A Newmarket-on-Fergus solicitor is urging farmers to transfer their land to their heirs at a younger age, to protect their assets as they grow older.
Under the Fair Deal Scheme, state funding is supplemented by 80% of a person’s assessable income as well as 7.5% of the value of their assets each year.
While there’s a three-year cap on taking the value of homes for example, no such limit is in place for farms – meaning the value of entire asset can be taken from the person.
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Agricultural solicitor Aising Meehan says by handing over to the next generation earlier than planned, this can be avoided:
