Russell Kennedy Principal, Wills & Estates lawyer Taryn Ellerington recently appeared on RSM’s talkBIG podcast in an episode titled “Should you pass on your wealth before you die?”, where she shared practical legal insights on the pros and cons of early gifting.
In discussion with host Andrew Sykes and financial adviser Grace Bacon, Taryn examined key aspects of early wealth transfer, including understanding early gifting, its potential benefits in supporting family members, and the risks of reduced financial independence.
She emphasised the importance of planning for longevity and future needs, noting many people underestimate the length and cost of retirement.
Taryn also highlighted overlooked elements such as evolving family dynamics and exposure to external risks, and stressed that early gifting should be carefully structured and integrated within a broader estate plan to minimise disputes and unintended consequences.
She warned that without proper planning, gifts may become exposed to factors such as relationship breakdowns, creditor claims or bankruptcy, stressing that “we really have to be proactive about this… it really has to be structured and informed and not ad hoc.”
As part of the discussion, Taryn encouraged individuals to take a disciplined and strategic approach before making early gifts. Her key recommendations included rigorously assessing future financial needs, structuring and documenting arrangements appropriately, and seeking professional advice in advance.
Taryn’s contribution reflects her extensive experience advising clients across estate planning, succession law and dispute resolution, with a focus on achieving practical outcomes that support long-term wellbeing and family harmony.
Listen to the talkBIG podcast episode here.
Credit: RSM
To read more about Russell Kennedy’s expertise in Wills & Estates, click here.