In this episode of The Accountant That Builds, host Shannon Smit discusses the massive wealth transfer expected from Baby Boomers to the next generation, estimated at $84 trillion. Shannon highlights the opportunities and challenges of this wealth transfer, focusing on estate planning, tax liabilities, and how Baby Boomers are increasingly offering financial support to their families during their lifetimes. She explains the often-overlooked 17% tax on inherited superannuation and emphasises the importance of tools like testamentary trusts to protect family wealth from divorce settlements and creditors.Shannon also explores investment and education bonds, which have evolved into tax-efficient strategies for multi-generational wealth transfer. These bonds allow for tax-free growth over 10 years, offering flexibility and security for both current and future generations. By planning early and carefully, Baby Boomers can minimise tax burdens and ensure their hard-earned wealth benefits their families for years to come.

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