Posted Mar 2020
Deciding how to bring the next generation into the farm business and pass on the farm assets by way of inheritance are challenging decisions to be made. The failure to do same properly can cause serious disruption and dispute within the family and can also expose the estate to substantial tax bills which inevitably will lead to the sale and breaking up of farmland and business. Starting a conversation with the family is the most important step. At Staines Law, we advise regularly on farm business succession and farm succession issues.
James Staines has spoken at many Farm Business Succession seminars. He has also presented to Teagasc Farm Advisors on farm business succession. In addition, James has made numerous presentations to IFA County Executives on this topic and written extensively on same in the Irish Farmers Journal and other publications.
We can guide you through the conversation of identifying a successor and bringing them into the farm business. At the same time, it is imperative that the parent ensures that they have adequate monies to maintain a lifestyle and ensure that they are looked after into their old age. Issues of the Fair Deal Scheme and nursing home care also need to be carefully considered. Through a range of farm partnerships, long term leasing, contract rearing and other structures, there are many ways of engaging with the next generation and bringing them on into the business. Taxation issues, such as Capital Gains Tax, Stamp Duty and Gift and Inheritance Tax, along with Agricultural Business Relief need to carefully considered. .
More farmers and landowners are been approached by developers looking to enter into Options and Leases for Solar farms.Issues to consider before you decide to proceed:- 1. The development may never happen. There are lots of hurdles in place. Planning permission, grid connection, power supply agreements and finance need to be put in place beforeRead More
Private Residential; At Staines Law we have extensive experience in providing a range of property service to our clients. Working with our own solicitors and our highly experience consultants we provide a broad range of knowledge in this area. We provide advices for the sale and purchase of private residential premises. We pride ourselves onRead More
At Staines Law, we advise exclusively landowners and farmers on renewable projects, Whether: you have been approached by a developer for a project; a developer is seeking to extend or renew an option; a developer wishes to run cables across your lands; or you and a group in your local community wish to avail ofRead More