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Transferring the family farm - where do I start?

On this week’s episode of the Beef Edge podcast, Teagasc Financial Management Specialist, James McDonnell, joins Catherine Egan with key advice to help farm families through this process and all aspects that need to be considered when writing a succession plan.

Transferring the family farm is so much more than just a simple business transaction and there are a number of complex issues to be addressed.

James discusses what the key terms succession, inheritance and farm transfer actually mean and how they differ and he explains how preparing a will is the first step.

James outlines the key questions farmers need to ask as well as highlighting 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 with the first person your local Teagasc advisor or Agricultural consultant.

‘Transferring the Family Farm’ takes place on Zoom this year as a two part webinar on 6th & 13th October 2021 and you can register here.

For further information: www.teagasc.ie/successioninheritance

For more episodes and information covered on the Beef Edge, visit the show page at: www.teagasc.ie/thebeefedge 

Produced on behalf of Teagasc by LastCastMedia.com