Farm transfer help/advice

MeTheMan

Hello,

The plan (finally) is to transfer the farm!

I have my green cert done and will be classed as a young farmer. The farm probably won't going over the inheritance threshold but would it be valued at the 10% anyway? I know I need to get a solicitor but would like to hear from people who have done it.

Just looking for advice on where to start and what to look out for really.

Thanks

Mooooo

Accountant prob as important as solicitor. Need two solicitors one for you and one for parents. Get quotes first if you can.

MeTheMan

Thanks for the reply.

Have an accountant for the transfer? Is there forms I need to get to fill out?

Donald Trump

If you can qualify for the Ag relief (90%) reduction, then it would be silly not to avail of it.

You inheritance thresholds are lifetime thresholds.

If you think that there is a chance that you might ever sell it, then you would be wise to make sure you get the 90% reduction and get the valuation in as high as you can.

MeTheMan

Thanks for the reply. That makes total sense. So put it through with the ag relief regardless.

50HX

Defo ag relief, get valued as high as possible

A good tax advisor may be an option rather than accoutant....that's the route I went and we'll worth it

You will only do it once.....do it right

893bet

https://www.boards.ie/discussion/comment/119993946#Comment_119993946

Relief also depends on other assets.

Need to meet the 80 percent rule so might not be as simple as that.

do you have non farming assets op? A house being the main one?

50HX

Yeah had a house at the time of transfer

893bet

https://www.boards.ie/discussion/comment/119996032#Comment_119996032

This farm seems to be under the inheritance threshold so circa 300k.

If the OP owns a house (with no debt or other assets like cash in the back) then they might not be able to meet 80 percent rule to get relief.

davidk1394

As above, have a good accountant also. I used Ashling Meehan Solicitors in Clare. She specialises in land transfers. It'll take around a year by the time it fully transferred from your parents name to yours. Cost a few thousand but if you do it right day one it makes things very simple down the line. There was covenants on parts of land and it took an extra year to sort all that out and extra money too. Started the paper work here 3 years ago and only fully finished this year.

MeTheMan

Thanks again for the replies. No house or assets that would come anywhere near breaking the 80% threshold.

Jesus I can't believe it could take a year to finish the transfer. Does that just relate to the land/sheds? Will I be able to put in for BPS and transfer the herd number quicker.

893bet

https://www.boards.ie/discussion/comment/120105312#Comment_120105312

I used Aisling Meehan also. She was good but not cheap.

She has nothing to do with the herd number transfer and bps.

if I recall I did the land transfer and BpS transfer around the same time but the BPS was completed first definitely. Might have needed A form or similar from Aishling to state the tracker was in progress.

My advice is to

1) Get a valuation of all existing assets if required.

2) Ring the department for guidance. They are very very helpful in transfers and will give you a breakdown of what’s needed (forms etc). It’s keep that the financial side changes over fast to allow bills be paid and money received. If you are not confident of this engage an agri advisor who will assist (there is not a lot to it if I recall though and I did 95 percent myself).

3) Engage a competent solicitor.

4) when In control tidy up the yard to **** 😀

MeTheMan

I must give the department a ring. Never even thought of that. Usually don't want to hear from them. 😂

I have more or less taking over since the start of this year. Have a few improvements done and small changes made. Just want to get all sorted now and enjoy my bit of farming.

Jjameson

Make sure to get a quote all in and a letter of engagement.