Succession & Inheritance
Transferring the family farm is so much more than just a simple business transaction; there are a number of complex issues to be addressed including:
- The family home is normally inseparable from the business.
- A number of family members/ siblings/ children to be catered for fairly
- If the transfer is during the owner’s lifetime, the owner will require an income, as well as possibly the recipient depending on the circumstances.
- Creating an arrangement that can provide a solution for the different opinions of the family members involved the discussion
Transferring the Family Farm Clinics 2021
On part one of the 2021 Transferring the Family Farm clinic, which took place on Wednesday, 6 October, Clare O’Keeffe from Succession Ireland spoke about how using a mediator can help farming families put together a successful succession plan in place. Emma Fogarty Teagasc Solicitor spoke of the importance of writing a will and the role of executors.
Watch Part One below
Online Clinic 6th October
Transferring the Family Farm Online Clinic - Part Two
On part two of the Transferring the Family Farm clinic, Deborah Dwyer from the Citizens Information Board made two presentations, firstly looking at the Nursing Home Support Scheme (Fair Deal) and secondly she discussed the state Pensions (contributory and non-contributory).
Watch Part Two below
Online Clinic 13th October
Transferring the Family Farm Clinics 2020
An online event on Transferring the Family Farm took place on 17th November 2020.
- 2020 webinar TTFF where do I start (pdf)
- 2020 webinar Collaborative Arrangements (pdf)
- 2020 webinar tax (pdf)
This webinar was chaired by Fintan Phelan, Head of the Farm Management Department in Teagasc.
- Kevin Connolly, Teagasc Financial Specialist discussed the taxation issues to be considered when planning a farm transfer
- Gordon Peppard, Teagasc Collaborative Farming Specialist discussed farm partnership options and alternatives worth considering when planning succession
- James McDonnell, Teagasc Farm Management Specialist gave some pointers on planning a successful farm succession plan
Click on the images below to download a copy of the Farm Succession & Transfer Guide or A Guide to Transferring the Family Farm or contact your local Teagasc offices for a hard copy.
- Farm Succession and Transfer Guide - Summary (pdf)
- Guide to Transferring your Family Farm (November 2020 Edition)
- Planning your Succession - Media Article
- Lessons from Teagasc’s farm succession clinic
- Article: How to take the stress out of land succession