Preserve The Farm: Keep It Intact Before Aged Care Decisions Arise
- Future Accounting
- 6 days ago
- 2 min read
Written by: Chris Mulcahy
Why early action helps you preserve the farm for the next generation
Article 2 of our 4-part series on aged care planning for farming families
For farming families, the farm is rarely just an asset. It is a livelihood, a legacy, and often the family’s identity.
Under aged care rules, however, that same farm can quickly be reduced to a line item on a balance sheet, unless planning has been done early.
Why timing matters
Aged care assessments occur when care is required, not when families feel ready.
If succession planning has not been addressed by that point:
The farm is assessed in the older generation’s name
Aged care fees can increase rapidly
Families are forced into rushed and reactive decisions
Many families experience poor outcomes not because they made the wrong choices, but because they were forced to make choices too late.
What preservation really means
Preserving the farm does not necessarily mean giving everything away.
It means:
Clarifying who should own what, and when
Aligning ownership with long-term family intentions
Making structural changes well before aged care is on the horizon
When succession is completed early:
The farm no longer dictates aged care outcomes
Fees are based on the older generation’s genuine living resources
Control over land, debt, and timing remains with the family
The five-year reality
Aged care and social security rules are far less forgiving than many families expect.
Transfers made later in life may:
Be closely scrutinised
Be ignored for means-testing purposes
Create unintended financial consequences
This is why effective farm succession is not a last-minute exercise.
It is a mid-life planning decision.
Preserving the farm requires early, deliberate action.
Ready to start the conversation?
Aged care planning for farming families works best when it’s done early, thoughtfully, and with advice that understands farming businesses and family dynamics.
If you want to protect the farm, support the next generation, and stay in control as circumstances change, now is the time to act.
Next steps: Look out for our next article and contact us when you are ready to discuss further.
Disclaimer
This article does not constitute financial advice and is for general information only. It does not take into account any individual’s personal objectives, situation or needs, and is not intended as professional advice. Any similarity to an individual’s personal circumstances and the examples provided in this article is purely coincidental. Any person acting upon such information without receiving specific advice, does so entirely at their own risk.
Authorisation under an Australian Financial Services Licence (AFSL) is not required in the provision of this article and the author plus Future Accounting Group Pty Ltd is not acting in its capacity as an Australian Financial Services Licence holder
Liability limited by a scheme approved under professional standards legislation.
