Agriculture plays a key role in our economy. And farming is unlike other businesses. French law offers special protection to farmers who face some difficult questions when the time comes to transfer ownership . French farmers may use the latest technology, but farming in France is still very often a family operation. As a result, the human factor is especially important, particularly when the farm changes hands.
There are many questions to be resolved.
Who will take over ? A family member ? An outsider ?
How should the value of the farm be determined ?
What should be retained ?
What taxes have to be paid ?
How much time is needed in advance ?
Who should be consulted on these issues, which are critical to the farm’s continuity, the farmer’s retirement plans and the proper management of the family's property ?
Your notaire is there to support you during this sometimes long and complicated operation.
Certain solutions require time to ensure that a transfer is made under favourable legal and tax conditions. It may be necessary to create a company, sign specific leases, prepare a gift or a division of assets, or establish financing or start-up assistance. No detail should be overlooked: retirement, taxes, family harmony, compliance with inheritance laws, the transfer of leases and so on.
Notaires and the authentic instruments they are authorised to prepare will provide you with the legal certainty you need. With their knowledge of the laws governing family matters and business transfers, they can provide a comprehensive perspective on your estate.
Consult your notaire today. It’s never too early to find out.