Teagasc countrywide clinics advise on succession
At each of the 11 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 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. Seminars take place from September 9 to October 14. Pre booking is essential.
Book online at www.teagasc.ie/events or contact your local Teagasc Office
