A Guide to Transferring the Family Farm 2025
The purpose of this publication is to help farm families familiarize themselves with some of the complex issues that can arise while developing a farm succession plan. It is essential for every farmer to have a succession plan in place.
By Teagasc
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There are complex legal and taxation rules that, if properly planned for, can be managed easily. However, if these issues are not addressed, they can significantly impact the viability of the farm business.
Some challenges arise directly from the absence of a will or from failing to keep one up to date. If a farmer dies intestate (without a will), the estate is divided according to succession law: the spouse receives two-thirds of the estate, and the children share the remaining one-third.
Developing a succession plan requires consultation with the entire family. Too often, parents assume they know whether their children want to farm or not. Open and honest discussions ensure that everyone involved understands where they stand, allowing a plan to be created accordingly. Ultimately, it is the parents who must take the initiative, as the responsibility for the plan rests with them.
This publication examines seven key areas to consider when putting a succession plan in place:
- The Farm Business
- The Farm Family
- Legal Issues
- Taxes
- Collaborative Farming
- Availing of a Pension on Retirement
- Education