LIMERICK farmers are encouraged to take up a grant to help them plan their succession.
Ifac, an agriculture business specialist, is encouraging farmers to take advantage of the Succession Planning Advice Grant which gives farmers up to €1,500 to go towards professional succession, planning, and financial advice.
Marty Murphy, Head of Tax with Ifac, said that the grant would enable rural families to plan for their farm’s future.
“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,” he said.
Ifac’s annual Farm Report for 2023 found that 64 per cent of farmers don’t have a successor in place, and that 90 per cent don’t understand the Fair Deal nursing home scheme.
Mr Murphy added: “While inheritance and succession can be a thorny subject, it’s crucial that farmers plan ahead, taking into account both their own aspirations and those of the next generation. The Succession Planning Advice Grant is a welcome initiative and an important support for older farmers.”
The Succession Planning Advice Grant opens for applications on September 19, 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 be eligible to apply, farmers must be over 60 years of age, farming at least three hectares of land, and must have been farming for at least two years before making the application.
