Take Time To Make Your Succession Plan

With the current recession and falling property prices, and with possible reductions to the current tax reliefs, there has never been a better time to transfer farm/business assets.

With the current recession and falling property prices, and with possible reductions to the current tax reliefs, there has never been a better time to transfer farm/business assets.

With that in mind Mary Carroll, Director of ‘The Succession Conversation’ and former IFA Equality officer, is holding a Succession Planning seminar on Wed June 20th at 10am in the Horse and Jockey Hotel, Thurles, Co Tipperary.

According to Mary, “the seminar on June 20th will highlight the importance of succession planning and get people started on their plans. It will let people have their succession questions answered, and to hear from experts who will highlight the importance of succession planning from a financial, legal and family perspective.”

Mary said, “There has never been a better time with the current recession and falling property prices to transfer farm/business assets. However, at this time many businesses tend to focus on the bottom line and put long term planning on the back burner, but when they face the succession issue early on, they can avoid legal and taxation pitfalls. Most damaging of all, failure to plan can result in family conflict and lasting disharmony. No one wants to leave behind a legacy of family feuds.”

The seminar to be held in the Horse and Jockey Hotel, Thurles on Wed June 20th 2012, at 10am, will include legal input from J.J. Fitzgerald of J.J. Fitzgerald & Co Solicitors, Thurles, who will discuss the legal aspects of Succession Planning including Wills; Transfers intervivos; Trusts; Family Breakdown - implications for spouses and children.

Financial and tax planning advice will also be provided with Tax Consultant and Chartered Accountant, Francis Moriarty. Francis is Tax Director with PSC Taxation Services, which is part of the Peevers Slye Cotter group and he previously worked for 15 years as a Senior tax consultant with KPMG. He has extensive experience in all areas of tax planning, including income tax, corporation tax, gift/ inheritance tax, VAT and stamp duty.

Mary Carroll, will discuss practical steps and tips on how to start the succession conversation and what to include in your succession plan. Equity and keeping the family together and the importance of clear communication in discussing succession within the family will be highlighted.

Early booking is advisable as workshop places are limited to a max of 30 persons. Please contact Mary Carroll on 086 8292590 to confirm your place.