addressed the process of succession and how to go about making it happen. "The idea here is that all three of these work so closely together that often times the lawyers refer to the accountants, and the financial advisers refer to the accountants as well. It makes sense to have the three parties working together. It doesn't matter which one you go to first, we will help start that conversation for you," said Peters who explained it is important to start the conversation and guide the process so a clear plan for your property comes to fruition.

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