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new farmer

  • 13-06-2012 1:14pm
    #1
    syconerd
    Registered Users, Registered Users 2 Posts: 194 ✭✭


    lads im looking on behalf of a friend she owns a farm which was left to her by her husband its a 300 acre property its a dairy farm and hasnt been farmed in 7 years shes hoping to give it to her son when he turns 18 as she has no intrest.
    i was wondering how he would start off i know this sounds a bit odd but hes only 15 and still thinking bout getting in to farming but anu help would be appriceted sorry for spelling mistakes


Comments

  • #2
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    syconerd wrote: »
    lads im looking on behalf of a friend she owns a farm which was left to her by her husband its a 300 acre property its a dairy farm and hasnt been farmed in 7 years shes hoping to give it to her son when he turns 18 as she has no intrest.
    i was wondering how he would start off i know this sounds a bit odd but hes only 15 and still thinking bout getting in to farming but anu help would be appriceted sorry for spelling mistakes

    Good god, where to start off, a thousand different places, 1st I'd say make sure son does leaving cert, if he definately want to go farming then go to ag college for a while, get trained up some bit as I take it from your post this woman and her son are currently not farming this farm. Maybe get him a bit of summer or weekend work on a local dairy farm also to see if he is definately interested in it.

    Another thing to remember is that it may not be a simple as just transferring it straight to him when he turns 18, could be a large tax bill if the lady can not avail of retirement relief (if under 55) from CGT, could be CAT if farm worth over €2.5m for the son, stamp duty as he will not be a "young trained farmer", list could go on and on. Maybe they should talk to somebody in their local Teagasc office who should be able to give them some bit of advice for their situation and where all the details can be discussed.


  • #3
    Manoffeeling
    Closed Accounts Posts: 931 ✭✭✭Manoffeeling


    Set it for a few years. Get him to college and emigrate for a while or work or something. Make sure he has some life experience before he starts to farm. The worst thing to do would be to put pressure on him to farm. 300 acres seems like alot to plunge into without any experience!


  • #4
    grumpyfarmer
    Registered Users, Registered Users 2 Posts: 216 ✭✭grumpyfarmer


    Manoffeeling wrote: »
    Set it for a few years. Get him to college and emigrate for a while or work or something. Make sure he has some life experience before he starts to farm. The worst thing to do would be to put pressure on him to farm. 300 acres seems like alot to plunge into without any experience!
    +1 to this.. he'll need a few years after school to get his head to settle..


  • #5
    syconerd
    Registered Users, Registered Users 2 Posts: 194 ✭✭syconerd


    as ive no connections to farmiing this sounds like good advice and my thoughts exactly it would be better if he went off seen a bit of life first as u say before settling down to farm but i see ur point and go and chat to someone bout tax advice many thanks for the info lads
    john.


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