Transferring family farm - Where do I start?
Transferring the family farm is so much more than just a simple business transaction; there are a number of complex issues to be addressed. Catherine Egan, Beef Specialist, discusses how to handle family farm transfers, with insight from Teagasc Financial Management Specialist, James McDonnell.
Advice on farm transfers
Increasingly, farm transfers are taking place during the owner’s lifetime, allowing all parties to manage the process. Every family has a different set of circumstances, but it is always better to have a plan in place. The worst case scenario is where the farm transfer is unplanned as a result of illness or the death of the owner, leading to tax and legal complications. Many farmers say they will never retire, however you do not have to be retired to have a succession plan in place and there are many decent tax reliefs and benefits to encourage you to prepare a plan in good time.
Teagasc Financial Management Specialist, James McDonnell, joins Catherine Egan on a recent episode of The Beef Edge podcast, with key advice to help farm families through this process and all aspects that need to be considered when writing a succession plan. James discusses what the key terms succession, Inheritance and farm transfer actually mean and how they differ. Preparing a will is the first step to start. James outlines the key farming family the key questions farmers need to ask. James highlights the tax and business issues farmers should be aware of and a range of ways to integrate farm generations. An important point to remember is that there is a huge support network available to start the transfer process. The first person is your local Teagasc advisor or Agricultural consultant. Listen below:
Teagasc is hosting two webinars on 6 & 13 October at 7.30pm as a follow-on to the webinar which was held last November. You can register for this event here. Hear from experts from the Citizens Information Board, Succession Ireland and our own Teagasc solicitor. Post your questions to them and have them answer on the live webinar or send in your question beforehand to email@example.com and receive a response to your inbox. Speakers on the night are: