Accounting for Farm Estates - Beyond the Basics for Probate Professionals

Introduction

Accounting for farm estates is complex.

It is a complicated time to value estates with the flat residential market and the demand for some farm types reducing.

The role of strong executors and trustees is important to sort out farm irregularities and it must be decided how these are reported in the accounts and what is provided for.

What You Will Learn

This live and interactive course will cover the following:

• The farm probate valuation - the starting point for the accounts, the significance for inheritance tax (‘IHT’) liabilities and distribution of the estate
• The valuation of ‘hope’ on development - the irony of development for survival
• Collecting in all assets and liabilities - the correct recording of uncertainty
• Uncertainty over IHT liabilities - the marginal areas, the lack of legislation and guidance on farming for the environment
• Accounts disclosure - what to include and what not to include
• Providing for changes - the difficult residential property market and the IHT
• The valuation of chattels and ‘farm junk’ - from the barn full of vintage tractors and the assets under nettles
• Sale of estate assets to pay liabilities - the need for good property advice
• Work needed (suggested) before and after death - planning in advance
• The new £1million transferable allowance for IHT - understanding the maximising of relief
• The important distinction between capital and income
• Distribution statement for each beneficiary
• Executor deliberations over beneficiary disputes and how to avoid them
• Recent dispute cases - the role of executor and disclosure

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.