ADVICE on how farmers can develop a succession plan for passing on their family farm will be available at a special clinic in West Cork next month.
Teagasc has launched its annual ‘Transferring the Family Farm’ clinics, which are open for all farm families and landowners to attend. The West Cork clinic takes place in the Celtic Ross Hotel in Rosscarbery on Wednesday October 4th at 10am.
‘Farming families who have attended these events in the past have said that they found out more information in 10 minutes than days on the phone at home,’ said Teagasc director Professor Frank O’ Mara. ‘These events will help you carefully plan your succession, by putting you in contact with the key experts so that you can have a good family meeting and achieve a successful outcome.’
Farm succession events often attract large crowds and Teagasc says it expects this year’s events to be no different.
‘The age profile of farmers continues to increase, even though there are government tax incentives and EU CAP incentives. Farming families are being encouraged to participate in these free events where they will get the opportunity to talk to experts on a one to one basis,’ said a Teagasc statement.
Supporting each event will be a team of local solicitors, accountants, and Teagasc advisors to answer one-to-one queries in confidence. Also present at these events will be a mediator, a profession often used by farming families to develop a succession plan in difficult circumstances.
Citizens Information services will also be available to address complicated issues like pensions, the fair deal scheme, and state entitlements.
For those interested in forming Department of Agriculture, Food and the Marine (DAFM) registered farm partnerships, staff from DAFM will be in attendance.
James McDonnell, a farm financial specialist with Teagasc said that putting a succession plan in place can take time, and that the clinics help farmers gather information more efficiently ‘to make the best decision for their own individual circumstances’.
‘Early transfer allows farming families to benefit from the all the tax and CAP incentives, and in many cases results in a significant tax reduction and improved cash flow for the new successor,’ he said.
• To register for the event see www.teagasc.ie/farmtransfer
