Who will be farming the farm in 5 years’ time?
If you as a farm family or landowner cannot answer this question it is time to explore and evaluate your options.
Thankfully there are options and a support service to help you understand and evaluate all options. The Land Mobility Service, based in The Irish Farm Centre, is a Macra and FBD Trust initiative supported by Food Processors and The Department of Agriculture. It is an independent confidential expert service which is there to help.
More than 30% of farmers are over the age of 65 and half of full-time farmers do not have an identified farming successor. Farms are an important family asset and a source of income. Any discussion or plan must take into consideration protection and maintenance of that asset, income security for older family members, protection of BISS/EU entitlements and of course tax. The farm business must be capable of generating a return for all parties involved. For these reasons accurate relevant information is key so that informed decisions can be made.
For those thinking about change or have no plan, options do exist.
There may be a solution within the family or extended family.
Family partnerships provide an excellent mechanism for Young Trained Farmers and the older generation to work together without the need to transfer assets. The partnership can be tax efficient and allows the farm to qualify for young farmer supports.
Leasing is another option whether you are looking at stepping back or need more land to increase income potential. Long leases provide security and certainty to all parties. They are very tax efficient.
Share Farming is another option that can suit people who may want to stay more involved, it also lessens the financial risk for Young Trained Farmers entry into farming.
The Land Mobility Service can facilitate and draft all these agreements making sure they are fair and work for all parties. A Succession Planning Advice Grant (SPAG) is available towards any consultation.
