"Trust the Process: Testamentary Trusts with Michael Cowley"

Legacy Lessons - Safeguard Your Assets Before It's Too Late with Kerryanne Williams

You’ve worked hard to build your family’s assets, but are they really protected? In this episode of Legacy Lessons, Mark Westcott from Rural Succession Solutions and solicitor Kerryanne Williams explore the essential protective strategies every rural family should have in place while they’re still alive. They discuss: * How to structure ownership for asset protection 🏡 * The role of binding financial agreements & insurance 💼 * Testamentary vs. inter vivos trusts — what’s the difference? ⚖️ * How to stay flexible while safeguarding the future 🔐 * Steps to reduce risk and ensure long-term family security 🌾 This conversation is practical, empowering, and focused on helping you lock in peace of mind while you’re still in control. 💡 Legacy Lessons is where rural wisdom meets practical strategy — helping families protect their legacy, build harmony, and secure their future. #SuccessionPlanning #EstatePlanning #AssetProtection #RuralFamilies #FarmLegacy #LegacyLessons

Legacy Lessons - The Hardest Step - Starting Succession with Kerryanne Williams

Why is starting the succession planning conversation often the hardest part? In this opening episode of Legacy Lessons, Mark Westcott from Rural Succession Solutions and solicitor Kerryanne Williams unpack the emotional, practical, and psychological barriers that stop rural families from beginning the process. They discuss: * Why families delay succession planning * The fears and misunderstandings that hold people back * How to start the conversation without creating conflict * The real cost of doing nothing * Steps to move from confusion to clarity This episode is packed with insights, stories, and encouragement for rural families who know they should start the conversation — but haven’t yet. 💡 Legacy Lessons is where rural wisdom meets practical strategy — helping families protect their legacy, build harmony, and secure their future. #SuccessionPlanning #EstatePlanning #RuralFamilies #FarmLegacy #LegacyLessons

Legacy Lessons - Simon Thompson

Legacy Lessons - Simon Thompson

Yellowstone to Your Own Gate: Tom Cosentino’s Advice for Young Farmers

Yellowstone to Your Own Gate: Tom Cosentino’s Advice for Young Farmers. Farm ownership is one of the biggest dreams — and biggest challenges — for young people in agriculture today. For many, the idea feels out of reach due to skyrocketing land prices, complex succession issues, and the uncertainty of stepping into such a high-risk, high-reward lifestyle. But every now and then, someone comes along who not only breaks through those barriers but also has the insight, humility, and clarity to explain how it can be done. Tom Cosentino is one of those people. In this episode of Legacy Lessons, we go beyond theory. We talk real numbers, practical pathways, and the mindset shifts that make the difference between watching opportunities pass by and walking through your own farm gate. The story begins with an unlikely connection — not in a paddock or a boardroom, but on the open road of Yellowstone National Park. Tom was driving through the stunning, wild landscape when he tuned into a podcast I’d recorded with Sam Fryer. That moment — surrounded by some of nature’s most enduring beauty — reminded Tom how the right conversation at the right time can change your entire trajectory. He reached out, and we quickly discovered we shared a deep commitment to helping the next generation of farmers take ownership of their future. Tom is not your typical farmer. He’s a first-generation landowner who understands the grind from the ground up. As an accountant and a young farmer, he brings a rare dual perspective: * The practical financial knowledge to structure deals and make ownership realistic. * The lived experience of taking the leap into owning and operating a property without an inherited safety net. That combination means he can speak directly to the young man or woman staring at an opportunity — or a bank balance — wondering if the dream is even possible. What You’ll Learn in This Episode This is not a fluff conversation. It’s an honest, practical roadmap for anyone thinking about stepping into farm ownership, whether through family succession, partnership, or outright purchase. Tom explains the mental shift it takes to move from “I wish I could” to “I’m going to.” We talk about confidence, calculated risk-taking, and why waiting for perfect conditions can keep you stuck for decades. Farm ownership isn’t just about passion; it’s about profitability. Tom walks us through: * How to assess a property’s earning capacity. * The real cost of servicing debt in today’s environment. * Creative financing options that young farmers often overlook. Tom’s story proves you don’t have to do it alone. He shares how strategic relationships — with family, other farmers, and professional advisors — opened doors that would have been locked without trust and collaboration. In an era of tight margins and volatile markets, knowing your numbers is a survival skill. Tom shows how his accounting background didn’t just help him run a business — it helped him secure the business in the first place. Every big move has its risks. Tom talks openly about the doubts he faced and the moments he wondered if he’d made a mistake — and how he pushed through anyway. What You’ll Learn in This Episode: This is not a fluff conversation. It’s an honest, practical roadmap for anyone thinking about stepping into farm ownership, whether through family succession, partnership, or outright purchase. 1. The Mindset of a First-Generation Farmer2. Understanding the Numbers3. The Power of Partnerships and Networks4. Why Accounting Skills Matter More Than Ever5. Overcoming the Fear Factor

"Trust the Process: Testamentary Trusts with Michael Cowley"

🎙️ Legacy Lessons | Episode: "Trust the Process: Testamentary Trusts with Michael Cowley" When it comes to protecting the family legacy, few tools are as misunderstood—and as powerful—as testamentary trusts. In this episode of Legacy Lessons, Mark Westcott sits down with Michael Cowley, a respected solicitor and partner at Fox and Thomas, to unpack exactly how testamentary trusts work, and why they’re becoming essential in modern estate and succession planning—especially for rural Australian families. Whether you’re a grazier, farmer, or rural business owner, this conversation is a must-listen. Michael brings over two decades of experience in helping families legally structure their estates to avoid unnecessary tax, protect assets, and ensure long-term peace of mind. 🎧 In this episode, we cover: * What exactly is a testamentary trust, and how does it differ from a standard will? * How trusts can provide iron-clad asset protection for future generations. * Why testamentary trusts can help keep farms in the family, shield against relationship breakdowns, and reduce the risk of external claims. * Common myths and mistakes families make when ignoring this crucial tool. * Real-life scenarios where a trust made all the difference in preserving a legacy. This episode is full of practical wisdom for rural mums and dads who want to do the right thing by their kids—especially when the stakes are high and the family business or farm is involved. 🛡️ If you’ve ever thought: “We just want things to be fair” or “We don’t want the kids fighting when we’re gone,” this episode is for you. 📍 Hosted by Mark Westcott of Rural Succession Solutions, “Legacy Lessons” is the go-to podcast for rural Australian families looking to take control of their estate and succession plans, create harmony, and leave a lasting legacy. Listen now and start protecting what matters most.