The value of the Green Cert? Young Farmer - Inheritance

theguzman · 06-01-2020 05:47PM #1

A little background here, I'm 32 and my father wants to pass the family farm to myself within the next two years as he will turn 70 then.

I have no agricultural background, I have only basic farming knowledge and I was not raised on the farm, I won't go into the personal and messy details here but this entire thing is being foisted upon me within the next two years.

I have been advised to do the Green Cert to lessen the Inheritance tax issue as it is a large holding. I was speaking to a Teagasc advisor before Christmas and it is a 2 to 3 year course and the subject matter is really not interesting for me.

I know many young lads would love to be in my situation, lads with a love of farming, and animals, I hate it, and if it was tillage or something no bother but I hate animals and cannot handle or manage them.

I love the natural beauty and I see myself as a natural steward of the land, however the amount of brutal physical work and rural loneliness and isolation. This is a place with old men pubs and zero dating opportunities for someone like myself. It is an incredibly insular, backward and negative place.

However this is coming and I must deal with it in the best way and most appropriate manner, I would have preferred to inherit at the death of my parents whenever that might occur in the future, however this way offers far more security but also is far riskier.

I will be in a situation coming soon to achieve some of my own personal goals and this looks likely to be a disrupter.

What are the likely benefits of the Green Cert? and it does matter at all anyway if I waited until over 35 to inherit?

Sugarbowl · 06-01-2020 06:13PM

There was article about this topic in the journal quite recently. Maybe of interest to you. Check their website/app

893bet · 06-01-2020 07:30PM

theguzman wrote: »

A little background here, I'm 32 and my father wants to pass the family farm to myself within the next two years as he will turn 70 then.

I have no agricultural background, I have only basic farming knowledge and I was not raised on the farm, I won't go into the personal and messy details here but this entire thing is being foisted upon me within the next two years.

I have been advised to do the Green Cert to lessen the Inheritance tax issue as it is a large holding. I was speaking to a Teagasc advisor before Christmas and it is a 2 to 3 year course and the subject matter is really not interesting for me.

I know many young lads would love to be in my situation, lads with a love of farming, and animals, I hate it, and if it was tillage or something no bother but I hate animals and cannot handle or manage them.

I love the natural beauty and I see myself as a natural steward of the land, however the amount of brutal physical work and rural loneliness and isolation. This is a place with old men pubs and zero dating opportunities for someone like myself. It is an incredibly insular, backward and negative place.

However this is coming and I must deal with it in the best way and most appropriate manner, I would have preferred to inherit at the death of my parents whenever that might occur in the future, however this way offers far more security but also is far riskier.

I will be in a situation coming soon to achieve some of my own personal goals and this looks likely to be a disrupter.

What are the likely benefits of the Green Cert? and it does matter at all anyway if I waited until over 35 to inherit?

There is an online course in Westport. 1 year. It’s not run very well but an option.

How large a holding?

theguzman · 06-01-2020 07:32PM

893bet wrote: »

There is an online course in Westport. 1 year. It’s not run very well but an option.

How large a holding?

Several hundred hectares

893bet · 06-01-2020 07:46PM

theguzman wrote: »

Several hundred hectares

Taking before you are 35 means no stamp duty if you have the green cert and farm the land.

Without it you pay 1%-2%. Could end up as a 10k tax bill.

If you parents own the land and need nursing care in fair deal they will lose up to 7.5% of the farm per year.....could easily be 150k plus.....

Reality is you don’t want it though.

What age are your parents? And what do you currently do?

bonaparte2 · 06-01-2020 08:34PM

You are thirty two. Nothing is being foisted on you. Either accept it or don't. Live your one life.

06-01-2020 08:38PM

It’s good thinking on your parents behalf as if they need nursing home care the fair deal scheme will impact the farm but if they sign it over to you once 5 years pass then the fair deal can no longer touch the farm.

You will have a large inheritance tax bill without the green cert along with a substantial stamp dirty bill. Without the green cert you can get around the inheritance tax issue by leasing the farm to a trained farmer for at least 5 years (the rent is also tax free within certain limits) but this won’t get around the stamp duty which will be 1%. Your parents may not want it leased out however but it’s better than giving a load of money to the government for the fair deal scheme or inheritance tax, the stamp duty will be the least costly even if you did have to pay it.

It’s a funny world, I’ve a good off farm job but I’d pack it in tomorrow if I was getting my hands on a farm big enough to make a living on rather than the part time farms most of us have nowadays.

smiththeglen · 06-01-2020 10:26PM

theguzman wrote: »

A little background here, I'm 32 and my father wants to pass the family farm to myself within the next two years as he will turn 70 then.

I have no agricultural background, I have only basic farming knowledge and I was not raised on the farm, I won't go into the personal and messy details here but this entire thing is being foisted upon me within the next two years.

I have been advised to do the Green Cert to lessen the Inheritance tax issue as it is a large holding. I was speaking to a Teagasc advisor before Christmas and it is a 2 to 3 year course and the subject matter is really not interesting for me.

I know many young lads would love to be in my situation, lads with a love of farming, and animals, I hate it, and if it was tillage or something no bother but I hate animals and cannot handle or manage them.

I love the natural beauty and I see myself as a natural steward of the land, however the amount of brutal physical work and rural loneliness and isolation. This is a place with old men pubs and zero dating opportunities for someone like myself. It is an incredibly insular, backward and negative place.

However this is coming and I must deal with it in the best way and most appropriate manner, I would have preferred to inherit at the death of my parents whenever that might occur in the future, however this way offers far more security but also is far riskier.

I will be in a situation coming soon to achieve some of my own personal goals and this looks likely to be a disrupter.

What are the likely benefits of the Green Cert? and it does matter at all anyway if I waited until over 35 to inherit?

I'm currently doing a course not run by teagasc but by a crowd called Farm Ed but you end up with same qualification. Its 8 months long I know there's a group starting next September. I'm in the 3rd group that started in 2019 and I'll be finished sometime in July.

vikings2012 · 06-01-2020 11:10PM

theguzman wrote: »

A little background here, I'm 32 and my father wants to pass the family farm to myself within the next two years as he will turn 70 then.

I have no agricultural background, I have only basic farming knowledge and I was not raised on the farm, I won't go into the personal and messy details here but this entire thing is being foisted upon me within the next two years.

I have been advised to do the Green Cert to lessen the Inheritance tax issue as it is a large holding. I was speaking to a Teagasc advisor before Christmas and it is a 2 to 3 year course and the subject matter is really not interesting for me.

I know many young lads would love to be in my situation, lads with a love of farming, and animals, I hate it, and if it was tillage or something no bother but I hate animals and cannot handle or manage them.

I love the natural beauty and I see myself as a natural steward of the land, however the amount of brutal physical work and rural loneliness and isolation. This is a place with old men pubs and zero dating opportunities for someone like myself. It is an incredibly insular, backward and negative place.

However this is coming and I must deal with it in the best way and most appropriate manner, I would have preferred to inherit at the death of my parents whenever that might occur in the future, however this way offers far more security but also is far riskier.

I will be in a situation coming soon to achieve some of my own personal goals and this looks likely to be a disrupter.

What are the likely benefits of the Green Cert? and it does matter at all anyway if I waited until over 35 to inherit?

- Do you have any third level qualifications?

If so, you may be eligible to complete the distance learning green very course in one of Teagasc designated centers. The course commitment is a day a month for about 18 months.

I think the distance route would be most suitable for you as it’s not a huge commitment in the grand scheme of things especially if it could save you thousands.

Thanks

06-01-2020 11:33PM

vikings2012 wrote: »

- Do you have any third level qualifications?

If so, you may be eligible to complete the distance learning green very course in one of Teagasc designated centers. The course commitment is a day a month for about 18 months.

I think the distance route would be most suitable for you as it’s not a huge commitment in the grand scheme of things especially if it could save you thousands.

Thanks

Just to say that the distance education green cert run by teagasc is claimed to be 1 day a month but it’s really 2 days a month and even 3 days some months (5 week months, exams etc). It’s always a weekday and usually the middle of the week.

Just something to keep in mind. The private courses in Westport etc may be more suitable as it is really done online with minimal attendance.

05eaftqbrs9jlh · 06-01-2020 11:40PM

This might be completely out of the question but given the fact that there is so much land, would it be profitable enough for you to afford to get somebody else to manage it on your behalf? It's probably not the ideal solution from a "man up and follow your father" standpoint, but you really should be allowed to be able to pursue your own ambition and not forced on a path which isn't of your choosing. The disclaimer is that I realise life is seldom as simple as I'm describing and this is suggested by somebody who has absolutely no idea about industrial-scale farming.

vikings2012 · 06-01-2020 11:41PM

Azalea Mealy Hearse wrote: »

Just to say that the distance education green cert run by teagasc is claimed to be 1 day a month but it’s really 2 days a month and even 3 days some months (5 week months, exams etc). It’s always a weekday and usually the middle of the week.

Just something to keep in mind. The private courses in Westport etc may be more suitable as it is really done online with minimal attendance.

I suppose it depends on the Centre which you attend.

For me, when I did it, it was always the second Monday of a given month. I never had to go more than once a month for classes. However, for written exams these would be held on a Saturday. Over the course of the 18 months I would say there was 10 Saturday exams in total.

The college was very flexible if I missed a Monday I could attend another session within a given month or else there would be ‘mop up’ classes at the end of the course for people who missed classes, skills , assessments etc.

johnnyfruitcake · 07-01-2020 11:58AM

http://www.farmed.ie/

I'm attending Farm Ed as well, it's based in Cahir, Tipperary.
Classes are on Friday evenings and all day Saturday so you miss no work.

Highly recommend it.

revoke12 · 22-01-2020 05:32PM

theguzman wrote: »

A little background here, I'm 32 and my father wants to pass the family farm to myself within the next two years as he will turn 70 then.

I have no agricultural background, I have only basic farming knowledge and I was not raised on the farm, I won't go into the personal and messy details here but this entire thing is being foisted upon me within the next two years.

I have been advised to do the Green Cert to lessen the Inheritance tax issue as it is a large holding. I was speaking to a Teagasc advisor before Christmas and it is a 2 to 3 year course and the subject matter is really not interesting for me.

I know many young lads would love to be in my situation, lads with a love of farming, and animals, I hate it, and if it was tillage or something no bother but I hate animals and cannot handle or manage them.

I love the natural beauty and I see myself as a natural steward of the land, however the amount of brutal physical work and rural loneliness and isolation. This is a place with old men pubs and zero dating opportunities for someone like myself. It is an incredibly insular, backward and negative place.

However this is coming and I must deal with it in the best way and most appropriate manner, I would have preferred to inherit at the death of my parents whenever that might occur in the future, however this way offers far more security but also is far riskier.

I will be in a situation coming soon to achieve some of my own personal goals and this looks likely to be a disrupter.

What are the likely benefits of the Green Cert? and it does matter at all anyway if I waited until over 35 to inherit?[/QUOTEO

Im doing the green cert at the moment myself if you dont do it you will have stamp duty. I started in june and doing the evening fri and half day a saturday and it will be done in another few months honestly its worth it finanically wise unless you dont mind paying a tax bill.

The value of the Green Cert? Young Farmer - Inheritance

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