Transferring the Family Farm
It is essential for every farmer to have a farm succession plan in place. There are complex legal and taxation rules that, if planned for, can be managed easily. If not planned for, however, there could be a major impact on the viability of the farm business.
This publication looks at seven specific issues that require discussion when a succession plan is being put in place.
- The Farm Business
- The Farm Family
- Legal Issues
- Collaborative Farming
- Availing of a Pension on Retirement
Download a copy of A Guide to Transferring the Family Farm
Transferring the Family Farm Clinics
Teagasc run Transferring the Family Farm clinics every year. These clinics are designed to help farm families through the process of and all aspects that need to be considered when transferring the family farm.
In the below clip, Klara McGrisken, Teagasc Financial Management Specialist, provides an overview of what takes place at the clinic. The event is run over a half day and opens with a short presentation on the area of farm transfer. People will get the opportunity to talk to professional advisors one-to-one about their own particular farm transfer situation.
The professional advisors at the clinic include:
- Teagasc advisory and education staff
- tax specialists
- legal experts and
- family mediation professionals
all offer practical advice on the topic of farm transfer.
All farm family members are welcome including parents, farming focused children and members of the wider family group. The overall aim of the event is to leave the event more knowledgeable and on the correct path towards their own successful farm succession plan.
Elsewhere in the clip, Seamus Bagnall and his son Jim explain why they decided to attend one of the clinics and outline what they hope to achieve by attending the clinic.
Transferring the Family Farm Clinics 2022
In 2022 clinics took place in six venues throughout the country. It is planned to hold similar clinics in 2023
Transferring the Family Farm Clinics 2021
Teagasc hosted two Transferring the Family Farm clinics on Wednesday, 6 & 13 October 2021.
On part one of the 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
View presentations of from part one below:
- Mediation (pdf)
- Wills and Probate slides (pdf)
On part two of the clinic, which took place on Wednesday, 13 October, 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
View presentations of from part two below:
- CI presentation DD Budget (pdf)
- CI presentation FairDeal (pdf)
- CI presentation Pensions (pdf)
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