Treppen wrote: » So you could be potentially be paying out maybe 400k +All your own work/money/time put into it after the will is enacted. +All the work put into it, for at least 20 years prior to inheritance. To get a farm worth maybe 550k + Potential of getting 10k profit per year while paying of the brothers. +Maybe a house Am I reading that right. Would there be tax implications?
Bass Reeves wrote: » I am posting on the present senario on this thread not any other senario's. Her parent have put there cards on the table. Nobody has made a life time commitment
Bass Reeves wrote: » I am posting on the present senario on this thread not any other senario's.
Bass Reeves wrote: » Her parent have put there cards on the table. Nobody has made a life time commitment
Bentlee Kind Teapot wrote: » A family farm should not require the person taking it over to take on such a large debit that even if a profit can be made it will eat it all for decades. It’s madness and the idea wouldn’t even be entertained by most families where the full farm goes to the person who wants to farm it, no splits, no loans or buy outs or other mad suggestions. It’s the family farm ffs.
jaymla627 wrote: » Farm income will be taked at 44% plus prsi/usc etc if you assue her own salary and husbands have them already in the higher tax bracket, your also assuming a guaranteed 30k of pure profit every year our 400 euro a acre which is bannannas
Treppen wrote: » Ya me too!? I took your figures and broke them down into income and outgoing. Let me know if I've misrepresented what you estimated. Totally agree, although, the OPs friend has already put a lot of work into it, but maybe they should just write that off in the decision. Based on your figures would you go all in or fold if you were in the given scenario?
Dunedin wrote: » 100% agree. Every other thread discussion relates to no money/losing money in farming so to think that an 80 acre dry stock farm can service the level of debt that’s being mentioned in this thread is ludicrous. Beef could be €3 next year, mercusour could wipe us all out overnight if it ever comes.
Bass Reeves wrote: » Grow up and when you have children of your own and you have given them all equal opportunities like ( a complete education to the maximise there ability) a farm then is only a physical asset and its inheritance or any other senario that is devised for it is at the behest of the person that has it. Her parents consider that they should sell it and divide the proceeds it up to the OP friend to put a solution in place if she wants it .
Bass Reeves wrote: » The big problem with farms is over the year eldest Johnny, thickest Johnny, like to drive the tractor Johnny or I do not like school jJohnny presumed he get the farm for nothing. Many had no ambition and were and often still are incapable farming.
Electric Sheep wrote: » The farm belongs to the parents, not the family. It is the parents to dispose of as they choose. No amount of wailing "family farm " will change that.
Bass Reeves wrote: » 5Beef could also be over 4/kg. The farm could be sitting on a natural gas or gold deposit worth millions, there is loads of ''what ifs'' senario's try to deal with reality not maybe's. Farming is a business . An 80 acre farm is well capable of servicing this level of debt. The big problem with farms is over the year eldest Johnny, thickest Johnny, like to drive the tractor Johnny or I do not like school jJohnny presumed he get the farm for nothing. Many had no ambition and were and often still are incapable farming. Any drystock farm less than 200 acres is a part time gig 20 ish hours a week. Its an extremely profitable part time gig if you are focused. Having to pay for the privilage would sort the men from the boys and Johnny might be a lot better off if he focused on his education or doing a trade rather than cutting a few hedges and turning a bit of hay for pocket money when young and thinking he was made for life
20silkcut wrote: » 15-20 hours a week sounds handy but damn some of them hours can be hard and unpredictable. And not easy if your under pressure in the off farm job too.
skooterblue2 wrote: » Farming isnt something you can pick up either for a few hours, you got calving and them cows love getting up early morning calving. Farming isnt plane sailing either. My cousins found a bull caught in an electric fence and he couldnt get out and died. Another cousin had a slurry tank wall break. You can get hit with TB, foot and mouth, swine flu.... who knows what is around the corner that you will never be faced with in private industry. Banks will still demand to be paid no matter what the weather.
20silkcut wrote: » Fair rotten feeling too having to get into the car and go to work and leave a sick animal in a field until you can sort it after work or come home after a hard day and face into moving 200 bales of silage. Or get a phone call at work that your cattle have broke into the silage field. All this happened me in the last fortnight. Granted most of the time it is fine but there are a few very hard days every year.
Bentlee Kind Teapot wrote: » It’s the family farm, farms are passed down from generation to generation and each generation is simply a caretaker. From someone not from a farming background which you obviously are not that might be hard to understand but that’s the way it is. Agreed on the sick animal and the break out but I’d look forward to getting home and up into the tractor for moving the bales, the cab of the tractor is therapy to me and clears the head of the stresses of work like nothing else.
blackbox wrote: » If its not able to pay the interest, its not making a profit. If people really want to leave all their assets to one child, the only fair way to do it is to only have one child.
Siamsa Sessions wrote: » The best time to resolve this issue was 20 years ago. But the second best time is now. At least, the parents didn't wait til they died and left a messy will for the siblings to fight over. Probably mentioned earlier, but the lady in question is part of the reason the farm is now worth whatever it's worth. She has helped build the value. Maybe it'd be useful to try put a figure on the value she has added over the years? Not easy, but it might give the family something kinda impartial and solid to focus on rather than philosophical debates and entrenched positions.
Raina Ripe Suds wrote: It’s the family farm, farms are passed down from generation to generation and each generation is simply a caretaker. From someone not from a farming background which you obviously are not that might be hard to understand but that’s the way it is.
doc22 wrote: » Unless she reclaimed a few acres from the sea it'll be hard to see how one would add to land value. Unless she was personally putting money into the farm and as she doesn't do much of the hard labour it'd be hard to argue she added much value one way or another.
dubrov wrote: » I think that sums it up really. The choice is either to divide the farm fairly or divide it in a way to preserve the farm. I guess each farmer will have a different opinion on their priority when the time comes
wrangler wrote: » If she's going to be responsible for looking after the parents she should get the place. Again I see partnerships here and there's no improvement in quality of life for the old pair. Those farms should be divided. Another farm where one son was away for years and came back lately, I asked the other sibling was the brother home to farm, to which they replied ''well he's home for the farm anyway'' There was no begrudgery in that answer as they had married into a huge farm themselves,
skooterblue2 wrote: » That is very tempting for an older couple..... grandchildren on the doorstep to help them collect the eggs and sweep the yard and see them growing up. Not every grandparent gets to see their grandchild every day, week or month. The farm can be a distraction from professional life and hinder progression in industry. Like someone said before this should have been decided long before kids went and did their Leaving Cert. They made informed choices. Best thing for this girls would be to get her green cert done at weekends (someone better informed than me, can this be still done).
skooterblue2 wrote: » Best thing for this girls would be to get her green cert done at weekends (someone better informed than me, can this be still done).
the_syco wrote: » Which of the three ways gets the yard & road access? Will the house be included? TBH, letting the parents know that splitting the farm up will probably mean that the farm the parents worked on will cease to be, as it may only be economically viable for the OP's friend to start fresh elsewhere, or to walk away. As she does the book work, she'd probably have an idea of how viable a 3rd would be. If either of the sons took an interest, I'd wonder if the farm would still be getting split. Does the OP's friend only have farm experience, or does she have a farming certificate/degree?
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