Family Farm Transfer
One of the most common transactions in a rural legal practise is that of the transfer of the family farm. It is now accepted that greater emphasis on planning for the handover of the family farm to the next generation is vital to ensuring future viability and sustainability, Barry Healy and company Solicitors in Monaghan are very experienced in transferring Family Farms.
Advance Planning and taxation advice is very important in relation to this transaction. A will should also be made and Barry Healy & Company, Solicitors, Monaghan can assist in this regard.
All concerns can be addressed depending upon your individual situation. Barry Healy & Company, Solicitors, Monaghan can advise comprehensively in this regard.
Efficient tax planning is vital when considering a future transfer of assets and also when making a will. Professional advice should be obtained well in advance as it is possible to take steps to reduce or even eliminate the tax burden. The main taxes to be considered are Capital Acquisitions Tax (CAT), Capital Gains Tax(CGT) and Stamp Duty. The current rate of CAT and CGT is 33% and when applied could create an insurmountable debt for both transferor and transferee.
Barry Healy & Company, Solicitors, Monaghan.