“This information webinar is an important opportunity for farm families to familiarise themselves with the Fair Deal scheme and the conditions to qualify for the 3-year cap on farm assets”, said Alice Doyle.
She said the changes introduced for farmers availing of the scheme mean that under financial assessment of the scheme, if they meet certain conditions, they will contribute up to 7.5% of the value of farm business assets each year towards the cost of care for a maximum of 3 years. This is known as the 3-year cap.
The conditions to qualify for the 3-year cap farmers are as follows:
- You must appoint your family successor.
- The successor will commit to running the farm or business for at least 6 years.
- The farm or business must have been actively run by you, your partner or your proposed family successor for at least 3 of the last 5 years.
“These changes to the scheme also apply to farmers that were in the scheme prior to the introduction of the changes in October 2021”, said Alice Doyle,
She said these farmers can apply for the 3-year cap on the farm assets if they meet the qualifying conditions but they must submit their application to their local Nursing Home Support Scheme office before the 20th April”.
She concluded that this is an important event for all farm families, even if you are not affected at moment, it is important to understand the conditions of the scheme so you can better plan for your care needs as you get older.
The Nursing Homes Support Scheme, commonly referred to has the Fair Deal Scheme, provides financial support towards the cost of long-term nursing home care. The amount you pay towards your nursing home fees depends on your income and assets.
To register for the online webinar on Tuesday, 22nd March visit https://www.ifa.ie/FD2022.