Has everyone got someone to eventually take over the running of the farm/buisness I havnt son decided on a different career currently in Texas coaching soccer daughter has a good job for local authority as a social worker good luck to them I'm now 57 own the farm 400 acres mixed cattle sheep and arable currently still enjoying farming but will come the day to call time
Who will take over
- Thread starter Gedd
- Start date
- Location
- Fife
Some enthusiastic young whippersnapper will share farm it with you.
Or rent it out to the local contract farmer.
Your circumstances are not far away from my own, except the owning it all bit; but kids all doing their own thing. Will happily help when needed, but not want career of it.
Grandchildren starting to arrive now, so who knows. All you can do is strive to keep it together in case somebody wants to have a go.
Would rather it went to a starter than usual suspects in meantime, if necessary.
Grandchildren starting to arrive now, so who knows. All you can do is strive to keep it together in case somebody wants to have a go.
Would rather it went to a starter than usual suspects in meantime, if necessary.
They might come home one day. Lots return home later in life after a career elsewhere.
Will 400 acres be a viable farm in 10-20 years time??
We nearly lost a generation. When I was at ag college in the 1990s numbers on ag courses were declining. They all wanted to do equine or animal care instead. Seale Hayne and Wye closed & the others had to diversify to survive. More doing agriculture now, since farming became sexy again from 2007 with rising land values & commodity prices.
Will 400 acres be a viable farm in 10-20 years time??
We nearly lost a generation. When I was at ag college in the 1990s numbers on ag courses were declining. They all wanted to do equine or animal care instead. Seale Hayne and Wye closed & the others had to diversify to survive. More doing agriculture now, since farming became sexy again from 2007 with rising land values & commodity prices.
Sell it ? 4 mill should provide a decent life
Why fathers keep land for kids that are not interested in farming I have never understood
- Location
- Fife
People in general baffle me.
AGN76
Member
- Location
- north Wales
Other way round here, I want to farm, but we musn't forget brother who hasn't been near the place for 30 years must we!!
MickMoor
Member
- Location
- Bonsall, UK
I might have said so before, but a few years ago I had a chat with my son, who had worked for me for a good few years. He said clearly he didn't want to take over, and when I reached 65 started to make preparations for a different career, eventually we parted 18 months ago. He is really happy working with his cousin doing specialised light haulage. I put him through his hgv, trailer test and all the other things so if he wanted to drive anything he could. My daughter still works for the same company she started off with when she left school, over fifteen years ago, so no interest there either. You can't live you life through your children, just give them the best chance to live how they want to.
- Location
- Scottish Highlands
Would be interested if the OP has a separate cash pile/ investment to use through retirement, or if (s)he’s relying on the farm for income. If the latter, sell it to fund a happy retirement; if the former, either keep it going as an inheritance tax friendly way to pass on assets to the next generation (and they can cash it in once you’ve gone), or else sell it, give the money away and try and live another seven years.
glasshouse
Member
- Location
- lothians
Tax
glasshouse
Member
- Location
- lothians
You missed out the bank
You need three halves
- Location
- Scottish Highlands
The deceased doesn’t have to pay the tax anyway - it’s the next generation that do. Just need to give it away and live seven years. Shovelling dung at 90 isn’t worth it to save 40% of your kids’ inheritance!
Nearly
Member
- Location
- North of York
I'm in the middle of the above and I'm turning land away from home into cottages and industrial units to make it easier for the family farm (assets) to look after me and then look after my kids.
I can carry on playing farms at home for a good while yet.
Thats what I have been doing, we are lucky living in a built up area, so many ways to turn the assets into cash earners, my eldest stepson does a lot of work here now and will probably take over in time, which is great but will cause a few issues over ownership of the land in due course as I need to be fair to my own kids and him
That is so true why have I never heard this before ?
Guilt maybe? It’s a strange one and something I may have to contemplate in the next 10 years
ollie989898
Member
Rent it out and pocket the money each year to keep you in your old age.
I would never sell my farm if it was me. Your family have kept it for decades or generations, why the heck should you? That said, you should never feel chained to the place and feel like you are stuck with backbreaking work. Maybe a grand child will wish to farm. Things change as is this country, people change careers and want to do other things.
Seriously now, having a few million quid to dispose of in your 50s or 60s is great but the only winner is the tax man.
Taxation system?
Nearly
Member
- Location
- North of York
There are farmers' children locally who are in their 80's and wise old Dad left the farm to one child, probably eldest son, to farm for their life and then share the farm between their siblings.
They had no idea how long people could continue to farm on paper and what value their little farm would have in the future.
The non farming heirs have lived lives of hard work and are to receive millions in their 80's when it is of no use to them.
Tax man will have a fooking field day.
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