Farm Legal Advice: Getting your farm succession right
With Law Society rules, your children that are receiving the benefits have to hire their own solicitor.
How to all but eliminate farm transfer tax liabilities was recently explained by Teagasc Financial and Farm Management Specialist James McDonnell in Part 2 of a four-part podcast series on farm succession. But if the succession is not well planned, there can be a large tax bill.
“The first step I would see is writing the will,” said James. "The second step then is figuring out what the parents want to do with the farm, and the third step is to look at the tax implications. Once you have that figured out, then you can go and sign the legal instruments.”
