Dairy Chitchat 4, an udder new thread.

green daries

https://www.boards.ie/discussion/comment/123768515#Comment_123768515

One thing I've found when you now have yourself in a position of relative security and strength is the ability to renegotiate things only if relatively slightly, (it needs to be done very camly and cooly but it does work. Especially if an agreement is one sided ) can make a huge difference to yourself and where you stand. ..... now that is only an opinion from a lad on the Internet 🤣. But it's something to think about

whelan2

There's always one in each family to stir ****, I've told my sister, who's never stood on the farm that she's welcome to it. Some people are never ever happy

50HX

https://www.boards.ie/discussion/comment/123768127#Comment_123768127

Try arguing that with a judge & you'll see how far you'll get esp when there are dependants.

When it gets to court level, all bets are off & its pretty much out of your hands.

Don't ever say I'll never force a sale no matter how badly off I am....circumstances change v quickly & emotion comes into play more than you think.

Siamsa Sessions

No consolation but what @mahoney_j describes is probably the most common form of “succession”.

History is repeating itself here with our place - having the land in your name doesn’t mean much when you have to pay rent to the previous land-owner (your parent) coz they “couldn’t survive” on the pension.

My only advice to anyone would be to encourage your parent(s) to start a private pension ASAP so that when the time comes, you won’t be their pension.

mahoney_j

https://www.boards.ie/discussion/comment/123768950#Comment_123768950

Mother is well covered in that regard ….its the siblings are the issue and they got in her ear ….basically as long as there inheritance (same as farm I got 😉)don’t have to be touched to support any needs she has they are fine …but they don’t give 2 fooks of the years I supported parents on my own …as well as buying out home house as long as they don’t have to put there hands in they’re pocket ….im managing ok financially but that’s it there’s no real wiggle room and it has me under a bit of pressure but I’m healthy and happily married with my own kids and life

jaymla627

https://www.boards.ie/discussion/comment/123769057#Comment_123769057

Had you a house previously built and sold to fund buying the home house, in the old farmhouse here that's joined to the parents house, and going building a house to get away from the blackmail of been apparenrtly given a 400k hosue (that's 200 years old and needs 200k spent to fix it up), was a major meltdown on their part as they reckoned me and the other half would basically be their carers etc into their 70's...

Added bonus too off not getting stung re fair deal on the house, if it occurs have yard and 70 acres already transfered over but the rest is been kept to ensure their pension pot, reckon I'll have to buy it basically to square up siblings

daiymann 5

https://www.boards.ie/discussion/comment/123768346#Comment_123768346

So whats the story if u cant meet ur repayements the bank cant sell what u owe not much incientive to pay back loan. what kind of country is this .ive borrowed over 2 million in my day and paid and still paying back why should others get off scot free by intimidating people

K.G.

And still people think buying is better than renting land.there was a man near us used to say"a penny left after you is bad management "

Siamsa Sessions

https://www.boards.ie/discussion/comment/123769893#Comment_123769893

With the price of land, renting is the only option for most farmers anyway.

Thou “the dealer” page in the IFJ this week reckons there might be more sub-100 acre farms coming onto the market since oul lads retiring or dying have no successor or their young lads don’t want to farm it, and they’re selling up instead of renting out. Maybe the price of land will level off if more starts to become available?

roosterman71

Last of my old lads home place is being sold from under him which he's farmed for the last 25 years. His siblings forcing the sale cos they see $$$ in the home house and hectare of land it sits on in the village. This is the second time they've come and taken a bite. First time was for 21 acres a couple of miles away. Had been farming that too. Had been renting but in the end they wouldn't agree to that even to get us out of it. Knackers were paying token rent to graze horses for a couple years prior to sale. In essence, family/siblings and land is a hoor of a combination when one is still on the land but the others want the mullah.

ftm2023

https://www.boards.ie/discussion/comment/123769777#Comment_123769777

Ya hypothetically if a friend or neighbour of mine was being thrown out on the road by the bank I’d stand toe to toe with them to stop the sale. You must be an awful lowlife if you wouldn’t do the same

whelan2

Banks dont just sell farms on a whim, there's a long road before it gets to that stage

straight

https://www.boards.ie/discussion/comment/123770140#Comment_123770140

I guess it depends on the circumstances. Genuinely fell on hard luck or just a smart Alec that had no intention of paying in the first place and acted the bollix. What about the vendors and everyone else that people like that don't pay?

Personally speaking, if some lad like him threatened to blow a hole in me with a shotgun I'd have to take up the offer. Never liked bullies like that and also we are all paying more for our finance because property can't be repossessed in this country.

GrasstoMilk

https://www.boards.ie/discussion/comment/123770140#Comment_123770140

there was 2 very wise lads around here that bought very expensive land with 100% borrowed money. It blew up in there faces fairly soon after and they fought tooth and nail for years over it. As a result of that land the 2 pillar banks are way way over the top when lending to farmers because of there blagarding.

I have sympathy for someone who fell on hard times but I’ve no time for anyone trying to get out of paying what they agreed to and I would bid on such land if it suited me

DBK1

https://www.boards.ie/discussion/comment/123770251#Comment_123770251

Same as that, if I’d money to buy land and a lad made that statement at an auction I wouldn’t be able to get my hand up quick enough to bid. The only thing worse than a bully is one that wants everyone else to fund his bullying.

GrasstoMilk

https://youtu.be/sDl9l0xYMKo?si=M8OPcuFaHYtz1W9g

good video by Glynn here

ginger22

https://www.boards.ie/discussion/comment/123770355#Comment_123770355

You would wonder who was worse, the 2 lads who borrowed the money or the bank manager who lent it to them so he could get his commission. Shure he probably gave them the price of a new SUV each as well.

GrasstoMilk

https://www.boards.ie/discussion/comment/123770944#Comment_123770944

it was fairly typical of the reckless lending that went on during the boom though? My parents were told to put down what ever amount they wanted back in 2004 when they bought here. If they were nieve to have done so it wouldn’t have ended well for them

ftm2023

Some very interesting posts made here the last couple days. Particularly about how some of you have to pay a wage to your parents after getting the farm as they couldn’t survive on the pension.

It made me think of my maternal grandmother, she was widowed in her 30’s with 6 kids. The oldest being 9. Her husband (my grandfather) had been a plasterer and got a heart attack at work one day and died.

She’d obviously no farm to fall back on but she saw to it that her family never did without and even when I knew her in her old age and she was only on the OAP, she always had a decent car, kept the house nice, literally travelled the world on holidays, had her health insurance etc…… it makes me scratch my head when I hear about people not being able to sign over their farms as they wouldn’t be able to live on the pension 😂

wrangler

https://www.boards.ie/discussion/comment/123771612#Comment_123771612

It wouldn't be great reward to work at farming all you life and then be expected to live on the state pension.

ftm2023

https://www.boards.ie/discussion/comment/123771657#Comment_123771657

Yes that’s a fair point and I accept what you are saying. However, you’d hope a farmer should have put something together themselves over their farming career. In my town, you could buy house 10 years ago for €60K that are making €24K/year in rent now.

My own grandmother lived like a king on the state pension so people are far from destitute on it 😂

whelan2

I'm on the widow's pension. It's a nice amount but you wouldn't survive on it. Have my own pension that I'm paying into for hopefully when i reach pension age.

GNWoodd

https://www.boards.ie/discussion/comment/123771657#Comment_123771657

Everyone’s circumstances are different but in a lot of instances the not being able to live on the pension line needs to be taken with a large dose of salt .
Would they never have made anything off the land since they took it over ?
Would they not have put anything into a private pension to save for their retirement ?

wrangler

https://www.boards.ie/discussion/comment/123771840#Comment_123771840

The irish state pension is quarter of the Irish average salary and those on that salary say they can't live, so go figure.

893bet

Assuming you have no rent/morgage and don’t have an affinity for foreign travel the state pension is more than adequate IMO.

daiymann 5

https://www.boards.ie/discussion/comment/123772151#Comment_123772151

Did u check the price of fuel food lately 288 euro is a joke should be 700 min

Bass Reeves

https://www.boards.ie/discussion/comment/123772279#Comment_123772279

There is no way the state could afford a state pension of 700 euro/ week. The full rate is 289.30/ week. There is a top up of 22 euro a week if you are living alone. You also have two other allowances, electricity allowance of 35/ month and a free TV licence. I think in total it's equivalent to nearly 360/ week. As well you have free travel probably of better value to urban rather than rural dwellers

For a couple the amount would be a bit with 625/ week. The living along allowance probably needs to be more substantial probably needs to be at 70-100/ week of a top up.

daiymann 5

https://www.boards.ie/discussion/comment/123772486#Comment_123772486

Can u work and still pull the pension

Bass Reeves

https://www.boards.ie/discussion/comment/123772596#Comment_123772596

Yes you can and more and more people are doing it every year I have two older brothers, one drives a lorry 2-3 days a week he is 73 the other brother dose a load of different of either long distance taxi runs ( collecting from Dublin airport etc) or car drop off for a car dealer a couple of days a week. He is 70 years old.

As well if you had a small pension fund of say 160k after you draw down 25% it's leaves you 120k drawing a 5% annuity off that would give you another 115 euro a week. Most pension funds will usually pay monthly so 500/ month.

I draw my pension quarterly @1% installments (4%/year). At 70 years I have to up that to 5% per year. If you worked part time until 70 and delay drawdown until then you could probably afford to draw 6% per year.

Assuming the 160k had increase by 5% per anum for 4 year without any additional top ups you fund would be 195k approx. You 25% drawdown would be 48.5k and 6% drawdown per anum would be 8775/ anum or 730 per month. If you decide instead on 13 payments a year your monthly payment would be 675 per month and a double in December say of 1350.

IIt's amazing how a bit of finiancial planning even in your 40 or 50's can change your lifestyle when you are older. As well if anything happens to you if you do not opt for an annunity (which IMO is not a great idea) but go tge ARF route the fund passes on to you spouse who can immediately draw the complete fund down tax free.

daiymann 5

https://www.boards.ie/discussion/comment/123772948#Comment_123772948

Bass your a worldvof knowledge youbreally should be a farm tax advisor