There was a huge crowd at the IFA Centre in Enniscorthy recently as farmers from all over the county arrived for a special seminar focusing on wills, inheritance and taxation organised by the Farm Family Committee. Such was the attendance on the night that, regrettably, people had to be turned away as the hall was packed to capacity.
There were a total of four main speakers on the night. Solicitor James Staines discussed issues surrounding wills, inheritance and partnerships, providing a wealth of information for the farmers in attendance. Chartered Tax Advisor Declan McEvoy provided vital information on tax regulations on farm inheritance. He urged those present to be careful of implications of Capital Acquisition Tax when deciding on succession and urged families to discuss these matters and to look at all options while they have plenty of time.
Liam Phelan from AIB spoke of the devastating impact this year's challenging weather conditions have had on farmers and urged them to prepare their cash flow for winter now. He also said it was a good idea to contact financial institutions sooner rather than later and to have their cash flow for the winter done out beforehand.
Finally Joe Kavanagh from FBD spoke of the importance of having your property revalued regularly and being completely up to date with things like public liability insurance and employer's liability insurance.
Quite a bit of information was provided on the night and those present really seemed to benefit from attending.
'We were thrilled to see so many families there,' said Farm Family Committee Chairperson Alice Doyle. 'We had great speakers and there was great engagement from the floor and a great atmosphere. Afterwards it provided a great chance for people to catch up and socialise a little bit which is important too.'
Such was the success of the seminar, that plans are already afoot to host a similar event again in the near future.