Should you pass on your inheritance before you die?

In this episode of talkBIG, host Andrew Sykes explores the complex world of early wealth transfer with experts Grace Bacon and Taryn Ellerington. Discover the strategic advantages and pitfalls of gifting assets during your lifetime. Grace, a seasoned financial advisor, explains how rising property prices and longer lifespans make early giving more common, helping families support children into the property market. Meanwhile, estate lawyer Taryn reveals the hidden risks of loss of control and relationship disputes that can turn a generous gift into a legal nightmare. 

Learn about the benefits of gifting early, critical legal structures to protect your wealth, and the importance of open communication to prevent misunderstandings. Tune in to gain insights on creating a living legacy that benefits your loved ones and preserves your peace of mind.

Key highlights:

• Early gifting requires a structured estate plan to avoid disputes and unintended consequences.
• Gifting during a lifetime allows parents to shape wealth use and foster meaningful connections.
• Early gifts can create family disputes; legal agreements and transparency are essential.
• Align gifting with future needs to prevent resource depletion and maintain independence.
• Lack of communication turns generosity into a gamble, risking family relationships.
• Tailored gifting strategies prevent financial setbacks and align with broader goals.

Thanks for listening! Visit the RSM Australia website to ask the hosts a question.