E48: Are you ready for the 'great wealth transfer'? With Niaz Azad, Annaliese Barber, and Dan Stean
The Pension Confident Podcast · PensionBee
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Show Notes
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Did you know that over the next 30 years, Baby Boomers are expected to pass down an astonishing £5.5 trillion in assets? It's being called one of the largest movements of wealth in British history. So are you ready for the 'great wealth transfer'?
Many Millennials are facing tough financial challenges - with lingering student loans, high rent or mortgage costs and expensive childcare. A wealth transfer could be transformative for this generation.
But here's the catch: without proper estate and financial planning, many families could face hefty tax bills. And from April next year, pensions will be included in estates for Inheritance Tax purposes, which could push that tax bill much higher!
Join our host, Philippa Lamb, and our expert panel as they discuss the 'great wealth transfer':
- Co-Founder of Millennial Money UK, Niaz Azad;
- Solicitor and Director at Richard Reed Solicitors, Annaliese Barber; and
- Senior Performance Management Manager at PensionBee; Dan Stean.
Episode breakdown
01:55 Planning for an inheritance
03:58 Generational divide between Baby Boomers and Millennials
07:27 From meritocracy, to inheritocracy
10:50 Inheritance Tax (IHT) basics and thresholds
15:07 Wills matter, even when young
18:37 Estate planning conversations create clarity
21:03 Gifting rules and pitfalls
23:56 When family dynamics and money collide
Further reading and listening
To learn more about intergenerational wealth, check out these articles and podcasts from PensionBee:
- E20: What to do when someone dies (Podcast)
- E28: The Bank of Mum and Dad - what's the impact on your pension? (Podcast)
- Estate planning - PensionBee's Milestone Moments (YouTube)
- Pension beneficiaries (Article)
- Pension rules after death (Article)
- Inheritance Tax guide (Article)
- What to do with inheritance money? (Blog)
- Six money conversations you need to have with your family (Blog)
- Writing a will (Article)
Other useful resources
- 3 million pensioner millionaires (The Intergenerational Foundation)
- Busting the "wealthy boomers" myth (Centre for Ageing Better)
- British millennials still bearing scars of 2008 financial crisis, says research (The Guardian)
- Check who can apply for probate and inherit if someone dies without a will (GOV.UK)
- How do I write a will and how much does it cost? (MoneyHelper)
- Inheritance Tax rules on gifts (MoneyHelper)
- Setting up a trust fund (MoneyHelper)
Catch up on the latest news, read our transcripts or watch on YouTube:
Follow PensionBee (@PensionBee) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads.
Follow Millennial Money UK (@MillMoneyUK) on TikTok, YouTube, Instagram, LinkedIn, Facebook and X.
Follow Richard Reed Solicitors (@richardreedsolicitors) on Instagram, LinkedIn and Facebook.