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Advice: How to safeguard the roof over your head

Parents can retain a legal right of residence in the family home after transferring farm property ownership to the next generation

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Future problems: Retaining ownership of the farm dwelling can have tax consequences

Future problems: Retaining ownership of the farm dwelling can have tax consequences

Future problems: Retaining ownership of the farm dwelling can have tax consequences

Over the years, I have dealt with the various issues associated with transferring the family farm. Arising from these articles, a question that keeps popping up is whether or not to transfer the farm dwelling, particularly where the dwelling's location is such that it would never be suitable for anybody other than the successor to eventually take ownership.

More often than not, the uncertainty about the dwelling stems from the horror stories around fears of losing the 'roof over your head'.

Thankfully, the horror stories are more fiction than reality and, in my 40 years advising farmers, I have never seen someone lose their home in these circumstances.


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