Teagasc invite all farm families to their popular series of clinics on
‘Transferring the Family Farm’ which are designed to enlighten and educate farm families about the many details involved in an effective plan for succession.
The Bundoran Clinic will run from 10.30am to 1pm and will be repeated in the afternoon from 2pm.
The format for the event will consist of a short 30 minute presentation to give an overview of the main issues involved in a family farm transfer.
This will be followed by the main part of the event which will be the opportunity to engage one-to-one with accountants, solicitors, citizens advice, family mediation experts, social welfare representatives and Teagasc advisors.
You will be able to ask questions and get information on your own particular situation.
Great Northern Hotel, Bundoran
Venue: Great Northern Hotel, Bundoran
Date: October 8th 2014
Time: From 10.30am
At the clinic, 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 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.
Family involvement in planning for succession is essential. Some issues you can address with the relevant professionals could include:
Writing a will/forming trusts;
Starting the conversation within the family;
Income security after retirement and pensions;
Fair deal scheme and its pitfalls;
Options to cater for other siblings;
Forming a partnership with your children.
There are also a number of tax issues to be considered. On life time transfer of farm assets, capital acquisitions tax, capital gains tax, and stamp duty are the taxes for which a return must be filed. For transferring the family farm it is important to make preparations early so that potential problems can be assessed and avoided.