No successor

The part time boy

Following on from the "would you sell to a developmer" or would you "ask someone would they sell".

What would people do of this happenes.

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

What do you do?

Sell up before you die
or leave it to all your children knowing it be sold and split.
Or leave it to one child in the hope that they keep it even though there not that interested in farming and has a good job
or other

Un farming friend of mine asked me this last night . He knows what I think of the land that I never sell and really want to hand it over as I am 6th generation

My children are in nappies btw

Bullocks

The part time boy wrote: »

Following on from the "would you sell to a developmer" or would you "ask someone would they sell".

What would people do of this happenes.

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

What do you do?

Sell up before you die
or leave it to all your children knowing it be sold and split.
Or leave it to one child in the hope that they keep it even though there not that interested in farming and has a good job
or other

Un farming friend of mine asked me this last night . He knows what I think of the land that I never sell and really want to hand it over as I am 6th generation

My children are in nappies btw

Sell up and move to Thailand
Or if no wife bring a Thai wife over and "make an heir"!

emaherx

The part time boy wrote: »

Following on from the "would you sell to a developmer" or would you "ask someone would they sell".

What would people do of this happenes.

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

What do you do?

Sell up before you die
or leave it to all your children knowing it be sold and split.
Or leave it to one child in the hope that they keep it even though there not that interested in farming and has a good job
or other

Un farming friend of mine asked me this last night . He knows what I think of the land that I never sell and really want to hand it over as I am 6th generation

My children are in nappies btw

You can't take it with you! Personally I'd leave it to all the kids as an equal share. Let them use the money to make whatever life they want to live a little easier.

If you were to leave it to one and they just want to sell it, that could just create resentment in the family.

Of coarse sell up before you die and enjoy retirement sounds good too.

Muckit

I think it's easy get fixated in the future when we should be concentrating and living in the present.

Work the land while you can. When you come around the 55-60, it is easy to assess the situation as it appears on the ground and see who has helped or shown interest. If nobody has, you can't beat yourself up for that, can you?

You have to think of yourself. Have you enough to retire? Have you made provision for healthcare and nursing home fees if you're health declines as the years go on? You may want to travel and see a bit of the world before you die.

If there is no obvious successor, then I'd personally have no problem selling my farm. I'd use what cash I needed to finish off my bucket list and then the rest is there to be divided among those entitled to it by law.

We're not going to be able to worry about it when we are beneath and clay!! And why should we be worrying about it now when we are alive and have got a lifetime of fulfilment to get out of it for ourselves?

freedominacup

Muckit wrote: »

I think it's easy get fixated in the future when we should be concentrating and living in the present.

Work the land while you can. When you come around the 55-60, it is easy to assess the situation as it appears on the ground and see who has helped or shown interest. If nobody has, you can't beat yourself up for that, can you?

You have to think of yourself. Have you enough to retire? Have you made provision for healthcare and nursing home fees if you're health declines as the years go on? You may want to travel and see a bit of the world before you die.

If there is no obvious successor, then I'd personally have no problem selling my farm. I'd use what cash I needed to finish off my bucket list and then the rest is there to be divided among those entitled to it by law.

We're not going to be able to worry about it when we are beneath and clay!! And why should we be worrying about it now when we are alive and have got a lifetime of fulfilment to get out of it for ourselves?

+1 but there's no way I'll be waiting until 70. If someone else isn't paying my wages by the time I'm in my early sixties I'll be selling without a seconds hesitation. You only get one go around and I've spent enough of my spin working hard besides carrying on on my own once I've got to that age.

patsy_mccabe

The guy has no one to blame only himself. He's 70 and the land is still in his name. Maybe if he had transferred it earlier, he would not have this problem.
Fair play to the kids for having the foresight to walkaway when they did.

I can see this happening to a lot of small farms. Old ones holding on too long and the kids thinking, I've slaved long enough here and nothing but abuse to show for it.

Stan27

Sell a couple of acres to improve your life style.
Don't make any rushed decisions though.

Sam Kade

patsy_mccabe wrote: »

The guy has no one to blame only himself. He's 70 and the land is still in his name. Maybe if he had transferred it earlier, he would not have this problem.
Fair play to the kids for having the foresight to walkaway when they did.

I can see this happening to a lot of small farms. Old ones holding on too long and the kids thinking, I've slaved long enough here and nothing but abuse to show for it.

Take it easy patsy, the op said if you were 70 and had no one interested in farming what would you do. Why would he be transferring the farm if none of them were interested in it?

patsy_mccabe

The OP said a friend ask him this question. I assume the friend is in this situation.

Username John

The part time boy wrote: »

Following on from the "would you sell to a developmer" or would you "ask someone would they sell".

What would people do of this happenes.

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

What do you do?

Sell up before you die
or leave it to all your children knowing it be sold and split.
Or leave it to one child in the hope that they keep it even though there not that interested in farming and has a good job
or other

Un farming friend of mine asked me this last night . He knows what I think of the land that I never sell and really want to hand it over as I am 6th generation

My children are in nappies btw

Very easy answer - sit all the kids down, and ask them what they'd like to do... Everyone, all together around the kitchen table...

Maybe everyone will say no-one wants to farm, but also - they might all prefer the farm not to be sold as well.
Maybe they would all like to get sites off the farm
Maybe one in particular would like to get the home farm house

I would be in favour of dividing it as equal as possible, between all kids. But this doesn't always mean selling and diving cash either tho...

Bass Reeves

The part time boy wrote: »

Following on from the "would you sell to a developmer" or would you "ask someone would they sell".

What would people do of this happenes.

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

What do you do?

Sell up before you die
or leave it to all your children knowing it be sold and split.
Or leave it to one child in the hope that they keep it even though there not that interested in farming and has a good job
or other

Un farming friend of mine asked me this last night . He knows what I think of the land that I never sell and really want to hand it over as I am 6th generation

My children are in nappies btw

If none my children are interested and I was beyond or no longer interest in farming then I rent and leave it to them all for it to be sold. In my case I will have a decent pension and seeing as how there are a lot of lads paying over the commercial rate for leasing along with tax relief on it that the way I would go.

Even if there is an obivious sucessor I be of the mind that he should not get an asset that is worth in excess of half a million for nothing. However Like I posted in the other thread regarding sucession as drystock farming is only a part time operation this is an issue that there is no hurry with at present. I will let my children know exactly where I stand regarding this.

My eldest is going to travel for 1-2 years at the end of the summer. The next one is in college and the third is doing his leaving. The more important thing is for them to sort there careers first the farming is only the choclate flake in a good ''99'' cone

Username John

The part time boy wrote: »

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

This is an interesting comment.

What if the situation were you had kids, all have no interest in farming - but you have a niece / nephew who is interested...

Again - talking and communication is key...

If the niece/nephew was half raised as one of your own, then maybe they should be considered in succession.

But outside of that, I don't see why they should be. Just cos someone likes to farm, I don't think is a good enough reason.

If it were me - I think I would prefer the farm to be sold, and the money spent on my own kids, than to gift it to a niece/nephew that maybe you weren't that close to, but would 'keep the farm in the family name'

ABlur

Find some fellow with 'the name' and offer to transfer the place to him as your own family will only sell it! As discussed recently on the Joe Duffy Show ��

Wildsurfer

Bass Reeves wrote: »

If none my children are interested and I was beyond or no longer interest in farming then I rent and leave it to them all for it to be sold. In my case I will have a decent pension and seeing as how there are a lot of lads paying over the commercial rate for leasing along with tax relief on it that the way I would go.

Even if there is an obivious sucessor I be of the mind that he should not get an asset that is worth in excess of half a million for nothing. However Like I posted in the other thread regarding sucession as drystock farming is only a part time operation this is an issue that there is no hurry with at present. I will let my children know exactly where I stand regarding this.

My eldest is going to travel for 1-2 years at the end of the summer. The next one is in college and the third is doing his leaving. The more important thing is for them to sort there careers first the farming is only the choclate flake in a good ''99'' cone

Did you buy your farm Bass or inherit it? A bit rich if you got it from your parents that you would expect your children to pay you for it no? I saw it near me where a lad got farm but had to pay off siblings over a number of years. He was working for nothing and got totally disillusioned with it all. Also expecting to provide sites for rest of family unless you have an outside parcel I'd say go and buy elsewhere. I think if you have someone interested hand it over to feck and give him a good start in life. You should make your retirement fund during your own working life.

Bass Reeves

Wildsurfer wrote: »

Did you buy your farm Bass or inherit it? A bit rich if you got it from your parents that you would expect your children to pay you for it no? I saw it near me where a lad got farm but had to pay off siblings over a number of years. He was working for nothing and got totally disillusioned with it all. Also expecting to provide sites for rest of family unless you have an outside parcel I'd say go and buy elsewhere. I think if you have someone interested hand it over to feck and give him a good start in life. You should make your retirement fund during your own working life.

I bought it so different mentality hope that one will continue with it. All of them will ge a good education. Like I stated in other thread about Macra proposal 70 is the new 50. My point to my childern is not to be waiting for an inheritance. Get on with life and with your career. Alot would depend on what assets I would have and what I had for other children. But especially in the drystock game where viable holdings must be up on 200 acres at present. I amnot sayong I expect a sucessor pony up the full value of the holding but if I had no other assets to giove my other children I see no reason he should get it for nothing. After all neither did I.

laoch na mona

leave it in a will, give em(and all the relatives that'll suddenly appear) something to fight over

The part time boy

patsy_mccabe wrote: »

The OP said a friend ask him this question. I assume the friend is in this situation.

Nope . His a non farming friend and asked me what I do in the future if this happened

The part time boy

Username John wrote: »

The part time boy wrote: »

Your 70 . You have children but no child is interested in farming . You also have no nieces and nephews interested .

This is an interesting comment.

What if the situation were you had kids, all have no interest in farming - but you have a niece / nephew who is interested...

Again - talking and communication is key...

If the niece/nephew was half raised as one of your own, then maybe they should be considered in succession.

But outside of that, I don't see why they should be. Just cos someone likes to farm, I don't think is a good enough reason.

If it were me - I think I would prefer the farm to be sold, and the money spent on my own kids, than to gift it to a niece/nephew that maybe you weren't that close to, but would 'keep the farm in the family name'

Ya not actally sure why I put that in . I guess cause when I was young and unmarried that's what I taugh I could do if I never got married.

I think if I had no children interested and a nephew / neice very very interested i think about letting them take over.

I don't see me as owning the farm . I am only minding it

Username John

The part time boy wrote: »

Ya not actally sure why I put that in . I guess cause when I was young and unmarried that's what I taugh I could do if I never got married.

I think if I had no children interested and a nephew / neice very very interested i think about letting them take over.

I don't see me as owning the farm . I am only minding it

I see it kinda the same - but having said that, if the kids wanted to sell it, when their time comes, I would be fine with that too.

Interestingly - when the discussion was had re the farm at home, none of my siblings wanted the farm, for the same reason. They saw it as a poisoned chalice of sorts...
Maybe they were right

Sam Kade

patsy_mccabe wrote: »

The OP said a friend ask him this question. I assume the friend is in this situation.

The part time boy wrote: »

Nope . His a non farming friend and asked me what I do in the future if this happened

Pay attention patsy

patsy_mccabe

Sam Kade wrote: »

Pay attention patsy

Ah don't mind me. In a bad mood today. Another solicitors letter through the door. It's getting ridiculous now. Trying to sort out someone else's mess. :mad:

rangler1

I can't see anything wrong with a long term tax free lease......so far