Karen Walsh: Should I pass on the farm to my son now or when I have passed on?

It very much depends on a wide variety of factors, such as family circumstances, whether there is a child farming and the tax implications

There is only one tax involved in respect of leaving it passed in a will, Inheritance Tax. There is no Stamp Duty or Capital Gains Tax payable when you leave property in a will.

Dear Karen

I am farming since I left school when I turned 14, and now I have a son about to turn 35 in the next few months, and I cannot make up my mind as to whether I should transfer the farm to him in my lifetime, or if I should leave it passed in a will? If I am going to do it in my lifetime, I really should make a decision now before he turns 35, so he can avail of young trained farmer relief.