THE IFA meeting on farm succession and transfer issues held last week in Athenry was described as ‘a great success’ with a big turnout of farmers eager for factual information and advice.
Galway Farm Family Representative and one of the organisers of the meeting, Anne Mitchell, said that there was a growing awareness among farming families of the need to have their ‘affairs tidied up’ to avoid potentially divisive and costly consequences ‘down the road’.
“We really had a wonderful turnout for our meeting in Athenry where farm families were given expert advice in relation to all aspects of succession and the transfer of the family farm.
“In the past, we’ve all come across the fallout than can occur when the transfer of the family farm has been left in ‘no-man’s land’.
“The first piece of advice I would give, is for all of the family members to sit around the kitchen table and to have that discussion about planning for the future: the time to do that is always now,” Anne Mitchell told the Farming Tribune.
Martin Clarke, IFAC Accountants; Joseph Naughton, Auctioneer; and Donal Quinn, Solicitors, Athenry, addressed the recent meeting in the Raheen Woods Hotel, Athenry.
All aspects of farm succession were dealt with by Martin Clarke while Joseph Naughton outlined what was involved in relation to the transfer of farm entitlements – Donal Quinn outlined ‘the basics’ in terms of making a will.
According to Anne Mitchell, the key thing for farmers and their families to keep in mind was not to defer their succession planning to a later date. She outlined a number of ‘basic considerations’ that families had to consider:
■ After full consultation with family members, make a will that is clear and well-defined with no vagueness. If possible, said Anne Mitchell, get the term ‘complete and absolute’ included in the phrasing of the will.
■ Even if it costs a bit of money, get sound professional advice on the tax implications for the beneficiary of the will and on the transfer of entitlements from one generation to the next.
■ Acquaint yourself with the implications of the cost of nursing home care in cases where the farm has not been transferred – fully and completely – for a period of five-years. A lengthy nursing home stay could jeopardise the whole future of the farm if the conditions of the Fair Deal scheme have not been met.
■ The beneficiary of the farm needs to have their Green Cert qualifications to ensure that they can avail of all the exemptions that are in place. The young person taking over the farm needs to have their Green Cert completed meaning that they are a ‘qualified farmer’.
Pictured at the recent IFA open meeting on Farm Succession held in Athenry were: Rosemary McDonagh, Galway IFA County Secretary; Anne Mitchell, Galway IFA Farm Family Representative; Teresa Roche, National Chairperson IFA Farm Family Committee; Jacinta Byrnes, Naughton Auctioneers, and Joseph Naughton, Auctioneers Ballinasloe.
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