Who will take over

[Fendt516profi]

You do need to talk to him about it - with an accountant or solicitor as appropriate - to make the necessary plans. Planning ahead means that more can go to you and yours, and less to the taxman.

That's a good point I've just been thinking about running the farm now not about when it's eventually all to sort out your right it needs planning

 

[glasshouse]

My uncle has no children to leave farm to it is left in will to me. I just let it slide figuring it's still in the business and it would be easier than a big argument and him changing will. Don't know what to but can be stubborn. He doesn't do anything away from farm no holidays or cars so the money will still be there when I get control then it will all be my capital

He might leave it ro the dog home

 

[Fendt516profi]

That's a bit why I don't rock the boat

 

[Chae1]

You’ve never worked in the public sector, have you? The pension is nothing more than deferred pay and reflects lower salaries than you get for doing comparable work in the private sector.

Would you prefer £30k and a final salary pension, or £45k and no pension?

You can opt out of the pension though.

Don't think they like you doing it for some reason though.

 

[Highland Mule]

You can opt out of the pension though.

Don't think they like you doing it for some reason though.

Because it would indicate you’re stupid?

 

[Chae1]

Because it would indicate you’re stupid?

Why? With inflation the money will be worth less in 25 years.

 

[czechmate]

You do need to talk to him about it - with an accountant or solicitor as appropriate - to make the necessary plans. Planning ahead means that more can go to you and yours, and less to the taxman.

Might be bad advice. If he's an awkward old cus, he can easily leave his share to the dogs home

 

[Highland Mule]

Why? With inflation the money will be worth less in 25 years.

Because (and forgive me if the numbers aren’t 100% right), it costs about 5% salary sacrifice to get an index linked (inflation proof) extra 20-30% income, which also grows as you gain promotion/ pay rises, albeit the latter is unavailable until you reach retirement age.

 

[Highland Mule]

Might be bad advice. If he's an awkward old cus, he can easily leave his share to the dogs home

Always talk. Always better to not assume your future is anything particular. If he leaves it to a dogs’ home, better to know now than later.

 

[czechmate]

Always talk. Always better to not assume your future is anything particular. If he leaves it to a dogs’ home, better to know now than later.

Think we will disagree...

Sometimes, "least said, soonest mended"

 

[Fendt516profi]

Always talk. Always better to not assume your future is anything particular. If he leaves it to a dogs’ home, better to know now than later.

It's not going to a dog's home at minute but if he got awkward when I tried to talk to him about handing it down he could do anything

 

[Nearly]

Always talk. Always better to not assume your future is anything particular. If he leaves it to a dogs’ home, better to know now than later.

And sit the phone on the table to record him saying he'll leave it to you!

 

[Fendt516profi]

It once blew up between us someone had told me he'd been talking to them and told them he didn't like me going out contracting .I brought it up and he denied it and said he'd never said it so I rung the chap up and got him to repeat back to him what he'd said and he denied it to him to

 

[DrWazzock]

Never take anything for granted.

I am in a partnership anyway but if my brothers kids want to get involved I would be pleased to let them have a go and I would go and try something else quite gladly. I have done other careers before so don't feel wedded to farming. You only live once and it's good to try other things.

I was thinking today, farming isn't the be all and end all and a lot of it is tiresome when you have been at it 30 seasons plus. The only time you can breathe a sigh of relief is when the merchants BACS goes in. It's uphill all the way to that point, sure enough.

 

[Lazy Eric]

My uncle has no children to leave farm to it is left in will to me. I just let it slide figuring it's still in the business and it would be easier than a big argument and him changing will. Don't know what to but can be stubborn. He doesn't do anything away from farm no holidays or cars so the money will still be there when I get control then it will all be my capital

Your uncle is 84.. he has left you his share in his will... I really wouldn’t worry about your future.. no really!!! Let the guy peacefully live the rest of his life without agro or resentment.. I’m sorry but this reminds me of my situation a little. My nephew thinks he’s owed a living by me and thinks he is far more significant because he has kids and wife .
If he keeps pushing he will be in for a shock as I will want my 50% of everything. Land and farmsteads are owned so unless he wins the lottery it will all have to be sold.. l don’t want that, but I’m prepared to do it if this move aside attitude continues.

 

[Fendt516profi]

Your uncle is 84.. he has left you his share in his will... I really wouldn’t worry about your future.. no really!!! Let the guy peacefully live the rest of his life without agro or resentment.. I’m sorry but this reminds me of my situation a little. My nephew thinks he’s owed a living by me and thinks he is far more significant because he has kids and wife .
If he keeps pushing he will be in for a shock as I will want my 50% of everything. Land and farmsteads are owned so unless he wins the lottery it will all have to be sold.. l don’t want that, but I’m prepared to do it if this move aside attitude continues.

I am just letting him get on with it and picking up the slack which means I'm doing most of the work. The issue is the work that he's supposed to be doing is more important and he won't let me take it over it involves rpa and trading standards but not in a welfare way.

 

[Old Tip]

I have no children. Am not married. Nearly 50 . Have a nephew who is a self serving prat. Enjoy what I do and have worked hard... I read threads like this and feel very isolated and the whole thing being pointless

Not pointless at all, there’s a fair few of us on here found the love of our lives in our mid fifties and are living the life. If your enjoying life and your job then who cares what anyone else thinks and you can rent it out when you fancy slowing down

 

[Jameshenry]

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

When there have been several generations of your family farming it, and you were born and raised on that farm, it becomes part of who you are, and not an easy decision to let it go, no matter how much sense it makes to others,

 

[Highland Mule]

When there have been several generations of your family farming it, and you were born and raised on that farm, it becomes part of who you are, and not an easy decision to let it go, no matter how much sense it makes to others,

That’s a slippery slope to hobby farming and exploitation by the markets. Emotion getting the way of logic has been the downfall of many businesses over the years. I’m not immune, but am trying to keep the two as separate as I can.

 

[Red Fred]

Not pointless at all, there’s a fair few of us on here found the love of our lives in our mid fifties and are living the life. If your enjoying life and your job then who cares what anyone else thinks and you can rent it out when you fancy slowing down

I got together with Mrs Fred after my 50th birthday meal, having been plodding along as a single farmer for decades. Shows it can happen, but I must say I wish I had the energy I had 30 years ago.