Mayo IFA hosting farm succession and inheritance meeting

MAYO IFA chairman Jarlath Walsh, along with the county’s farm family representative, Amy Mulchrone, has issued an invitation to farm families considering the very important conversation of transferring the family farm to the next generation.

The IFA are holding a farm succession and inheritance meeting in Breaffy House Hotel, Castlebar, on Tuesday next, April 25, at 8 p.m.

Speakers include Rosemary McDonagh, national chairperson, IFA farm business committee - starting the conversation, Martin Clarke, commercial manager, ifac, Balla - tax planning, and James Staines, IFA partner solicitors - legal obligations.

Setting out a succession plan can be a long and emotive process and it is important to start to plan as early as possible. By proactively planning, for succession and inheritance, you can avoid potential stress relating to and the uncertainty around the future of the farm, Mr. Walsh said.

Amy Mulchrone said planning for the next generation is an essential part of the succession programme and that conversation has to start well in advance of the actual process.

IFA farm business chairperson Rose Mary McDonagh said the purpose of this event is to help farm families familiarise themselves with some of the complex issues that can arise while developing a farm succession plan.

She commented: “It is essential for every farmer to have a farm succession plan in place. There are complex legal and taxation rules that if planned for can be managed easily. If not planned for, however, there could be a major impact on the viability of the farm business.”