Family farm succession is one of the more complex planning challenges. It often involves how to fairly treat children working on and off the farm, how to fund retirement for the older generation, how to handle the tax implications of any transfer, and how to keep the farm viable through the transition. We work alongside your solicitor and accountant on structure.

Defence force members have specific super arrangements depending on when they joined: DFRDB (older members), MSBS, and ADF Super. The treatment of these schemes, particularly the relationship between defined benefit and accumulation components, and how invalidity benefits work, affects retirement planning significantly. We can work with you and the scheme rules to plan around them.

University staff often have UniSuper or a similar fund, and may have moved between roles or institutions during their career. Common considerations include consolidating super, reviewing investment options inside super, and planning the transition from full-time work to retirement or part-time work.

Agricultural income is variable by nature. Planning for variable income usually involves a more conservative ongoing budget, building cash reserves, using farm management deposits where eligible, and structuring debt so it can absorb a poor year. Insurance and superannuation also have roles to play.

The first question is usually liquidity: investments need to be accessible when commodity prices or weather create cash pressure. Beyond that, the principles are the same as for any client: diversification across asset classes, appropriate risk for your timeframe, and a portfolio you can hold through volatility. Local property concentration is often already higher in farming families, which can argue for diversification elsewhere.

Beyond a current will, key documents include binding death benefit nominations on super, powers of attorney, and consideration of testamentary trusts where they suit. Farm-specific issues include how to handle ownership of land and equipment, how to provide for non-farming children, and how to ensure the farm continues operating during any transition.