Legal advice: How to gift a site on the farm

While the transfer of a site to a child might seem like a simple transaction, independent legal and tax advice should always be sought

While the transfer of a site to a child might seem like a simple transaction, independent legal and tax advice should always be sought. Picture: Getty Images

Our son and his wife have been living in Dublin for a number of years. They met in college, and have rented since then. They are in their 30s but have been unable to get on the property ladder due to the rising cost of housing, and have delayed starting a family because of this. 

Since the pandemic hit, they have been working from home and now are considering moving back to Cork and starting a family. My husband and I never thought our son would move out of Dublin, but now that he is considering it, we think it would be a good opportunity to gift him a site from our farm. We are very excited to have our future grandchildren raised near us. What would be the next steps?