Creating a farm transfer 'team' will deliver the right results
Published 26/08/2015 | 02:30
Sean and Margaret have reared three children while building up their cattle and tillage farm in the midlands. They are both in their early 60's and they are thinking about scaling back their workload a bit without as Sean says "downing tools completely".
The eldest of the children, John (32), an engineer, is living 16km away with his wife and two children in a house he built on an outfarm belonging to his father. Patrick (29), who has a Level 6 Certificate in Agriculture, is living with his parents and farming side by side with his father. He is taking a wage from the farm and is not named on the herdnumber or on the farm accounts.
Aine (22) is in college with two years left to complete on her degree course and sees herself staying in the local area when she takes up employment.
Sean and Margaret, having initially talked among themselves about their options in transferring the farm, decided that they should set the wheels in motion by bringing up the subject with their children at one of the regular family get-togethers over Sunday dinner.
The general plan for the farm and property transition was to form a partnership between Sean and Patrick to continue to run the farming operation.
The main farmhouse, buildings and associated land would remain in Sean's name while the biggest parcel of land on the farm located across the road from the farmyard is to be transferred to Patrick.
The option to build a house for either Patrick or his parents is to be explored should he get married. John is to be transferred the outfarm where he lives but would continue to make the land available to the main farm partnership in return for an annual rent based on a share of the profits from crops grown on the land.
A smaller outfarm only 3km from the main yard is to be transferred to Aine on the understanding that this land would continue to be made available to the farm partnership for the foreseeable future without interfering with her right to build on it at any stage.