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Nurse ordered to return six-figure inheritance

<p>A disgraced former nurse has been ordered to repay $880,000 in inheritance money she was left by a former patient, who died just four weeks after they met. </p> <p>Abha Anuradha Kumar was working as a nurse at Cambridge House, a residential aged care facility in Collingwood  in Melbourne's inner-city, when she met 92-year-old Lionel Cox in 2015. </p> <p>After first meeting, Kumar learned that Cox had no immediate family and no will, but owned a valuable property in Fitzroy. </p> <p>Within days of learning of his situation, Kumar bought a will kit for Cox and persuaded two other staff members of Cambridge House to witness his handwritten will.</p> <p>However, she failed to tell either witness that she was listed as the executor and sole beneficiary to Mr Cox's estate.</p> <p>After a short battle with pneumonia, Mr Cox died on August 9th 2015. </p> <p>Mr Cox's estate totalled well over $1 million with Kumar gaining $1,117,000 from his home when it sold in 2016, $36,277 cash and personal items valued at $3,000.</p> <p>A lawyer representing Lionel's cousin, Geoffrey Cox, a beneficiary of the last court's decision, argued that Kumar's actions were elder financial abuse, adding that the large inheritance was created under "the most suspicious circumstances imaginable".</p> <p>"It's an important reminder that the law can and will catch up with you eventually," James Dimond from the law firm Moores told <em>The Age</em>.</p> <p>"This is a rare situation involving a medical professional, but elderly and vulnerable people are separated from their assets or pressured to sign dodgy wills and other legal documents all the time."</p> <p>"The court system is rife with elder financial abuse cases, usually involving close family members."</p> <p>The Trustee's lawyers alleged Kumar did not execute Mr Cox's will in compliance with legislation and acted against the elder's wishes. </p> <p>On Thursday, Judge Melissa Daly revoked Kumar’s grant to manage the estate and sale proceeds of Cox’s home, and ordered her to return $880,000 of remaining inheritance to Cox's family. </p> <p><em>Image credits: Supplied</em></p>

Legal

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Boomer couple divide audiences after revealing they're spending their children's inheritance

<p>A couple from Victoria have ignited a fierce debate over spending their children's inheritance, after they revealed they are happy to spend the money on holidays during their retirement years. </p> <p>Leanne and Leon Ryland appeared on the SBS show <em>Insight</em>, along with their son Alex, to discuss how they are spending their retirement fund without considering leaving their cash flow to their two grown up kids. </p> <p>The couple have spent $170,000 on travelling so far, with their goal to visit the wonders of the world taking them to Machu Picchu in Peru, India, Sri Lanka and the Maldives, with the US being next on their agenda. </p> <p>The couple joked the only thing their two sons would inherit would be their “shelf of s***”, a pile of cheap trinkets from their travels.</p> <p>However, the couple also own a home, and have been using their superannuation, pension and savings to fund their travels. </p> <p>Their jet setting comes after they saw a financial planner before they retired about four years ago after saving their whole lives.</p> <p>“We’ve done all the right things by investing in property, boosting up our super, making sure that was healthy, going without a lot of things,” Ms Ryland said.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/C9JyzoDvYkM/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/C9JyzoDvYkM/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Insight at SBS (@insightsbs)</a></p> </div> </blockquote> <p>“And he said, ‘You’re crazy if you don’t retire when you can, because you’ll spend most of your wealth on travel or whatever in the first 10 years and then after that it slows down’."</p> <p>“It’s changing your mindset. You get into a phase now where you actually spend instead of save.”</p> <p>The cashed-up boomers run a Facebook group called “SKIclub”, which stands for “spending kids inheritance”, where retirees can share travel tips.</p> <p>Ms Ryland said she’s trying to convince her husband they have to “spend now, because if we don’t spend it, you know he gets it”, pointing to her son.</p> <p>“We’re not going be able to spend all this money so let’s do it because in another 10 years we won’t be climbing the Great Wall of China. We won’t be going up Machu Picchu,” she said.</p> <p>“We won’t be doing those things. So we’ve gotta do it now because what else is there?”</p> <p>The attitude of the couple quickly welcomed a wave of criticism online, who were quick to brand the pair as “entitled”. </p> <p>“SBS <em>Insight</em> tonight is hilarious — boomer privilege at its best &amp; still not conscious of it. So entitled,” one person wrote on X.</p> <p>“Boomers are evil … bragging about overseas holidays with no regard for the environment, spending all their money so their kids have no inheritance,” another wrote.</p> <p>“Clogging healthcare due to their perceived entitlement for health and refusal to die. Selfish and privileged.”</p> <p>However, despite the views of many on social media, the couple’s son Alex appeared to support his parents' decision.</p> <p>“It’s their money,” he told the program.</p> <p>“They’ve worked hard their entire life and invested well in order to get that money so I think they should be able to do whatever they’d like with it.”</p> <p>Alex's sentiment was echoed by others online, with one person saying, "They have a right to do what they want, after the years of being so amazing and responsible for raising a kids, their turn is now."</p> <p>Another simply stated, "It's their money, they can do what they want."</p> <p><em>Insight</em>’s ‘The Boomer Economy’ is available to stream on <a title="https://www.sbs.com.au/ondemand/news-series/insight" href="https://www.sbs.com.au/ondemand/news-series/insight" data-outlook-id="534ae148-66c7-42db-b3ee-8f15bf016de4">SBS On Demand</a> now.</p> <p><em>Image credits: SBS</em></p>

Retirement Life

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What you need to know about protecting your children’s inheritance

<p>For many people, ensuring that their children’s inheritance is protected is of paramount importance to them. There are a number of strategies that you can put in place to achieve this objective, you just need to determine which one bests suits you and your family’s circumstances.</p> <p><strong>Put a Will in place</strong></p> <p>By putting a Will in place, you get to decide who your assets go to, allowing you to make provision in your Will for them to pass to your children upon your death. If you do not have a Will in place then it is up to the government where your assets get paid and this may mean that your assets do not pass to your children, or do not pass to them in the manner that you desire. Play it safe and ensure things go the way you want them by taking the time to put a Will in place.</p> <p><strong>Testamentary trust </strong></p> <p>Let me introduce you to Testamentary Trusts.  These amazing vehicles allow you to transfer your wealth to your children in the most asset protective and tax effective way possible. With an increasing number of marriages crumbling and divorce rates soaring, the last thing you want is your hard earned wealth passing to your child’s estranged partner in the event of one of your child’s marriage breakdown. By making provision in your Will leaving your children’s inheritance in a Testamentary Trust it protects their inheritance from any divorce or family law risks if your child’s relationship breaks down.</p> <p>Additionally, you may have a child who works in a high-risk occupation – a doctor, financial advisor or perhaps carrying on the role of a director. Alternatively, your child may be an entrepreneur, taking risks in their own business operations.  </p> <p>If something adverse happened to your child whilst they were undertaking these roles and they were sued, they could be personally liable for them for any actions brought upon them by the aggrieved party.</p> <p>Creditors and other associated parties could only seek recourse to moneys owed by your child from them in their own personal capacity. If your child had received their inheritance in their own name, and hence the assets were now individual assets, the creditors and other associated parties would have recourse in recovering funds owed to them by your child.</p> <p>However, if your child’s inheritance was paid to a Testamentary Trust for their benefit at the time of your death then these assets would be held on trust for them and are not personal assets, hence the creditors and other associated parties would not have recourse in respect to these assets.</p> <p><strong>Blended marriages</strong></p> <p>If you have children from a previous marriage, it’s imperative that you obtain the appropriate legal advice  in respect to how to protect your assets for your children. There are a number of options that you can put in place including a Binding Financial Agreement and a Mutual Wills Agreement. </p> <p>There are also strategies that you can put in place which ensure that your assets pass to your children upon your death. Options are also available where you may wish for your partner to receive some benefit of some of your assets during your lifetime with all assets passing to your children upon your partner’s death.</p> <p><strong>Choose the right executor </strong></p> <p>If you have young children, it will be your executor who looks after your children’s inheritance until your children reach the age that you have stipulated in your Will that you would like them to receive your assets.</p> <p>It is therefore imperative that you have the best person possible to undertake this role as you are effectively giving them the keys to everything that you own and control. That’s big. You need to appoint someone that you trust implicitly to undertake this role. You need to appoint your most trusted ally. </p> <p>Your executor also needs to be financial savvy or receptive to obtaining the appropriate financial advice to enable them to look after and grow your children’s inheritance.</p> <p>It is important that you seek the appropriate advice so that you can put the best strategies in place that protect your children’s inheritance in the best manner possible. There are a number of ways that you can protect your children’s inheritance, you just need to find the best one that works for you and your children.</p> <p><strong><em>Melisa Sloan, author of Big Moments, expert advice for conquering those moments that define us, is a lawyer, industry leader, author and board director who loves helping people put in place beautiful legacies. For more information visit www.melisasloan.com.au</em></strong></p> <p><em>Image credits: Shutterstock </em></p>

Money & Banking

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All of the incredible royal jewels Queen Mary just inherited

<p>In a weekend filled with regal splendour and historic significance, Crown Princess Mary of Denmark not only <a href="https://www.oversixty.com.au/lifestyle/family-pets/king-charles-message-to-mary-as-she-becomes-queen" target="_blank" rel="noopener">ascended to the esteemed title of Queen</a> but also found herself adorned with the resplendent Danish Crown Jewels.</p> <p>The symbolic transfer of these extraordinary treasures, formerly belonging to Queen Margrethe, marks a momentous chapter in the Danish monarchy, and for Mary, it's a journey into the rich history of royal glamour.</p> <p>The Danish Crown Jewels, a collection with a lineage spanning centuries, tell a story of devotion, legacy and timeless elegance. Initiated by Queen Sophie Magdalene in the 1700s, each subsequent queen has contributed to and enhanced the collection, resulting in four dazzling "parures", or sets, each a testament to the enduring craftsmanship and artistry of Danish royalty.</p> <p><strong>The Emerald Set: A Gift of Love Across Generations</strong></p> <p>At the heart of the collection is the Emerald Set, a masterpiece featuring diadem, necklace, brooch and earrings adorned with emeralds and brilliant-cut diamonds. Originally gifted to Queen Sophie Magdalene in 1723 by King Christian VI, the set exudes a captivating blend of history and sophistication. As Queen Margrethe has demonstrated in the past, the pieces can be worn together or detached for a versatile, regal allure.</p> <p><strong>Pearl Ruby Set: A Timeless Elegance in Red and White</strong></p> <p>The Pearl Ruby Set, with its origins in the late 1600s, boasts a pearl necklace from Queen Charlotte Amalie, complemented by a matching pearl, ruby and diamond brooch and earrings. The ensemble, enhanced by Queen Caroline Amalie in the 1840s, mirrors the colours of the Danish flag. The set's adaptability, such as the pendant attachment to the pearl necklace, reflects a harmonious blend of tradition and innovation.</p> <p><strong>Brilliant Set: Diamonds that Sparkle with History</strong></p> <p>The Brilliant Set, featuring a brilliant-cut diamond necklace, floral bouquet brooch and earrings dating back to 1840, was the choice of Queen Margrethe for her son Frederik's wedding. This set, rich in symbolism, is a dazzling testament to the enduring sparkle of Danish royalty. Paired with the Floral Aigrette tiara, it adds a touch of timeless grace to any royal occasion.</p> <p><strong>Rose Cut Set: A Delicate Affair with Rose-Cut Diamonds</strong></p> <p>The Rose Cut Set, with necklaces and brooches fashioned from rose-cut diamonds, whispers tales of Princess Charlotte Amalie from centuries past. Worn sparingly by Queen Margrethe, it holds a unique place in the collection, and its rare appearances evoke a sense of antiquity and refinement.</p> <p>For Queen Mary, this accession to the Danish Crown Jewels is not just a privilege but a responsibility to carry forward the legacy of elegance and grace. These jewels, worn by every Queen of Denmark since the 1700s, are not merely adornments; they are a connection to the nation's history and a symbol of continuity.</p> <p>Reserved for special occasions, such as state visits and the New Year Reception, the Danish Crown Jewels will now find a new muse in Queen Mary. Ensconced within the walls of Rosenborg Castle when not in use, these jewels remain a source of pride for Denmark, a tangible link to its regal past.</p> <p>As Queen Mary steps into this new chapter of her royal journey, the Danish Crown Jewels will undoubtedly witness many more moments of joy, solemnity and regal radiance, reflecting the enduring spirit of a nation intertwined with its royal heritage.</p> <p><em>Images: Instagram / Getty Images</em></p>

Money & Banking

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Rod Stewart’s son blows through inheritance

<p>Rod Stewart’s son, Sean Stewart, has allegedly spent all of his inheritance in an attempt to rebrand his clothing line.</p> <p>A source told <em>Page Six Style</em> exclusively that Sean had “cashed out” the funds he would have received upon his father’s death in order to salvage the failing Dirty Weekend brand.</p> <p>“It’s insane because this is the third time I think he’s relaunching Dirty Weekend,” the source revealed. “Maybe third time’s the charm.”</p> <p>Reps for Sean and Dirty Weekend did not return <em>Page Six Style’s</em> requests for comment.</p> <p>In March, the son of the British rockstar posted about his company’s rebrand and credited artist Hector De Marquez for helping him with the relaunch.</p> <p>“Really proud of the work me and @hectordemarquez have put into rebranding dirty weekend,” the 42-year-old captioned the Instagram post.</p> <p>“Someone who finally sees my vision. What makes a successful business and entrepreneur is the team you have behind you.”</p> <p>The brand was originally launched in 2022.</p> <p>He also recently married his partner Jody Weintraub in Las Vegas on Valentine’s Day.</p> <p>He had known his now-wife, also 42, since high school. She is the daughter of late producer Jerry Weintraub.</p> <p>The pair eloped and made their way back to Los Angeles to celebrate the special day with the infamous musician and his ex-wife Alana Stewart, who is Sean’s mother.</p> <p>The British icon married Alana in 1979 but they divorced after five years.</p> <p>Stewart, 78, has been married to his current wife, Penny Lancaster, for 14 years.</p> <p>During Stewart’s 2023 Australian tour, the lovebirds <a href="https://www.oversixty.com.au/lifestyle/relationships/rod-stewart-s-secret-ceremony" target="_blank" rel="noopener">renewed their vows</a> in a secret ceremony.</p> <p><em>Image credit: Instagram</em></p>

Money & Banking

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Super has become a taxpayer-funded inheritance scheme for the rich. Here’s how to fix it – and save billions

<p>Australia’s A$3.3 trillion superannuation system is supposed to boost people’s retirement incomes. The government says as much in its <a href="https://treasury.gov.au/sites/default/files/2023-02/c2023-361383.pdf">proposed leglislated objective</a> for superannuation. The system is supported by billions of dollars of tax breaks each year, ostensibly to that end. </p> <p>But there’s just one problem – increasingly, much of what is saved is never spent.</p> <p>Our new report, <a href="https://grattan.edu.au/report/super-savings-practical-policies-for-fairer-superannuation-and-a-stronger-budget">Super savings: Practical policies for fairer superannuation and a stronger budget</a>, points out that without an overhaul, super tax breaks are set to do little more than boost the inheritances of Australians with well-off parents. </p> <p>Super contributions and super earnings are both taxed more lightly than other income. These tax breaks cost the budget about $45 billion (2% of Australia’s gross domestic product, or GDP) each year.</p> <p>Treasury predicts that figure will hit 3% of GDP by 2060, and that the cost of super tax breaks will overtake the cost of the age pension by as soon as 2036.</p> <p>Super tax breaks are also unfair: about two-thirds go to the top 20% of earners. </p> <p>This means the tax breaks provide the biggest boost to the super accounts of high earners, who will almost all have a comfortable retirement regardless, and who tend to save the same regardless of the tax rate imposed. </p> <p>The wealthiest 10% of Australians get a bigger boost to their retirement savings from super tax breaks than poorer Australians get from the age pension.</p> <p>But much of what is saved for retirement never actually gets spent in retirement. </p> <p>Earlier research by <a href="https://grattan.edu.au/news/balancing-act/">Grattan Institute</a> and the <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf">2020 Retirement Income Review</a> found that, for a variety of reasons, spending falls substantially during retirement. Retirees often end up leaving much of their nest egg untouched, bequeathing it to their children.</p> <p>This means billions of dollars in super tax breaks simply end up boosting the inheritances received by the children of well-off parents. It makes super a taxpayer-funded inheritance scheme. </p> <p>This problem is set to get worse. With the rate of compulsory superannuation legislated to rise from 10.5% of wages to 12% by 2025, future generations of retirees are set to retire with even larger nest eggs that they will never spend. </p> <p>Treasury projects that by 2059, one in every three dollars paid out of the super system will be a bequest, up from one in every five today.</p> <p>Big inheritances boost the jackpot from the birth lottery. They help richer children get richer. Among the Australians who received an inheritance over the past decade, the wealthiest fifth received on average <a href="https://grattan.edu.au/news/the-great-australian-nightmare/">three times</a> as much as the poorest fifth.</p> <p>To help reverse this, the government needs to rein in the super tax breaks.</p> <h2>How to make super fairer</h2> <p>The government’s policy, <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/superannuation-tax-breaks">announced in February</a>, of taxing the earnings on balances bigger than $3 million at 30%, instead of 15%, will help. </p> <p>But the threshold ought to be lowered to $2 million. Balances between $2 million and $3 million are very unlikely to be spent in retirement, so winding back tax breaks on earnings on balances bigger than $2 million would further wind back taxpayer-funded bequests. </p> <p>And there’s more. Currently, many wealthier Australians receive a larger tax break per dollar contributed to super than many low income earners. </p> <p>Yet low earners have more to be compensated for. Putting money into their super cuts their age pension in retirement, and they live shorter lives, meaning less time to enjoy their super in retirement.</p> <p>The pre-tax contributions of people earning more than $220,000 a year should be taxed at 35%, instead of the 30% charged to those earning more than $250,000 currently. That would still offer a 10% tax break on super contributions for high earners (given the top marginal rate of 45%) and at least a 15% break on the contributions of low and middle earners. </p> <p>And the annual pre-tax contributions cap should be lowered from $27,500 to $20,000. Contributions above this level tend to be made by people close to retirement with already-high balances.</p> <h2>Tax earnings in retirement the same as while working</h2> <p>On the earnings side, the tax-free earnings enjoyed by retirees on their first $1.7 million ($1.9 million from 1 July this year) of their super should go.</p> <p>Superannuation earnings in retirement should be taxed at 15%, the same as superannuation earnings before retirement. This would save the budget at least $5.3 billion a year, and much more in future, and make taxing super more simple.</p> <p>More than 70% of this revenue would come from the top 20% of retirees. The top 10% would pay an extra $7,000 to $7,500 a year on average, whereas the poorest half would no more than $200 more each.</p> <p>Both sides of politics say they agree that super shouldn’t be a taxpayer-funded inheritance scheme. But there’s a long way to go before that vision is reality.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/super-has-become-a-taxpayer-funded-inheritance-scheme-for-the-rich-heres-how-to-fix-it-and-save-billions-202948" target="_blank" rel="noopener">The Conversation</a>. </em></p>

Retirement Income

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Almost half of Australians don’t know how to talk about inheritance

<p dir="ltr">It’s no secret that having conversations with family about money are often very awkward and difficult to have. </p> <p dir="ltr">However, when it comes to talking about inheritance, these are conversations that can’t be put off. </p> <p dir="ltr">New research has revealed that over 40 percent of Australis are yet to have important and proactive conversations with their loved ones about inheritance, despite 74 percent saying these conversations are necessary.</p> <p dir="ltr">Australia is currently in the midst of the biggest intergenerational wealth transfer in history, with baby boomers set to hand over $3.5 trillion to the next generation.</p> <p dir="ltr">Despite this, the new research shows that 20 percent of people don’t know how to broach the discussion with their families, even though 48 percent of people agree that having the conversation about a legacy before a person passes away will cause less conflict amongst beneficiaries.</p> <p dir="ltr">The research, commissioned by financial educator and communicator Vanessa Stoykov, reveals the compelling need for Australians to be confident and comfortable having conversations with family about money.</p> <p dir="ltr">“The time is now for Australians to become more financially literate and break down unhelpful beliefs about money and talking about it. This is about equipping ourselves with financial skills and independence,” says Ms Stoykov.</p> <p dir="ltr">“It can be tricky to navigate difficult conversations around money, but everyone needs to have a dialogue with their partners, parents, children and grandchildren. This is not just about whether someone is leaving money, but also the financial legacy that you pass on to your children," Ms Stoykov said.</p> <p dir="ltr">"Talking openly to them is a legacy and gift in itself.” </p> <p dir="ltr"><em>Image credits: Getty Images</em></p>

Retirement Income

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5 mistakes to avoid when leaving an inheritance

<p>Unlike virtually everything else in life, inheritance mistakes aren’t felt by the person who makes them. It’s those left behind who must deal with the fallout. What will your loved ones ultimately inherit? Estate planning. Wills. Inheritance.</p> <p>Nobody enjoys talking about these because they reflect our own mortality. Yet they have major ramifications for the loved ones we leave behind. Mistakes can be devastating. Thankfully, though, the most common inheritance mistakes are easily avoided. </p> <p><strong>Mistake #1: Failing to plan</strong></p> <p>A simple equation governs legal and money matters: failing to plan = planning to fail. Inheritances left to chance risk your wishes not being carried out. Disagreements between siblings and/or other benefactors become more likely – particularly if you are divorced/separated or have a blended family.</p> <p>Additionally, the government could wind up the biggest winner, with unclaimed assets seized by the state. The result? Benefits are wasted and relationships damaged – perhaps permanently.</p> <p><strong>Mistake #2: Set-and-forget</strong></p> <p>Sadly, I have seen this many times – someone’s ‘set-and-forget’ mindset meant their estate plans were outdated on their death, leaving behind significant question marks. Who inherits assets not covered in the will? What happens to assets left to someone who has already died? Do children born after the plans were drafted inherit at all? If you’ve been separated, outdated plans could see your ex become your primary beneficiary.</p> <p>Your grieving current partner could be forced to contest in court – and risk losing even more in legal fees – or miss out altogether. The same goes for divorced children and their ex. Treat your will like your garden – it should be tended regularly to be its best and allowed to grow and adapt to suit your changing circumstances.</p> <p><strong>Mistake #3: When a will won’t do</strong></p> <p>Wills cover many aspects – dividing money and assets; delegating custodianship of any children under 18 and how they will be provided for; and nominating the executor(s) of your estate. However, contrary to popular belief, a will is not the be all and end all.  Separate legal entities and certain financial assets are not covered by a will, including businesses, trusts and similar structures, and – crucially – superannuation. These require you to nominate your beneficiaries within those entities. Property can also be treated outside of a will, as joint tenants have an automatic right of survivorship. </p> <p>As tenants in common, you can gift your share to someone else, such as children. Remember though, if your partner still lives in the property but someone else inherits your share (especially if the two don’t get along), your partner could be pressured to move or sell – even if they have nowhere else to go.</p> <p><strong>Mistake #4: Hindering, not helping</strong></p> <p>While your intention may be to support family, you may inadvertently leave them worse off or see their benefits squandered if inheritances are poorly planned. For example, leaving property to someone who cannot afford the upkeep could be counterproductive. What if it can’t be sold? If they live in it and must sell, where will they go? Can they afford the same location?</p> <p>With taxes, will Capital Gains Tax be better managed if assets are sold from within your estate or once ownership is transferred? Will dividends/rental income push up their income tax? Will a super death benefit be taxable? Plus, many people don’t realise that under 18s income tax rates are higher than most adult tax rates.</p> <p><strong>Mistake #5: Failing your partner</strong></p> <p>Death inflicts enormous and often sudden change onto a surviving spouse or partner, if you have one. If not retired, they may need time off work to grieve and manage affairs. Funeral costs accumulate. Your income stops. Economies of scale (living costs are less per person for couples than for singles) disappear. They may be unable to look after themselves.</p> <p>Ask yourself:</p> <ul> <li>Do you have life insurance? Funeral cover?</li> <li>Is cash readily available for them to live on while your affairs are settled? </li> <li>What provisions are made for meeting mortgage repayments without your income?</li> <li>How much superannuation is left for their twilight years? </li> <li>Can they operate/sell the business if you’re self-employed?</li> <li>Do they need paid-for care?</li> </ul> <p>Inheritance is a complex business and that complexity compounds with the number of assets and beneficiaries. To ensure your wishes are implemented and your legacy is a positive one, I implore you – get good professional advice and make a thorough, up-to-date plan, one which works for both yourself and everyone set to inherit from it.</p> <p><strong><em>Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master's degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="https://onyourowntwofeet.com.au" target="_blank" rel="noopener">www.onyourowntwofeet.com.au</a></em></strong></p> <p><em>Image credits: Getty Images</em></p>

Retirement Income

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Surprise discovery shows you may inherit more from your mum than you think

<p>What if we could inherit more than our parents’ genes? What if we could inherit the ability to turn genes on and off?</p> <p>These possibilities have come to light after our <a href="https://www.nature.com/articles/s41467-022-32057-x" target="_blank" rel="noopener">recent study</a>, published in Nature Communications. We found information in addition to our genes was passed down from mum to offspring to affect how their skeleton develops. That’s the “epigenetic” information that’s normally reset between generations.</p> <p>Our research was in mice, the first case of its kind in mammals where a long-lasting epigenetic effect from the mother’s egg is carried down to the next generation. This has lifelong consequences for that generation’s health.</p> <p>However, we cannot be certain the equivalent epigenetic changes are also inherited in humans, including the implications for how our skeleton develops and potential impact on diseases.</p> <h2>Hold up, what’s epigenetics again?</h2> <p>Our genes (packages of DNA) tell our body to make certain proteins. But our cells also need instructions to know whether a gene should be used (switched on) or not (switched off).</p> <p>These instructions come in the form of chemical or “epigenetic” tags (small molecules) that sit on top of the DNA. You accumulate these tags throughout your life.</p> <p>Think of how punctuation marks help a reader understand a sentence. Epigenetic tags allow the cell to understand a DNA sequence.</p> <p>Without these epigenetic tags, the cell might make a protein at the wrong time or not at all.</p> <p>Timing is crucial in how embryos develop. If certain genes are expressed (switched on to produce a protein) too early or too late, an embryo will not develop properly.</p> <h2>What did we find?</h2> <p>We were interested in understanding the function of a protein in mouse eggs (ova) called SMCHD1.</p> <p>By removing SMCHD1 from mouse eggs, we found mice that developed from eggs lacking SMCHD1 had an altered skeleton, with some vertebrae in the spine being disrupted.</p> <p>This could only be explained by an epigenetic change due to the loss of SMCHD1 in the egg.</p> <p>In particular, we looked at a set of genes known as Hox genes. These encode a series of proteins known to control how mammals’ skeletons develop.</p> <p>Hox genes are found in all animals, from flies to humans, and are crucial for setting up our spine. Evolution has finely tuned the timing of the expression of Hox genes during embryonic development to ensure the skeleton is assembled correctly.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Happy to share that my first first author paper is out in <a href="https://twitter.com/NatureComms?ref_src=twsrc%5Etfw">@NatureComms</a> showing that maternal SMCHD1 regulates Hox genes in the mouse embryo! Thanks to my PhD supervisors <a href="https://twitter.com/BlewittMarnie?ref_src=twsrc%5Etfw">@BlewittMarnie</a> <a href="https://twitter.com/Eddy_McGlinn?ref_src=twsrc%5Etfw">@Eddy_McGlinn</a> <a href="https://twitter.com/hashtag/Epigenetics?src=hash&amp;ref_src=twsrc%5Etfw">#Epigenetics</a> <a href="https://twitter.com/hashtag/InHoxWeTrust?src=hash&amp;ref_src=twsrc%5Etfw">#InHoxWeTrust</a> <a href="https://t.co/taYQmt1NAU">https://t.co/taYQmt1NAU</a> 1/n</p> <p>— Natalia Benetti (@nataliabenetti_) <a href="https://twitter.com/nataliabenetti_/status/1551709619361239040?ref_src=twsrc%5Etfw">July 25, 2022</a></p></blockquote> <p>Our study showed that epigenetic tags established by the mother’s SMCHD1 in her egg can impact how these Hox genes are expressed in her offspring.</p> <p>The findings are a big surprise because almost all epigenetic tags in the egg are erased shortly after conception. Think of this a bit like a factory reset.</p> <p>This means it’s unusual to have epigenetic information from the mother’s egg carried on to her offspring to shape how they grow.</p> <h2>What does this mean for us?</h2> <p>Our findings suggest even the genes you don’t inherit from your mother can still influence your development.</p> <p>This may have implications for the children of women with variants in their SMCHD1 gene. Variations in SMCHD1 cause human diseases such as a form of <a href="https://www.betterhealth.vic.gov.au/health/conditionsandtreatments/muscular-dystrophy" target="_blank" rel="noopener">muscular dystrophy</a>.</p> <p>In the future, SMCHD1 might be a target for new medicines to alter how the protein functions and help patients with diseases caused by variations in SMCHD1. So it’s important to understand what consequences the disruption of SMCHD1 in the egg might have on future generations.</p> <h2>How about other diseases?</h2> <p>Scientists are now beginning to understand that the epigenetic tags added to our genes are sensitive to changes in the environment. This can mean environmental variations, such as our diet or level of physical activity, can affect how our genes are expressed. However, these changes do not alter the DNA itself.</p> <p>The epigenetic state undergoes the most changes when the egg is developing and during very early embryonic development, due to the “factory reset” between generations. This means the embryo is more vulnerable to epigenetic, including environmental, changes during this developmental window.</p> <p>As we discover more cases where epigenetic information is inherited from the mother, there may be instances where the diet or other environmental changes the mother experiences could impact the next generation.</p> <p>Given that scientists can now study what happens in a single egg, we are well placed to determine how that might happen and work out what exactly we could be inheriting.</p> <p><strong>This article originally appeared in The Conversation.</strong></p> <p><em>Image: Shutterstock</em></p>

Body

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Pippa Middleton to gain noble inheritance

<p dir="ltr">Pippa Middleton could be joining her older sister Kate in royal life with a title of her own, inherited from her father-in-law.</p> <p dir="ltr">Her husband, James Matthews, is the eldest son of David Matthews, and is in line to inherit his father's title as Laird of Glen Affric, along with a 10,000-acre Scottish estate near Loch Ness.</p> <p dir="ltr">If he does receive the hereditary title upon his father's death, that would see Pippa and James become Lord and Lady Glen Affric.</p> <p dir="ltr">The Commonwealth-recognised title would make the couple members of the nobility, one step down from royalty.</p> <p dir="ltr">Pippa and James, a former professional racing driver and hedge fund manager, married in 2017 and share three children: Arthur, three, Grace, one, and three-week-old Rose.</p> <p dir="ltr">The news of their future title comes as the family reportedly plan to relocate to a 31-hectare lot in Buckleberry, less than an hour’s drive from the Middleton’s new home in Windsor.</p> <p dir="ltr">Their new home will reportedly mimic Jeremy Clarkson’s Diddly Squat Farm Shop, complete with glamping, cabins and a restaurant. </p> <p><span id="docs-internal-guid-e84dce1d-7fff-7ae3-1e08-e3412ea596e7"></span></p> <p dir="ltr">Kate and Pippa’s parents, Michael, 73, and Carole, 67, also live in Buckleberry, which has been a long-time base for the family and where they founded a party accessory company in 1987.</p> <p dir="ltr"><em>Image: @pippa.middleton.matthews (Instagram)</em></p>

Beauty & Style

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How an Aussie senior inherited her long-term home from her landlord

<p dir="ltr">An Australian senior has finally been able to retire after she received an incredible gift from her long-term landlord. </p> <p dir="ltr">Jane Sayner, 74, was used to a life of waking up to her 3am alarm to go and work at a fruit and vegetable market in Epping in order to pay her rent and make ends meet. </p> <p dir="ltr">However, Jane has now been able to turn off her early morning alarm for good after inheriting her home from her late landlord. </p> <p dir="ltr">Jane rented off St Albans multi-millionaire John Perrett, who famously left his $18-million fortune to the Royal Melbourne Hospital when he died in 2020.</p> <p dir="ltr">Mr Perrett was the local pharmacist in the suburb of Melbourne, but made his riches through clever investing, all while continuing to live humbly in the neighbourhood.</p> <p dir="ltr">While the majority of his generous donation to the hospital has gone towards technology and research in the renal department that delivered him a kidney transplant, his philanthropic nature wanted to ensure Ms Sayner did not have to worry about finding a new place during her own health battle.</p> <p dir="ltr">After renting the two-bedroom St Albans unit for 23 years, Jane was shocked to receive a call from her landlord before he died after a battle with Parkinson’s. </p> <p dir="ltr">While the pair were on good terms, Perrett’s offering was next level, as he left the home to Jane. </p> <p dir="ltr">Mr Perrett also left another property to another tenant in St Albans, while another flat he owned similar to Jane’s was sold for about $400,000 to go towards the hospital donation. </p> <p dir="ltr">Jane paid $250 a week in rent, which barely rose over the last two decades, and would never have been able to afford anything like what she had if her home had been sold following her landlord’s death. </p> <p dir="ltr">Instead of still having to wake up at 3am to work at the market full-time, Jane now enjoys the simple life of a retiree as she tends to her garden and dreams of travelling to Canada. </p> <p dir="ltr"><em>Image credits: realestate.com.au</em></p>

Real Estate

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Man ordered to repay $201,000 “inheritance” to the bank

<p><span style="font-weight: 400;">A grandfather has been left shocked by his bank, after they have ordered him to repay $201,000.</span></p> <p><span style="font-weight: 400;">Russell Alexander, 54, contacted Barclay’s Bank after huge sums of money were deposited into his account. </span></p> <p><span style="font-weight: 400;">Confused by the large sum, he reached out to Barclay’s and got no reply. </span></p> <p><span style="font-weight: 400;">Eventually, representatives from the bank told Russell that the money was part of an inheritance and to keep it, he told </span><a href="https://www.thesun.co.uk/news/16694791/handyman-renovated-home-barclays-mistake/"><span style="font-weight: 400;">The Sun</span></a><span style="font-weight: 400;">. </span></p> <p><span style="font-weight: 400;">He used the money to renovate a fixer-upper house he purchased after his divorce, and could now make more expensive changes to his renovation project. </span></p> <p><span style="font-weight: 400;">However, nine months after the money first hit Russell’s account, Barclay’s realised they had made a mistake and took all the money back, including an extra $11,000 of Russell’s own money. </span></p> <p><span style="font-weight: 400;">Due to the brash withdrawal of funds, Russell has been left living in a semi-derelict home with no heating, and no money to improve his situation. </span></p> <p><span style="font-weight: 400;">Barclay’s admitted that the money was transferred to Russell by accident, and he was “incorrectly advised that he could keep the funds”.</span></p> <p><span style="font-weight: 400;">Russell said, “I’m totally outraged at their offer of £500 ($A1000) compensation.</span></p> <p><span style="font-weight: 400;">“I’ve been a loyal customer for 40 years and they clearly told me twice the money was mine to spend.”</span></p> <p><span style="font-weight: 400;">“I planned to renovate the house to rent out rooms on Airbnb, but I’ll need to work now to earn the money and it will take years.”</span></p> <p><span style="font-weight: 400;">“I never would have bought it if I didn’t have the extra money.”</span></p> <p><span style="font-weight: 400;">“Barclays have stolen my future plans and left me living like a stowaway.”</span></p> <p><em><span style="font-weight: 400;">Image credits: Shutterstock</span></em></p>

Money & Banking

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Princess Diana’s nephew set to inherit fortune

<p>Louis Spencer is set to one day inherit his family’s incredible historic estate.</p> <p>27-year-old Louis is the youngest son of Charles Spencer, and yet he is still heir to his father’s earldom thanks to England’s primogeniture rules.</p> <p>These archaic set of laws sees that titles are passed down to firstborn sons.</p> <p>His inheritance will include the Althorp estate, where Louis' late aunty Princess Diana lived from the age of seven until her marriage to Prince Charles.</p> <p>It also the place where the royal is buried.</p> <p>Louis' sister Lady Kitty Spencer recently addressed the issue of primogeniture while speaking to<span> </span><em>Town and Country</em>, calling it a "tricky" topic.</p> <p>"[A]s times are changing, attitudes are as well," she said.</p> <p><img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7841339/daily-3.jpg" alt="" data-udi="umb://media/bdf7155d1db74b62bb226ab766f991c9" /></p> <p>"I'm relaxed about it, because I know that it's all out of everyone's hands. As it stands, it's Louis to inherit, and Louis will do an incredible job."</p> <p>Louis' status as the Spencer heir, along with being the first cousin to Prince William and Prince Harry are both major reasons as to why he's considered one of</p> <p> the world's most eligible royals.</p> <p>In 2019,<span> </span><em>Tatler</em><span> </span>magazine included him in a list of unmarried men from royal families that included Denmark's Prince Nikolai, Prince Mateen of Brunei and Prince Constantine Alexios of Greece.</p> <p>Louis, whose title is Viscount Althorp, is the fourth child and only son of Charles Spencer and his first wife, Victoria Lockwood.</p> <p>His older sisters are Lady Kitty and twins Lady Amelia and Lady Eliza.</p> <p>While he and his sisters prefer to lead a relatively private life, the family made headlines when they were guests at Harry's wedding to Meghan Markle at Windsor Castle in 2018.</p>

Money & Banking

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Who will inherit the Duke of Edinburgh title?

<p dir="ltr">Following the news of Prince Philip’s passing comes a change in who holds which royal title, but this won’t come into effect until Prince Charles takes the throne.</p> <p dir="ltr">Prince Edward, Philip and Queen Elizabeth’s fourth child and current Earl of Wessex, will eventually claim his late father’s title as the Duke of Edinburgh.</p> <p dir="ltr">His wife, Sophie, will become the Duchess of Edinburgh and the fourth woman to hold the title since its creation in 1726.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/CKllqcPHuz-/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CKllqcPHuz-/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by The Royal Family (@theroyalfamily)</a></p> </div> </blockquote> <p dir="ltr">After Prince Philip’s death on April 9, Charles now holds the Duke of Edinburgh title according to the rules around the line of succession. This also means that his wife and Duchess of Cornwall, Camilla, is now regarded as the Duchess of Edinburgh.</p> <p dir="ltr">Once he becomes king, the title will be passed down to his youngest brother.</p> <p dir="ltr">This goes against the Letters Patent issued by George VI, which gave Philip the title in 1947 and stipulated the duke’s eldest son would inherit the title.</p> <p dir="ltr">But, when Charles becomes king the title can be re-granted to Edward.</p> <p dir="ltr">The decision to appoint Edward as the eventual Duke of Edinburgh was announced in 1999, following his marriage to Sophie Rhys-Jones and adoption of the title of Earl of Wessex.</p> <p dir="ltr">As a trustee and Chairman of the Duke of Edinburgh Award program, Edward’s succession as the Duke of Edinburgh also recognises his commitment to the program.</p> <p dir="ltr">The Duke of Edinburgh Award program, one of Philip’s educational initiatives, has been undertaken by over eight million children globally and involves pursuing a well-rounded education through acts of service, physical activity, camping trips, and personal hobbies.</p>

Legal

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Why Queen Mother left a much bigger inheritance for Harry

<p><span>Princess Diana split her fortune right down the middle when it came to her two sons, Harry and William – however the Queen Mother thought very differently.</span><br /><br /><span>Then the royal passed away five years after the late Di, Prince Harry inherited a substantially larger amount of his great grandmother’s £14 million ($25 million) fortune than his older brother Prince William.</span><br /><br /><span>Considering Prince William is second in line to the throne, Queen Elizabeth’s mother wanted to protect her younger grandson, and guarantee him financial stability in the future.</span><br /><br /><span>When Prince Charles becomes King, Prince William will inherit his role as the Prince of Wales meaning he will take over the Duchy of Cornwall and all the private estates that come along with it.</span><br /><img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7840530/queen-mother-2.jpg" alt="" data-udi="umb://media/043a1a952ad64d95b349ee2f0caab7d6" /><br /><span>Prince Harry, however, will get nothing, as the second son.</span><br /><br /><span>It’s unknown how much exactly Harry inherited but a 2002 report by the BBC claimed that the “bulk” of her £14 million estate went to the Duke of Sussex “since William will benefit financially by becoming king.”</span><br /><br /><span>The Queen Mother effectively gave Harry financial compensation to make up for the line of succession.</span><br /><br /><span>When the Queen Mother died in 2002, she left her estate (which typically refers to the contents of her homes) to her daughter.</span></p> <p><img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7840529/queen-mother-3.jpg" alt="" data-udi="umb://media/bdfd76be82004526a9792240297a2911" /><br /><br /><span>She was an avid art connoisseur as well, and the majority of her vast collection of Monet paintings were donated to the Royal Collection and were put on display at Buckingham Palace.</span></p> <p><em>Images: Getty</em></p>

Family & Pets

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5 traits you didn’t know you inherit from mum (and 4 you inherit from dad)

<p>Do you have your mum’s button nose? Did your dad pass on the curse of sneezing in bright sunlight? And where did your baby’s red, curly hair come from when there hasn’t been a redhead in your family for generations? These questions may sound simple but the answers get complicated fast. Why? Because the science of genetic inheritance is complicated, says genetic counsellor, Dawn Allain. “It’s nearly impossible to tease out exactly where each of your traits came from,” she explains. “Most traits are influenced by many different genes and you inherit some from each parent.” Plus, there’s the influence your environment plays; just because you have a gene for a certain trait doesn’t always mean you’ll end up with it, she adds.</p> <p><strong>How you inherit traits</strong></p> <p>Still, it’s fun to ask those questions and while there aren’t many detailed answers, there are a few basic things genetics can tell you about traits you inherit from your mum and those you got from our dad, Allain says. But first, you need to know how inheritance works.</p> <p>“There are three main ways you can inherit traits from your parents,” she explains. First is through a dominant gene – if you inherit a dominant gene you will develop that trait. Take eye colour, for example. If either of your parents have brown eyes, you likely will have brown eyes as this is a dominant trait. Second is through a recessive gene – both parents have to have the recessive gene for you to have that trait. For instance, if you have blue eyes then both of your parents must carry a gene for blue eyes, even if their eye colour isn’t blue. Lastly, there are X-linked traits which are found only on the X chromosome and are passed on through the mother.</p> <p><strong>Your ability to lose weight</strong></p> <p>There are two types of fat in your body: ‘good’ brown fat, which increases your metabolism and helps you maintain a healthy weight, and ‘bad’ white fat, which can cause obesity and disease if you have too much of it. Everyone has some of each type but how much brown fat you have – and therefore how high your metabolism is – may be inherited from your mum, according to a study published in Nature Communications. Another trait you get from your mum is your intelligence.</p> <p><strong>How easily you gain weight</strong></p> <p>However, while mum may be helping you out with the brown fat, you can blame your dad for your white fat, the Nature Communications study found. How much fat you store, particularly around your organs may be partly determined by genes passed down from your father, the researchers said. Genetics aren’t destiny when it comes to your weight, your lifestyle choices play an even bigger part.</p> <p><strong>Your ability to focus</strong></p> <p>If your mother has lower levels of serotonin, a brain chemical linked to mood, then you’re more likely to develop attention-deficit hyperactivity disorder later in life, according to a study published in JAMA Psychiatry. The genes, passed down from mum to kid, that impact serotonin production also seem to influence your ability to focus. Sound like you?</p> <p><strong>If you hit puberty early</strong></p> <p>Puberty, and all the fun milestones that come along with it, like acne, cracking voices, or getting your period while wearing white shorts, is a rite of passage many children go through on their way to becoming an adult. Both parents’ genetics play a part in determining when exactly you start the big change but if you started puberty early– before age eight in girls and nine in boys – that may be due to a gene you inherit from your father, according to a study published in the New England Journal of Medicine. Specifically, they identified that a genetic mutation leads to a type of premature puberty, meaning that if you have it, you’ll have to deal with all that stuff before any of your friends.</p> <p><strong>Your laugh lines</strong></p> <p>How well you age and how much you show it is determined on a cellular level by the accumulation of damage over your lifetime to your mitochondrial DNA – genes you only get from your mum. Environmental factors like sun exposure, smoking, and an unhealthy diet can cause mtDNA damage but some of the damage can be inherited from your mother, according to a study published in Nature. The more mtDNA with mutations you inherit from your mother, the faster you age and the more it will show in traits like wrinkles and grey hair.</p> <p><strong>Your mood</strong></p> <p>Mothers can influence your mood in many ways and it’s not just by grounding you or serving broccoli three times a week. The structure of the part of the brain known as the corticolimbic system, which controls emotional regulation and plays a role in mood disorders like depression, is more likely to be passed down from mothers to daughters than from mothers to sons or from fathers to children of either gender, according to a study published in The Journal of Neuroscience. This may mean that daughters at least partly inherit their mood from their mothers.</p> <p><strong>The genders of your children</strong></p> <p>Obviously the genes from you and your spouse determine the gender of your children. But did you know that which gender genes you pass on may be inherited from your father? This is how it works: a man with many brothers is more likely to have sons, while a man with many sisters is more likely to have daughters, according to a study published in Evolutionary Biology.</p> <p><strong>Your memory</strong></p> <p>It’s been known for some time that a family history of Alzheimer’s disease significantly increases the risk for developing the illness, but a new study, published in Biological Psychiatry, found that the genetic risk primarily comes from your mother. Alzheimer’s disease is the most common cause of dementia later in life, affecting nearly 459,000 Australians, so it’s important to know what factors increase your risk – including your mother’s medical history – so you can start taking steps to protect your brain health now, the researchers noted. Medical history is only one of the questions you should ask your parents before it’s too late.</p> <p><strong>Your fertility</strong></p> <p>A woman’s fertility may be impacted by a gene she inherited from her father, according to a study published in Science. In a normal egg cell, a part of the cell called the centrioles is eliminated as part of the natural development process. However, if the centrioles aren’t eliminated – often due to a genetic dysfunction, passed on by her dad – then the woman is sterile, researchers explained.</p> <p><strong>Your hairline?</strong></p> <p>You may have heard that how and when a man loses his hair is due to an inherited trait from his mum’s side. However, a study, published in PLoS Genetics, of over 55,000 men has proved this to be a myth. Researchers found 287 independent genetic signals that were linked to male-patterned hair loss and while 40 were only found on the X chromosome, meaning they were inherited on the maternal side, the rest were scattered throughout DNA inherited from both patterns. Interestingly, some genes associated with hair loss also seem to be associated with an increased risk for heart disease in men. While some traits are inherited, others are learned.</p> <p><em>Written by </em><strong>Charlotte Hilton</strong><em>. This article first appeared on </em><a href="https://www.readersdigest.com.au/culture/5-traits-you-didnt-know-you-inherit-from-mum-and-4-you-inherit-from-dad?pages=1"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.com.au/subscribe"><em>here’s our best subscription offer</em></a><em>.</em></p>

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Why you should rethink inheritances

<p>Inheritances can have an enormous impact on finances and lives.</p> <p>Yet in Australia we know surprisingly little about who gets them and how big they are.</p> <p>New <a href="https://grattan.edu.au/report/generation-gap/">Grattan Institute research</a> provides some answers.</p> <p><strong>Inheritances are big and growing</strong></p> <p>A sample of estates from Victoria’s probate office suggests the median estate in Victoria is worth around AU$500,000. That’s likely to be close to what it is Australia-wide.</p> <p>But many are much larger. About 20 per cent are worth more than AU$1 million, and 7 per cent are more than AU$2 million. Property is the largest component, accounting for about half of the average value.</p> <p>The main beneficiaries of “final” estates (estates without a surviving spouse) are children, who receive about three-quarters of all inheritance money.</p> <p>Other family members, such as nieces, nephews and grandchildren, receive about 20 per cent. Friends get about 4 per cent, and charities 2 per cent.</p> <p>Average inheritances are growing about 2 percentage points faster than inflation each year, which is a good deal faster than wages or gross domestic product.</p> <p>There are reasons to believe they will soon grow even faster.</p> <p>Net wealth has grown strongly among older households. Households headed by people aged over 75 now have an average of AU$1 million in assets, up from AU$400,000 for a household headed by a person of the same age in 1994.</p> <p>And most retirees <a href="https://grattan.edu.au/report/money-in-retirement/">don’t draw down</a> on their savings.</p> <p>Indeed, many are net savers through much of their retirement, meaning there’s only one place their accumulated property and superannuation wealth can go: into bequests.</p> <p><strong>Inheritances are going to the already old…</strong></p> <p>These days, inheritances generally don’t arrive when people are saving for a house or trying to raise a young family.</p> <p>More than 80% of money passed down from parents goes to people aged 50 and over.</p> <p>The most common age bracket in which people to receive an inheritance from parents is 55-59.</p> <hr /> <p><a href="https://images.theconversation.com/files/288479/original/file-20190819-123754-94gcst.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/288479/original/file-20190819-123754-94gcst.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /></a> <span class="caption"></span></p> <hr /> <p>It’s the result of good news – parents are living longer.</p> <p>But as life expectancy grows still further, it will mean inheritances increasingly supplement the retirement savings of middle-aged Australians rather than help young people get into housing.</p> <p><strong>…and the already wealthy</strong></p> <p>The wealthiest 20 per cent of Australians get 38 per cent of inheritance money; the poorest 20 per cent get only 8 per cent.</p> <p>It means the growing wealth of Baby Boomers is likely to end up concentrated in the hands of a select group relatively well-off Generation Xers and Millennials rather than being widely spread.</p> <hr /> <p><a href="https://images.theconversation.com/files/288483/original/file-20190819-123754-uayz44.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/288483/original/file-20190819-123754-uayz44.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /></a> <span class="caption"></span></p> <hr /> <p>It will reinforce the advantages already enjoyed by people with well-off parents, including better schooling, better connections, and a greater ability to take financial risks because of a parental safety net.</p> <p>If (as is possible) inheritances end up becoming the dominant route to wealth in Australia surpassing lifetime earnings, there will be less incentive for ordinary Australians to attempt to get ahead through individual endeavour.</p> <p>We will have entered what French economist Thomas Piketty calls a “<a href="https://www.pbs.org/newshour/nation/how-pikettys-inequality-theory-explains-mr-darcys-wealth">Jane Austen world</a>”.</p> <p><strong>We don’t tax inheritances…</strong></p> <p>Calm debate on policy setting around inheritances is <a href="https://insidestory.org.au/death-and-taxes/">hard to come by</a> in Australia.</p> <p>Inheritances and gifts have been tax-free since the 1970s.</p> <p>Australia is one of only <a href="https://stats.oecd.org/index.aspx?DataSetCode=REV">seven</a> OECD countries without any inheritance, estate, or gift taxes. Despite the economic arguments for inheritance taxes, there seems to be little appetite to bring them back.</p> <p><strong>…if anything, we subsidise them</strong></p> <p>Not taxing inheritances is one thing, but actively subsidising them is another.</p> <p>Superannuation tax breaks were intended to encourage people to save for their retirement and to take pressure off the age pension system.</p> <p>But given that many retired Australians <a href="https://grattan.edu.au/report/money-in-retirement/">do not draw down on their capital</a>, a large part of the super tax concessions simply boosts the size of bequests.</p> <p>Super death benefits tax is intended to claw back the superannuation tax breaks when the money is passed on, in order to ensure that the government doesn’t subsidise inheritances.</p> <p>But, at 15 per cent, the rate is too low to capture the value of the accumulated tax breaks. And it can easily be avoided by retirees withdrawing funds tax-free and then contributing them back as a post-tax contribution, which is tax-free when passed on.</p> <p>The special treatment of the family home in the age pension means test also acts to boost inheritances at taxpayers’ expense. Without it there would less to pass on.</p> <p><strong>It’s time to claw some of them back</strong></p> <p>There is little justification for taxpayers subsidising inheritances. Policy changes could help.</p> <p>We recommend a higher tax on super bequests paid to non-dependents to better capture the value of the super tax breaks that are passed on rather than used for retirement. The cap on post-tax super contributions should also be lowered, to limit the re-contribution strategies.</p> <p>The age pension assets test should include part of the value of the family home, perhaps the part above AU$500,000. Seniors with higher-value properties should be allowed to borrow against their home using the Pension Loans Scheme.</p> <p>This would give them the ability to stay in their home but would mean that some of the wealth that would otherwise be passed to heirs (most likely in their 50s) would instead be used to fund them, taking pressure off the pension.</p> <p><em>Written by <span>Owain Emslie, Associate, Grattan Institute and Danielle Wood, Program Director, Budget Policy and Institutional Reform, Grattan Institute</span>. Republished with permission of </em><a rel="noopener" href="https://theconversation.com/rethink-inheritances-these-days-they-no-longer-help-the-young-they-go-to-the-already-middle-aged-122029" target="_blank"><em>The Conversation</em></a><em>. </em></p>

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