Teagasc Financial Management Specialist, James McDonnell, is on this week’s Beef Edge podcast with important tips and advice to help farm families with the process of transferring the family farm and all aspects that need to be considered when writing a succession plan.
Succession planning can seem to be a very complex task but it doesn’t have to be with early planning, says James. Every family has a different set of circumstances, but it is always better to have a plan in place.
The worst case scenario is where the farm transfer is unplanned as a result of illness or the death of the owner, leading to tax and legal complications.
Many farmers say they will never retire, however you do not have to be retired to have a succession plan in place and there are many decent tax reliefs and benefits to encourage you to prepare a plan in good time.
To help you prepare, Teagasc is hosting six clinics across the country. You can register for your closest event at the following:
These clinics are designed to help farm families through the process of and all aspects that need to be considered when transferring the family farm.
Find all our advice and guidance on Succession & Inheritance here:
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For more episodes from the Beef Edge podcast, visit the show page at:
https://www.teagasc.ie/thebeefedge
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