Longford IFA meeting on farm succession draws biggest crowd yet

A Longford IFA meeting on farm succession and inheritance, which took place in the Longford Arms Hotel last week, drew its biggest crowd yet. Given the sensitive nature of the topic in question, organisers were delighted to see a packed function room.

Speaking to the Longford Leader, IFA Chair, John Sheridan, said the response on the night proves there's a demand for this information as very often people don’t know where to start.

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“At the moment, it’s still a subject that’s not spoken of in a lot of families,” he explained, “Some people avoid the discussion but the reality is that you might cause problems if you don’t discuss it and sort it out.

It might be uncomfortable but it has to be done. Brushing things under the carpet, not being prepared, not having a will, or not having a discussion around succession and inheritance can all work out expensive in the long run. 

We would hope this can all be avoided if farmers and families just have the discussion now.”

Speaking about the panel on stage that evening, John added, “The Q&A session afterwards was considered very valuable and many people attending the meeting stayed to talk with the panellists.

Aisling Meehan - an agricultural solicitor, tax consultant, and a trained farmer - gave an excellent talk on succession and inheritance.

That really opened people’s eyes as to why it’s important to have a good solicitor so they’re aware of any pitfalls. After that we had Seán McGovern from IFAC accountants and financial advisers who gave a comprehensive outline of the tax implications.

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His presentation was excellent as was that of the IFA’s Claire McGlynn who gave an insight into the Fair Deal Scheme and the implications of  not having a succession plan.

Patrick Brady of the Land Mobility Service (an organisation that provides support for farmers who want to expand or change enterprise) also gave a brilliant talk on land mobility and encouraging young people back into farming.”

Given the response of the crowd on the night, John is confident the information provided by the panel of speakers will prompt families to have the awkward talk.

 “I really think we got through to people,” he said. “If anything, we probably had an overload of information. It might have been a bit much in one go but at the same time, a lot of people got the information they wanted.

It also made families realise the importance of sitting down around the table and discussing things.

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At least events like this are a start as the speakers can really help join the dots - from the solicitor to the accountant - in terms of finding the best way of not giving more money than necessary to the government in taxes.

I can see a few more of these succession talks taking place around the country. It’s clear from this night alone that there's a demand for this information.”

For more information on succession and inheritance, please visit the IFA website on www.ifa.ie where under the section ‘tools & resources’ you will find related information.