Dr. Eliza Philby

I mean, inheritance is not a guarantee, right?

I mean, you've got the contingency issue around elder care and that being social care being incredibly expensive.

All the inheritance could be wiped out.

You've got, as I said, the complication around blended families.

You've got the fact that most millennials will inherit in their 60s.

So it ain't going to them.

It's probably going to go to their kids.

So the intergenerational unfairness trickles down the generations, I suspect, is how it will roll.

Because...

And it will happen differently in different countries.

I mean, in the UK, for example, the tax system encourages you to give early while you're still alive.

Don't wait until death.

You'll lose it to the tax man, 40%.

So give it away in life.

In the US, it is slightly different.

And Trump's amended it so that more people in the US give at the point of death, which means that millennials really inherit it a lot later.

And so it may fund their retirement because they're perhaps not putting enough into their pensions.

Yeah, but I mean, these things are so fraught with uncertainty.

Who knows what governments do?

Who knows policies will change?