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Gift/Inheritance question on family farm!

  • 25-11-2011 8:27pm
    #1
    baby builder
    Registered Users, Registered Users 2 Posts: 98 ✭✭


    Evening everyone!

    I've been reading as much as I can on this forum and was looking for some advice.....

    200 acre farm (horticulture) - 3 sons, all over 40 (one who went to ag college) and farm in father's name.

    The time has come for the lads to take over - now, the farm has debts and is not making money - I'm starting to look at CAT, CGT and the scary one - stamp duty liabilities.

    What would be the best plan - make a will and leave 1/3 each to the lads (two will farm and one will look after accounts/business side of things) and they could lease the farm from their dad at a nominal fee or sign over everything now?


Comments

  • #2
    Muckit
    Registered Users, Registered Users 2 Posts: 11,174 ✭✭✭✭Muckit


    Aisling Meehan Solicitors


    Address: Rathlahine Farm, Newmarket-on-Fergus, Co Clare

    • Tel: 061 368412
    • Fax: 061368412
    Has anyone used this lady for inheritance/land transfer? PM me with your experiences good or bad.

    Sorry to hijack tread OP :o (Mods remove if needs be to a separate tread)


  • #3
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    If you make a will leaving 1/3 to each, how can they then lease it from you? You will be either in Heaven or Hell and on a practical front, how could they send the money to you?


  • #4
    pakalasa
    Closed Accounts Posts: 4,552 ✭✭✭pakalasa


    Muckit wrote: »
    Aisling Meehan Solicitors

    PM'd you. Nothing bad to say , for those who are wondering..:D


  • #5
    agcons
    Registered Users, Registered Users 2 Posts: 176 ✭✭agcons


    baby builder wrote: »
    Evening everyone!


    The time has come for the lads to take over - now, the farm has debts and is not making money - I'm starting to look at CAT, CGT and the scary one - stamp duty liabilities.

    The time has well past if you ask me. Stamp duty concession gone once they passed 35 yrs of age, except for inheritance.
    Would there be three viable units if it was divided?- are they all making a living from it at the moment? Has he discussed the matter with any or all of them at all? There's the makings of a right row here if its not handled sensitively and sensibly.


  • #6
    JohnBoy
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭JohnBoy


    ravima wrote: »
    If you make a will leaving 1/3 to each, how can they then lease it from you? You will be either in Heaven or Hell and on a practical front, how could they send the money to you?

    until the father passes on.....


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  • #7
    kk09
    Registered Users, Registered Users 2 Posts: 129 ✭✭kk09


    There is a bit on this at the end of this thread: http://www.boards.ie/vbulletin/showthread.php?t=2055828424&page=3

    If this dont work it the TAC, Reliefs & Schemes thread in the Farming & Forestry Section.

    May be worth the read.


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