Karen Walsh: Land succession question with no right or wrong answer

One of the questions I am asked year after year is, “Should I transfer the farm in my lifetime, or leave it pass in my will?”

There is no right or wrong answer to this question, as it very much depends on a wide variety of factors, such as family circumstances, whether there is a child farming, the tax implications involved for both the transferor and the transferee, whether a child has an agricultural qualification, the need for nursing home care, the ages of the parties, or whether other children need to be looked after, etc.

In relation to farm succession, each year brings new developments in law, taxation, social policy, family relationships and dynamics.