Farm succession: Putting a plan together
There can be a lot of organising when it comes to “getting your affairs in order” with so many different things to consider. Farm retirement, transfer of property and the family conversations around this topic, are sometimes difficult and tend to be put on the long finger.
Planning farm retirement is more than just a simple business transaction. There are a number of complex issues to be addressed, including the fact that the family home is normally inseparable from the business, and there are usually a number of family members to be catered for fairly.
On Tuesday, 17 November, at 7:30pm, Teagasc is hosting an online ‘Transferring the Family Farm’ event. This webinar is designed to help farm families through this process and will cover all aspects that need to be considered when writing a succession plan.
This webinar will be interactive and will be open to questions, but will also have the option for an online “one-to-one” private conversation with the professionals.
Register your place on this webinar here
Topics covered will include:
- Making a will;
- Income post retirement – pension and other income needed to sustain lifestyle;
- Nursing home support scheme (fair deal);
- Money/funding for long-term care in retirement should you need it;
- Taxes due on completion of transfer;
- Complying with tax relief conditions;
- Costs associated with transfer.
Trying to avoid taxes and family conversations only get more difficult the longer you leave it. Nobody knows the time or date they will pass on, and taxes can only be avoided if planned for correctly.
Effective communication is the key ingredient to successful succession planning. It allows for family members to share concerns, decide on options available and what actions to take. It also allows for effective planning and helps prevent disputes, misunderstandings and unnecessary anger.
Places on this webinar will be limited. Don’t delay. Register your place today here