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In this episode of the Australian Finance Podcast, your host Gemma Mitchell is joined by financial wellness coach Betsy Westcott to unpack the complexities of inheritance.
With an estimated $3.5 trillion expected to change hands in Australia over the coming decades, more people will be navigating the financial and emotional realities of receiving an inheritance.
Together, Betsy and Gemma explore: – The emotional weight of receiving a financial legacy – How to manage family dynamics and partner expectations – What to do first (hint: it’s not investing!) – How to seek the right advice and build a trusted team – What happens if you're not expecting an inheritance
This conversation is packed with practical tips and deep emotional insights.
Subscribe to the Australian Finance Podcast on Apple, Spotify, or YouTube to stay up to date.
Topics Covered
– What is the $3.5 trillion intergenerational wealth transfer?
– Giving with warm hands vs inheritance after death
– Emotional responses: grief, guilt, identity shifts
– The pressure to “do the right thing” with inherited money
– Managing inheritances in a couple or family context
– Time-sensitive tax implications for inherited property
– Who to include in your financial "village"
– Roles of a financial adviser, accountant, lawyer & money coach
– Why flexibility and patience are key in early decisions
– Teaching kids about money and building your own legacy
– What to do if you’re not receiving an inheritance
– Why open conversations about money are critical
Resources for this episode
– Betsy Westcott’s Inner Money Journey
~~ Show partner resources ~~
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