A new booklet ‘A guide to Transferring the Family Farm’ was launched this week by the Minister for Rural Affairs, Ann Phelan. The booklet was produced to coincide with the events titled ‘Transferring the Family Farm’ that are currently on-going around the country. To date with four events completed over 1,000 people have attended.
Minister Phelan said that planning the transfer of the family farm to the next generation can be a difficult task for any parent. There are a large number of issues to be considered. Many people put off the event for as long as possible, but if the process started promptly and with careful planning some of the pitfalls may be avoided.
James McDonnell, Teagasc financial specialist, said: “Inheritance and succession, is an on-going issue for Irish farm families and must be dealt with in a timely fashion. This booklet gives an insight into, not only the legal, social welfare, and tax implications, but also the implications for the farm business. There are good tax incentives to promote early farm transfer, but this is a personal decision for every land owner. Completing this task, while looking after all of your dependants fairly and your own future income in the most tax efficient way, while fulfilling the requirements of the law, are not easy.”
At each of the seven remaining clinics, a Teagasc Specialist will make a short address, covering all aspects that need to be considered when writing a succession plan. The clinic will then be open to the farm families present to go and have ‘one to one’ private conversations with the professionals set up in booths around the venue.
Professionals in attendance will include:
• Accountants/ Tax advisers;
• Solicitors;
• Succession mediators;
• Social welfare advisers;
• Citizens information;
• Teagasc Education officers/Collaborative farming/financial specialists.
Seminars will take place at various locations around the country with the next event at the Dungarvan Park Hotel on Tuesday, September 30. Pre booking is essential.