Farm Transfers and Succession Planning
The family farm is an emotive subject and many farmers have great difficulty in putting a succession plan in place. There are many options open to the land owner and all options should be carefully considered prior to agreement. The tax implication on both the transferor and transferee should be examined in detail at this stage and professional tax advice should be sought.
Denis Faulkner has a lot of experience in helping farm families to put a succession plan in place. A facilitation process allows all family members to have their say. It is very important that non farming family members are consulted as ill feeling can be created if this entire process is not handled in a sensitive and transparent manner. The other issue is to establish the future role of the retiring farmer in the enterprise, if any.
Where a succession plan is not practical then Denis Faulkner can advise on other options such as sale, long term lease or farm partnerships.