Estate planning can be confusing for the best of us. Throw in a farm in Ireland, and it can get even more complicated. That’s why we’ve put together an estate planning guide for farmers in Ireland.
Estate Planning for Farmers in Ireland: What to Consider
If you’re thinking about what to do with your farm, we’re here to tell you this: you have a wide variety of options. For the most part, when you’re estate planning, you might want to leave it to a child, or a trusted family member.
However, there are still some things to consider. For example, you might want to keep the farm in the family. That being said, there are some factors to consider:
- Are your children interested in farming?
- Do your children have a farming qualification?
- What are the tax implications?
- Will you need additional care as you age?
- Who can help you with estate planning in Ireland?
The answers to these questions can vary, from person to person. Therefore, it’s best to speak with a licensed estate planning service, such as John O’Callaghan.
At John O’Callaghan, we help a wide range of clients plan their estates. We’re well-versed in estate planning for farmers in Ireland. Should you need help, or if you have any questions, don’t hesitate to get in touch with us.
1. Making a Decision
When it comes to planning your estate, the most important part is making a decision. This means that you’ll come up with a plan regarding your farm, and who will inherit it.
While this might sound simple enough, there’s a lot to consider. For instance, if you have an existing will, you might want to update it. If you don’t have one, on the other hand, you’ll want to make one.
Having a proper will in place can make or break the estate planning situation. Making a will can ensure that you control your assets, so you’re completely certain what will happen to them.
2. Think About Taxes
While planning your estate, you might come across any number of different taxes. Many of these taxes can seem slightly convoluted, making them difficult to understand.
However, there are certain benefits to making a will. With a will, you could be only subject to one form of tax. This is the Capital Acquisitions Tax.
Therefore, by making a will or by updating your existing one, you could potentially protect your assets and finances better. You could also end up protecting the assets and finances of your loved ones. This is because they might not have to pay Stamp Duty or Capital Gains Tax in the event of your death.
Because of this, we’d advise being meticulous about keeping your will up-to-date. Failure to do this could result in extremely high taxes, and leave a large dent in your financial situation — or that of your family.
3. Other Things to Consider when Estate Planning
Estate planning for farmers in Ireland can involve a number of factors to consider. For example, the property in question should fit the legal definition of, “agricultural property”.
In addition to this, 80% of the assets concerned should also meet this definition. Failure to do this can result in an increase in taxes, when it’s transferred to your loved ones. This could leave a hefty dent in their bank accounts, regardless of their new farm.
Therefore, it’s important to know the legislation regarding estate planning in Ireland — especially if you’re a farmer, or if you own a farm that you want to pass on.
While you might want to leave an important, historical property to your loved ones, there’s so much more to consider.
We Want to Help Farmers Plan Their Estates
At John O’Callaghan Ltd, we understand that estate planning can be a little bit intimidating. When you throw a farm into the mix, things can get complicated.
However, that doesn’t have to be the case. We want to help you make the best out of the situation. We can help with estate planning.
Furthermore, with John O’Callaghan Ltd, we’ll cover all bases. We’ll make sure that you’re completely protected on all fronts, and that you and your family are getting the best possible deal, when you plan your estate.
Get in touch today, to see how we can help you.