Ifac, Ireland’s farming, food, and agribusiness specialist professional services firm, has welcomed this month’s announcement by Minister for Agriculture, Food and the Marine, Charlie McConalogue of the launch of the new Succession Planning Advice Grant, a new grant to incentivise succession planning on farms.
Marty Murphy, Head of Tax with ifac said: “This is a very welcome move for the future of Irish farming and rural communities. The new grant is to encourage farmers aged 60 years and above to seek succession planning advice, potentially helping many farm families to avoid future financial hardship.
“We would urge older farmers to take up this incentive and seek professional advice on how to best safeguard their own financial security while also looking after the next generation and securing a viable future for their farm”.
When planning for succession, it is also important that farmers make a will. Once in place, succession plans and wills then need to be reviewed at least once a year and updated when necessary.
The Succession Planning Advice Grant opens for applications on September 19th and will cover up to 50 per cent of vouched legal, accounting and advisory succession planning advice costs, subject to a maximum payment of €1,500.
To apply, farmers must be aged 60 years and above, farming at least three hectares of land, and farming for a minimum of two years before making their application. The grant does not apply to farmers currently in a succession farm partnership.