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27 September, 2022
Intergenerational wealth transfer
First Financial Team
According to the Productivity Commission, the baby boomer generation will pass on an estimated $224 billion each year in inheritances by 2050 – a historical $3.5 trillion dollar intergenerational wealth transfer to benefit the younger generations.
Baby boomer heirs will gather this wealth by way of housing, superannuation, share portfolios and cash.
Inheriting wealth can be a life-changing opportunity but may also bring challenges and complexities to your financial and personal life you were not prepared for.
At First Financial, our team of experienced advisers can assist you to prepare for this wealth transfer milestone and provide you with the information you need to protect your wealth, close your retirement gap and achieve your financial goals.
Quite often, receiving an inheritance also presents an opportunity to set up your own inheritance for your loved ones.
Ask us how you can best use the money you receive as an intergenerational wealth transfer to benefit your family and plan for their future needs.
Passing on wealth - the big picture
A comprehensive research report released by the Productivity Commission has provided some interesting insight into the impact of inheritances on the overall distribution of wealth in society.
According to the report, inheritances and gifts have more than doubled since 2002 and could rise four-fold in real terms between now and 2050, as household wealth grows and the population ages.
And on a positive note, this rising rate of intergenerational wealth transfer is helping to reduce wealth inequality across the country.
The report revealed that over the past two decades, the total value of wealth transferred was about $1.5 trillion, and about 90 per cent of that was inheritances.
Productivity Commissioner Catherine de Fontenay said, when measured against the amount of wealth they already own, those with less wealth will get a much bigger boost from inheritances on average – about 50 times larger for the poorest 20% than the wealthiest 20%.
But inheritances are only part of the intergenerational wealth transfer big picture, Commissioner de Fontenay said.
“Inherited wealth is only a modest contributor to intergenerational wealth persistence. About one-third of this observed persistence is due to inherited wealth. The rest comes from all the other things parents give to their children – education, networks, values and other opportunities.”
Getting an inheritance
Chances are, most of us will receive some money or assets in the form of an inheritance somewhere in the middle of our lifespan, with the average age of inheritance recipients in Australia at around 50 years old.
Inheriting wealth is a life milestone that prompts many to seek financial advice and it makes sense that those who inherit money or assets like to take some time in deciding what to do with it.
At First Financial we use a unique process and philosophy to help you achieve the right investment options for your personal situation.
We can help you to develop a plan to meet your financial goals and we walk with you every step of the way to help you manage and monitor it.
Inheritances look different for everyone, for example, your inheritance may have a provision for a Testamentary Trust in which you are a beneficiary.
Or you may receive a lump sum payment or a collection of assets or belongings.
Some possible ways to use your inheritance could include:
- paying off high-interest debts
- making catch-up super contributions
- salary sacrificing
- buying or managing property assets
- investing in shares.
Our Principal, James Wrigley, outlines how a client’s inheritance was managed in this helpful TikTok.
Are you in a similar situation?
Book in for a 15-minute obligation free chat today.
Protecting your wealth
Receiving an inheritance and benefiting from intergenerational wealth transfer can be an emotional, yet empowering time, and it makes sense to seek the advice of experts to work through the process.
For many, the receipt of inheritance signals that it’s time to start planning for tomorrow.
For most of us, discussing our own inevitable demise is not the most comfortable conversation.
But making time to plan your estate and keep it updated can provide both you and your loved ones with precious peace of mind.
If you’re not sure where to start when it comes to managing your inheritance, or setting up an inheritance for your own children, contact our team for an obligation-free consultation to discuss your options.
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