Succession planning advice grant for Farmers

Transferring your house or farm is one of the most significant events in your and your children’s lives and it’s very important to plan it well and to be satisfied that you have been given straightforward and clear legal and tax advice.

At Dermot G. O’Donovan we have a specialised tax and legal advice team where we can discuss with you your wills, potential transfers of property during your lifetime and the legal and tax consequences of doing so.

The government has implemented a Succession Planning Advice Grant which is available to farmers seeking professional advice about succession before making any decision.

The grant is available to farmers aged over 60 years and the grant will reimburse you up to 50% of legal, accounting, and advisory fees to a maximum of €1,500 (excluding VAT).

Applicants for the grant must:

• Be aged 60 years or over

• Farm a minimum of 3 hectares of land

• Have been actively farming for at least two years prior to the application

• Be farming in their own name (not through a company)

• Not currently be in a registered succession partnership

  
  

We will be happy to meet you, discuss your plans and advise you accordingly.

About the author: Margaret O'Connell is an Associate Solicitor, a Chartered Tax Advisor and a qualified Trust and Estate Practitioner (TEP) and is a member of STEP international. Margaret is contactable on moconnell@dgod.ie