Farm Transfer advice needed?

Fubared1

Hi,

My dad is in his early 70's and wants to transfer the ~20 acre family farm in the west of Ireland over to me. I'm in my 40's with no formal agricultural training and working away from home at the moment.

Parents are in good health and would like to continue day to day farming, however I'm not sure what would happen to their current entitlements / grant payments etc. if the farm is transferred over to me. I assume I would not be entitled to these payments based on not full time farmer, full time job, lack of agricultural cert etc.

I'm looking for guidance from anybody who has been in a similar situation. What's the most efficient way to make transfer and manage this type of arrangement. What do we need to consider from point of view of taxes for parents and me, transfer of herd number, farm payments, continuing parents small income from the farm etc.

Are there any things which I need to be aware of before making the transfer?

Any help greatly appreciated.

Belongamick

Fubared1,

I cannot give you specific limits, clauses, rates etc but you probably need help from professionals in the following areas;

- Solicitor: Find a local solicitor recommended by a friend, family member.
He/she will walk you through the process. As I understand it, your parents need a solicitor to act in their interests and you need a different solicitor to act in your interest. He/she will probably seek a valuation from an auctioneer of the family farm, house etc.

- Entitlements, payments etc. If your folks already have an agricultural advisor or use Teagasc, then they should be competent to deal with these issues, clauses, claw backs. limits etc.

- Accountant, need one to explain to you any tax compliance obligations going forward. I would seek an accountant familiar with farm accounts but essentially you need to think of the farm as a business, profit and loss etc from now on.

Will be going through the same process myself soon. Best wishes.

Fubared1

Thanks Belongamick,

My main area of concern is the entitlements & payments. Parents don't use an adviser or Teagasc so I'm stumped when it comes to knowing what happens on transfer. Any help in this space from anybody who has gone through a similar process would be greatly appreciated.

Count Mondego

Fubared1 wrote: »

Thanks Belongamick,

My main area of concern is the entitlements & payments. Parents don't use an adviser or Teagasc so I'm stumped when it comes to knowing what happens on transfer. Any help in this space from anybody who has gone through a similar process would be greatly appreciated.

It's no different to the land transfer. You have to fill out a department of ag form and it either gives you a new herd number or transfer of the old. About a 15 page doc if I remember correctly.

jimini0

Fubared1 wrote: »

Thanks Belongamick,

My main area of concern is the entitlements & payments. Parents don't use an adviser or Teagasc so I'm stumped when it comes to knowing what happens on transfer. Any help in this space from anybody who has gone through a similar process would be greatly appreciated.

What part of the whest are you from? We did the same as you last year. The father always used an independent agri advisor. He did the farm transfer. The entitlement transfer and did the bps and anc payment applications for me too. €300 well spent. It was all done right and no headaches