Browne & Murphy Solicitors offer a comprehensive range of legal services for farmers including advice on farm transfers, making your Will and Succession Planning. It is important to ensure that the transfer of the family farm is carried out in the most financially and tax efficient manner possible. The transfer of a family farm to the younger generations is a big decision for any farmer and it is important to speak with a solicitor experienced in farming law in advance of any proposed transfer to see what options are available and to find the best solutions for all parties involved. In the current climate, where immigration has reached high levels amongst young people, farmers are nervous that the young farmer may not remain on the farm.
There are a number of options open to a farmer such as:-
a) transferring the land;
b) transfer the land and continue to take part in the business of the farm in a partnership; or
c) create a lease arrangement with the young farmer and see how matters develop.
Note: Of particular importance for the farmer when considering the transfer of the farm is at all times to ensure that they have sufficient income for the future for themselves and their family.
In the unfortunate event of any dispute arising it is important that at all times that the farmer and their family are financially independent. Matters such as future care, including for example nursing home care, should all be discussed and catered for when transferring the family farm. Other issues to consider would be the transfer of the farm entitlements such as single farm payment, reps, milk quota, etc., and of course any taxes that may fall due.
See the links below for further information.
- Farm Transfers
- Transfer to a Young Trained Farmer
- Farm Leases
- Transfer of a Site to a Child
- Wills for Farmers and Succession Planning
- Agricultural Relief
- Favourite Nephew/Niece Relief
- Enduring Power of Attorney
Information on the following areas to follow shortly:
- Rights of Way
- Compulsory Purchase by the National Roads Authority and Local Authorities