Legacy Lessons

Legacy Lessons - Simon Thompson

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 EpisodeThis 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

🎙️ 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.

In this episode, financial expert Vanessa Jansen discusses key financial strategies essential for rural families to consider when planning their estate and succession. She emphasizes the importance of early planning, understanding tax implications, and structuring assets to ensure a smooth transition and preserve the family legacy. Vanessa shares practical advice tailored to the unique challenges faced by rural communities, highlighting how strategic financial planning can safeguard the future of the farm and family.

In this episode, we’re joined by Peter McKnoulty, the founder of Transiting Planning Australia and a highly respected estate planning solicitor. Peter shares his valuable insights into the highs and lows of family outcomes in Australian estate and succession planning. Tune in as he discusses real-life experiences, lessons learned, and how families can navigate the complexities of securing their legacy. Don’t miss his expert advice on avoiding common pitfalls and ensuring a smoother transition for future generations.

In this episode of Legacy Lessons, I sit down with Michael Cowley, an expert in estate and succession planning, to discuss essential asset protection strategies tailored for rural families. We explore practical approaches to safeguard your farm and family wealth, ensuring a secure future for the next generation. Michael shares insights on trusts, insurance, and other tools designed to protect your assets from unforeseen challenges. Tune in to learn how proactive planning can preserve your legacy and provide peace of mind. Listen now

"In this episode of Legacy Lessons, Sara shares her personal journey of navigating the challenges of farm succession planning in rural Australia. As an extremely capable and valuable daughter-in-law who is still facing resistance within her husband's family, Sara opens up about the struggles of being made an outcast, and not included in critical family decisions. Also, how communication breakdowns may well lead to a loss of family legacy. Tune in for insights on how family dynamics, lack of fairness, parents' excessive control and insecurity, can lead to problems with succession planning. Plus, how to avoid the pitfalls that can tear families apart. A must-listen for anyone facing similar challenges in the rural community!"

In this episode of Legacy Lessons, I sit down with Peter McVeigh, Executive Director and Senior Wealth Adviser at Elston Financial Solutions, to discuss the crucial relationship between succession and financial planning. We explore how integrating financial strategies into your estate and succession planning can provide clarity, fairness, and security for your family's future. Peter shares insights on effective financial strategies that complement estate and succession planning, ensuring a secure future for rural families. Tune in to learn how to protect your legacy, avoid family conflict, and ensure your farm and business transition smoothly to the next generation.

In this episode, Tom McVeigh, Director of Life Legacy Legal, shares his expertise on estate and succession planning, emphasizing the importance of early preparation to protect your family's future. He discusses common pitfalls and offers practical advice tailored to rural families, ensuring your legacy is preserved and your loved ones are cared for. Tom's extensive experience provides valuable insights into creating a comprehensive plan that safeguards your assets and family harmony.

In our first episode of Legacy Lessons, I'm joined by Sam Fryer, the creator of the A Place to Call Home podcast series. Sam has been an incredible advocate for rural families, and in this conversation, he shares how our work together has not only impacted his life but also helped countless rural families protect their legacies. Sam discusses the challenges he’s seen firsthand and how the Legacy Blueprint process has provided clarity, direction, and peace of mind for families navigating estate and succession planning. Tune in for a heartfelt conversation about the importance of getting your affairs in order—and the positive changes that come when you do. 33 mini