Planning farm succession early secures future stability
Farm families are encouraged to initiate open discussions on succession to safeguard their agricultural legacy. Teagasc experts highlight the benefits of early planning, available supports, and practical steps to ensure a smooth transition amidst Ireland's ageing farmer population.
Source:
Teagasc Agricultural News
•
⏱️ 1 min read
Succession on Irish farms remains a challenging topic for many families, yet it is crucial for protecting the farm business and securing financial stability for all involved. Teagasc advisor Keith Fahy emphasises that succession extends beyond land transfer and involves fairness, security, and long-term planning.
With the average age of Irish farmers at 58 and a significant portion over 65, Dr Emma Dillon notes that younger generations often do not gain decision-making roles until much later, limiting investment opportunities in vital farm improvements. Early transfer of responsibility can unlock access to Department of Agriculture supports such as young farmer payments, enhanced TAMS ceilings, and stamp duty relief, although navigating these requires professional advice.
Teagasc promotes the UNITE approach to begin family succession conversations effectively: Unity in planning, Nurturing responsibility gradually, recognising Identity and inclusion of all family members, addressing Tasks and trade-offs fairly, and Executing an active, regularly reviewed plan. Alternative succession methods include Registered Farm Partnerships, long-term leasing, share farming, and contract rearing. Tax, legal, and retirement planning are also essential components. Clinics to assist farm families with succession will take place at seven locations nationwide, providing valuable guidance for those preparing to transfer their farm.
With the average age of Irish farmers at 58 and a significant portion over 65, Dr Emma Dillon notes that younger generations often do not gain decision-making roles until much later, limiting investment opportunities in vital farm improvements. Early transfer of responsibility can unlock access to Department of Agriculture supports such as young farmer payments, enhanced TAMS ceilings, and stamp duty relief, although navigating these requires professional advice.
Teagasc promotes the UNITE approach to begin family succession conversations effectively: Unity in planning, Nurturing responsibility gradually, recognising Identity and inclusion of all family members, addressing Tasks and trade-offs fairly, and Executing an active, regularly reviewed plan. Alternative succession methods include Registered Farm Partnerships, long-term leasing, share farming, and contract rearing. Tax, legal, and retirement planning are also essential components. Clinics to assist farm families with succession will take place at seven locations nationwide, providing valuable guidance for those preparing to transfer their farm.
0 views