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Anandhi Bharadwaj avatar

Anandhi Bharadwaj

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Goizueta Endowed Chair in Electronic Commerce and Professor of Information Systems & Operations Management
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Emory University, Goizueta Business School
Expertise
Peter Savolainen avatar

Peter Savolainen

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MSU Foundation Professor of Civil and Environmental Engineering
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Michigan State University
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Stephen  Allen avatar

Stephen Allen

Title
Associate Vice President for International Affairs
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Southern Utah University
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Dale Peeples, MD avatar

Dale Peeples, MD

Title
Pediatric Psychiatrist / Associate Professor of Psychiatry
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Augusta University
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NSF grant totaling more than $1.4 million helps jumpstart WCU Smoky Mountain Noyce Scholars Program

The past three years have been busy for Sloan Despeaux, professor in Western Carolina University’s Department of Mathematics and Computer Science, and her colleagues. Getting a grant to fund the Smoky Mountain Noyce Scholars Program took lots of meetings, lots of data collection — and lots of waiting. Getting the thumbs up from the National Science Foundation took a bit longer than expected, but their patience was rewarded. Despeaux, the grant’s principal investigator, and co-principal investigators and WCU faculty members Nathan Borchelt, Stacey Zimmerman, Kathy Jaqua and Pam Buskey were granted $1,449,913 from the foundation over five years to support the SMNS program at WCU. “It’s incredibly exciting, and it’s the result of a lot of work,” said Despeaux. “The grant was 100 pages long. It was a very big grant. Big money and big work.” The Smoky Mountain Noyce Scholars Program, which started this semester, is a stipend and scholarship program aimed at producing future high school math teachers at WCU. Students participating in the program can start as an apprentice during their freshman or sophomore years at WCU or any North Carolina community college. Apprentices receive a $2,000 stipend each year, and in return, they do 100 hours of field work per year. "Alison Carter, the mathematics department chair at Southwestern Community College serves as WCU's Noyce Community College coach, who will help apprentices from area community colleges plan out courses that will both meet the requirements of the associate’s degree and make the transition to WCU’s mathematics program as smooth as possible," Despeaux said. After their sophomore year, students can apply to become scholars, who can get up to $18,026 per year, up to the cost of attendance at WCU. Scholars also receive supplemental instruction for challenging upper-level math courses, and they participate in the Transformative Rural Urban Exchange with North Carolina A&T and the Smoky Mountain Math Teachers’ Circle’s annual summer “Math Camp.” Following graduation, for every year of support they received in their junior and senior years, scholars must teach for two years in a high needs district within eight years. However, the program’s help doesn’t stop there, as Noyce beginning teachers receive funds and support after graduation. “You don’t ever finish being a Noyce Scholar because we really want them to feel like they're a part of this cohort and part of this community, and that they can keep coming back to us for resources,” Despeaux said. This grant has paved the way for future SMNS students for the next five years, but it took a great deal of work to make it become a reality. Despeaux and her team wrote a capacity building grant worth about $130,000 from the National Science Foundation in order to conduct surveys, collect data and find out the biggest needs to help create the best possible program. Once the group submitted their request for the more than $1.4 million grant in August 2023, patience was key. “It's been a lot of suspense because we didn't actually get it until this fall,” Despeaux said. “We were pretty sure we were going to get it, but when school started in August, we still hadn’t gotten the official announcement.” But the Office of the Provost stepped in to assist the program so scholarships could be given to get the program up and running. “That was really, really helpful,” Despeaux said. “It was a lot of trust put in us.” Despeaux is confident the program will attract prospective students interested in teaching high school math, a cornerstone of WCU in its early years. “Western’s roots were a normal school. This is what Western’s heart is, preparing teachers and just being a part of a project like this that can help us reconnect with our core mission, it couldn’t make me happier,” Despeaux said. Looking to know ore about the WCU Smoky Mountain Noyce Scholars Program or the other amazing things happening at WCU - then let us help. Sloan Despeaux is available to speak with media - simply click on her icon to arrange an interview today.

Sloan Despeaux
3 min. read

Innovating (Western) North Carolina

NCInnovation may sound like a catchy name for a craft beer, but it is much more than a name. NCInnovation is a nonprofit organization created to unlock the innovative potential of North Carolina’s world-class public universities. While the state of North Carolina is a well-recognized leader in research and development, the output does not measure up to the state’s size and historically, most of the state’s research efforts have stemmed from the Research Triangle Park. Today, other regions of North Carolina are making a name for themselves with innovative concepts that University of North Carolina System schools are developing through academic-industry partnerships every day. This is where NCInovation steps in — to bridge academia and industry, to move inventions to market and create long-term economic benefits for all regions of the state. This is done by supporting researchers with grant funding, mentorship and partnership development to commercialize applied research breakthroughs and accelerate the transition from the classroom to the production floor. NCInnovation’s focus is on supporting North Carolina public university research that has commercial promise. Four regional networks are located at UNC System campuses in Charlotte, Cullowhee, Greensboro and Greenville. WCU is part of NCInnovation’s Western Regional Network, led by Meagan Coneybeer, regional innovation network director. “We are tech agnostic, which means that we are open to any faculty member here in the western part of the state at our institutions which include WCU, UNC Asheville, North Carolina School of Science and Mathematics Morganton and Appalachian State,” Coneybeer said. The program supports faculty working on industry-led, program-based innovations in partnership with industry or those who are interested in collaborating on large scale regional economic development projects that would be anchored in research, experience and excellence of a university collaboration. As part of the pilot grant funding, Brian Byrd, WCU’s mosquito expert and professor in the environmental health sciences program, along with Scott Huffman, professor in WCU’s Department of Chemistry and Physics, have been approved for grant funding from NCInnovation to continue their work in developing tools that utilize spectroscopy to analyze vibrational signals from mosquitoes. “Using spectroscopy, we are developing tools that analyze chemical signals from mosquitoes to tell us the species, sex, age of the mosquitoes and if they are infected,” Byrd said. “Using our approach, we can rapidly assess the risk of infection in the Aedes mosquitoes that transmit dengue fever and Zika.” Currently, it takes days or weeks to conduct this type of risk assessment, but the approach Byrd and Huffman are developing will make the work much quicker and more efficient. “There is a similar Aedes mosquito in Western North Carolina that transmits La Crosse virus causing encephalitis in children every year,” Byrd said. “This tool gives us a platform to improve risk assessments and opportunities to reduce human disease.” For Huffman, this project hits close to home. “When I was a boy, I almost died from a vector-borne disease,” he said. “This experience impacted me. While I have no skills or ability to address the particular disease that I experienced, working with Brian for the past six years has given me the opportunity to contribute in a small way to the field of pediatric vector-borne diseases. This funding from NCI will help us translate some of our fundamental laboratory research into an applied tool that hopefully will benefit society.” The grant approval is conditioned on standard next steps, including executed grant agreements and formal notification to government partners. The funding is part of NCInnovation’s larger mission to unlock the innovative potential of North Carolina’s world-class universities. “Dr. Byrd and Dr. Huffman’s award from NCI is a testament to the exemplary dedication to teaching and applied research by the outstanding faculty at Western Carolina University,” WCU Chancellor Kelli R. Brown said. “This funding serves as a catalyst for additional innovative exploration by our faculty as we strive to bolster economic condition in Western North Carolina and indeed the entire state. I would like to thank the General Assembly for supporting exciting, applied research underway here at WCU and across the UNC System.” The grant funding from NCInnovation’s larger effort to support the development and commercialization of university research in North Carolina. The campus-to-industry pipeline has been the foundation of American innovation for decades. There is so much applied research happening and this gives us the oppertunity to support that journey to commercialization and to partner with universities to bring successes to market. - Bennet Waters, President and CEO of NCInnovation “We are consistently blown away by the applied research innovations coming out of North Carolina’s public universities,” said Michelle Bolas, NCInnovation executive vice president and chief innovation officer. “Dr. Byrd’s and Dr. Huffman’s work has promising applications throughout the state and country and we’re excited to watch this research continue to develop.” Bennet Waters, president and CEO of NCInnovation; is excited about the opportunities that will stem from these partnerships. “At its core, NCI is a regional economic development opportunity and the concept is to use the existing or potentially applied research from our university campuses and not just those that are in the RTP,” said Waters. “There is so much applied research happening and this gives us the opportunity to support that journey to commercialization and to partner with universities to bring their successes to market. NCInnovation puts boots on the ground to foster these relationships. This is not a Raleigh-centric model; this is about helping folks that live beyond population centers to develop economic opportunities.” The organization received $500 million in state funding as an endowment to accelerate the commercialization of research at universities. NCInnovation will deploy the interest earned on the endowment to provide grant funding and support services to university researchers. By doing so, NCInnovation will support the growth of new businesses and licensing revenue from commercialized research, helping boost economic development in the region. The program supports faculty working on industry-led, program-based innovations in partnership with industry or those who are interested in collaborating on large scale regional economic development projects that would be anchored in research, experience and excellence of a university collaboration. “The partnership between WCU and NCI presents incredible opportunities to promote research-based entrepreneurship, product development and commercialization, and bolsters the likelihood of new job creation in the western portion of the state,” said Rich Price, WCU’s chief marketing and strategic partnerships officer. “The investment potential presented by NCInnovation removes so many barriers to university-led product and concept realization and the creation of intellectual property that will fuel economic growth.” Looking to know more or cover this topic - we can help. Brian Byrd and Scott Huffman are both available to speak with media - simply click on either expert's icon now to arrange an interview today.

Brian ByrdScott Huffman
5 min. read
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WCU’s Karayaka, Yu receive $45K grant for research

Western Carolina University College of Engineering and Technology professor Bora Karayaka knew it was a shot in the dark — but that shot ended up paying off. Karayaka and WCU affiliate faculty member Yi-Hsiang Yu received a $45,000 grant from the Coastal Studies Institute. The grant was also received by M.A. Gabr and Anderson Rodrigo de Queiro at North Carolina State University. “In terms of grant search, you should try whatever you can,” Karayaka said. “Nothing is guaranteed, so I said, ‘Sure, let’s give it a try,’ and we tried and then it worked out at that time, so we were happy.” The grant will be used toward a project Karayaka and his colleagues are working on. The team is looking to see whether placing wave energy converters around wind farms on the coast would reduce the impact of environmental loading into the wind farms. Karayaka, Yu and two WCU graduate students will be responsible for making models for the wave energy converters while they meet with their NC State partners on a biweekly basis. In the spring, the team will head to the Coastal Studies Institute in Wanchese for the North Carolina Renewable Ocean Energy Research Symposium to present their results. Along with the chance of advancing research on the North Carolina coast, Karayaka also views this as an opportunity for WCU to continue to lend a hand in these research projects. “I don’t think we have received grants before (from the North Carolina Renewable Ocean Energy Program,) so it kind of opens the door to us to collaborate with other folks and get to know other folks, NC State, UNC Charlotte,” Karayaka said. “Maybe in the later stages, we will look into more physical aspects of the system. How can we put together a prototype? Not just models and make it real in a way.” Looking to know ore about this important environmental project or the other amazing research happening at WCU - then let us help. Bora Karayaka is available to speak with media - simply click on his icon now to arrange an interview today

Bora Karayaka
2 min. read

Project Discovery earns $175K grant to help expand resources

Project Discovery director JennieV. Sorrells has seen her program impact the lives of tons of students. The project, hosted by Western Carolina University, has given secondary students the opportunity to explore careers and colleges and partake in adventure-based learning. And thanks to a six-figure grant, Project Discovery’s reach to students will be expanded. Sorrells and co-principal investigator Eric Klein of the University of North Carolina Asheville received a $175,000 grant from the Dogwood Health Trust. “I love working for talent search, but there are certain limitations to it and what we’re able to do, what services that we’re able to provide, just based on the structure from the Department of Education, but we knew that there were other means there,” Sorrells said. “We’ve seen these things through our practice. We know it’s an area of need, so when I saw the opportunity, it made sense to pursue it as a way to continue to build our body of work.” Project Discovery is an educational talent search program funded by the U.S. Department of Education that assists students in 15 schools in Western North Carolina. The program encourages students, who are primarily income limited and potential first-generation, college-bound students, to complete their secondary education and pursue a college one. With the grant from the Asheville nonprofit, Project Discovery will start a bridge program to support former participants in their transition into college and through their postsecondary studies. “A lot of times, we find that that’s where students can struggle and are trying to get to know new systems, new folks, build new relationships, so I like to think of this as the idea of the ‘warm handoff,’” Sorrells said. Project Discovery also hopes it can assist in reenrolling students who stopped their education, and it will aim to build the Higher Education Access and Success collaborative. HEAS, which started last year, includes several organizations across Western North Carolina. “(HEAS) is really kind of the idea of building upon the depth of knowledge that we already have in our region,” Sorrells said. “We have incredible college access programs and folks doing this kind of work, but a lot of times, we work in really siloed environments, “This is going to give us an opportunity to come together, build a community of practice and kind of learn from each other because there are a lot of things specific to our region and population.” Looking to know more or cover this topic - we can help. JennieV. Sorrells is available to speak with media - simply click on her icon now to arrange an interview today

JennieV. Sorrells
2 min. read

Adam Frank Takes a Deep Dive into the Possibilities of Water on Uranus, Neptune

Adam Frank recently interviewed with national media about the potential for water to exist on the farthest planets in our solar system, Uranus and Neptune. Is it true that where there's water, the possibility for life often follows? Does this study mean that humans or other developed life forms could some day inhabit these neighboring planets? What about microbes? What do these vast oceans look like and how deep are they? “We’ve been asking the question about life in the universe for more than 2,000 years and we’re finally on the cusp of getting data that will tell us one way or the other."

Adam Frank
1 min. read

ExpertSpotlight: The History of Presidential Pardons in America

Presidential pardons have long been a cornerstone of executive power in the United States, granting the president the ability to forgive federal offenses. Rooted in the Constitution and modeled after the British royal prerogative, this authority has sparked significant legal and ethical debates since the nation’s founding. Understanding the history and implications of presidential pardons provides insights into American governance, justice, and the balance of power. This topic presents compelling opportunities for journalists to delve into its historical and contemporary significance. Key story angles include: Origins of the Presidential Pardon: Exploring how and why the pardon power was enshrined in the Constitution, including influences from English law and debates among the Founding Fathers. The First Presidential Pardon: Detailing the story of George Washington’s 1795 pardon of participants in the Whiskey Rebellion and its impact on shaping the use of executive clemency. Controversial Pardons in History: Investigating high-profile pardons, such as those granted by Presidents Andrew Johnson, Gerald Ford, and Donald Trump, and their political and social ramifications. Legal and Ethical Perspectives: Examining what legal scholars and historians say about the scope of pardon power, including debates over its limits and potential for misuse. Pardons and Social Justice: Highlighting cases where pardons were used to address systemic injustices, such as civil rights-era convictions or drug-related offenses. Comparing Global Practices: Analyzing how the U.S. approach to executive clemency compares to pardon systems in other democracies and the broader implications for justice. The history and evolution of presidential pardons open the door to meaningful discussions about justice, accountability, and the executive branch’s influence, offering journalists a wealth of perspectives to explore. Connect with an expert about the History of Presidential Pardons in America: To search our full list of experts visit www.expertfile.com

2 min. read

Recent Rain Not Enough to End Dry Spell

Dr. Jase Bernhardt, Hofstra associate professor of geology, environment, and sustainability, was interviewed by Newsday about weather conditions in the local area. Experts say that heavy rain recently was unlikely to end a regionwide, three-month dry spell. Dr. Bernhardt called the drought conditions “super-eye opening” and “certainly unprecedented in recent times.”

Jase Bernhardt
1 min. read

Aston University and Birmingham Women and Children’s Hospital developing new devices to improve drug treatment safety

The new device is designed to reduce the risk of injuries when medicines being delivered into a vein enter the surrounding tissues It detects this problem at the earliest stages, before it is visible to the human eye The project is being supported by SPARK The Midlands at Aston University, a network to support technology development for unmet clinical needs. Clinicians at Birmingham Women’s and Children's NHS Foundation Trust (BWC) have joined with academics at Aston University to create an innovative sensor to reduce the risk of injuries caused when drugs being delivered into a vein enter the surrounding tissue. This complication, called extravasation, can cause harm and, in the most severe cases, life-changing injuries and permanent scarring. It happens most often when infusing medicines into peripheral intravenous (IV) devices, such as a cannula, but can also occur when infusing into a central venous access device. By joining together, BWC and Aston University are combining clinical, academic and engineering expertise to create a sensor that can detect extravasation at its earliest stages. Karl Emms, lead nurse for patient safety at BWC, said: “We've done lots of work across our Trust that has successfully reduced incidents. While we've made fantastic progress, there is only so much we can do as early signs of extravasation can be difficult to detect with the human eye. “The next step is to develop a technology that can do what people can't - detection as it happens. This will make a huge impact on outcomes as the faster we can detect extravasation, the less likely it is that it will cause serious harm.” The focused work to date addressing the issue has recently been recognised by the Nursing Times Awards 2024, winning the Patient Safety Improvement title for this year. This new project is supported by SPARK The Midlands, a network at Aston University dedicated to providing academic support to advance healthcare research discoveries in the region. SPARK The Midlands is the first UK branch of Stanford University's prestigious global SPARK programme. It comes as a result of Aston University’s active involvement in the delivery of the West Midlands Health Tech Innovation Accelerator (WMHTIA) – a government-funded project aimed at helping companies drive their innovations towards market success. The SPARK scheme helps to provide mentorship and forge networks between researchers, those with technical and specialist knowledge and potential sources of funding. SPARK members have access to workshops led by industry experts, covering topics such as medical device regulations, establishing good clinical trials, and creating an enticing target product profile to engage future funders. Luke Southan, head of research commercialisation at Aston University and SPARK UK director, said: “I was blown away when Karl first brought this idea to me. I knew we had to do everything we could to make this a reality. This project has the potential to transform the standard of care for a genuine clinical need, which is what SPARK is all about.” Work on another potentially transformative project has also begun as the team are working to develop a medical device that detects the position of a nasogastric feeding tube. There is a risk of serious harm and danger to life if nasogastric tubes move into the lungs, rather than the stomach, and feed is passed through them. Emms explained: “pH test strips can usually detect nasogastric tube misplacement, but some children undergoing treatment can have altered pH levels in the stomach. This means this test sometimes does not work. “A medical device that can detect misplacement can potentially stop harm and fatalities caused by these incidents.” SPARK will bring together engineers, academics and clinicians for both projects to develop the devices for clinical trial, with a goal of the technologies being ready for clinical use in three to five years. Southan said: “BWC is one of our first partners at SPARK and we're really excited to work with them to make a vital impact on paediatric healthcare in the Midlands and beyond." Notes to editors About Aston University For over a century, Aston University’s enduring purpose has been to make our world a better place through education, research and innovation, by enabling our students to succeed in work and life, and by supporting our communities to thrive economically, socially and culturally. Aston University’s history has been intertwined with the history of Birmingham, a remarkable city that once was the heartland of the Industrial Revolution and the manufacturing powerhouse of the world. Born out of the First Industrial Revolution, Aston University has a proud and distinct heritage dating back to our formation as the School of Metallurgy in 1875, the first UK College of Technology in 1951, gaining university status by Royal Charter in 1966, and becoming the Guardian University of the Year in 2020. Building on our outstanding past, we are now defining our place and role in the Fourth Industrial Revolution (and beyond) within a rapidly changing world. For media inquiries in relation to this release, contact Helen Tunnicliffe, Press and Communications Manager, on (+44) 7827 090240 or email: h.tunnicliffe@aston.ac.uk About Birmingham Women’s and Children’s NHS Foundation Trust Birmingham Women’s and Children’s NHS Foundation Trust (BWC) brings together the very best in paediatric and women’s care in the region and is proud to have many UK and world-leading surgeons, doctors, nurses, midwives and other allied healthcare professionals on its team. Birmingham Children’s Hospital is the UK’s leading specialist paediatric centre, caring for sick children and young people between 0 and 16 years of age. Based in the heart of Birmingham city centre, the hospital is a world leader in some of the most advanced treatments, complex surgical procedures and cutting-edge research and development. It is a nationally designated specialist centre for epilepsy surgery and also boasts a paediatric major trauma centre for the West Midlands, a national liver and small bowel transplant centre and a centre of excellence for complex heart conditions, the treatment of burns, cancer and liver and kidney disease. The hospital is also home to one of the largest Child and Adolescent Mental Health Services in the country, comprising of a dedicated inpatient Eating Disorder Unit and Acute Assessment Unit for regional referrals of children and young people with the most serious of problems (Tier 4) and Forward Thinking Birmingham community mental health service for 0- to 25-year-olds. Birmingham Women’s Hospital is a centre of excellence, providing a range of specialist health care services to over 50,000 women and their families every year from Birmingham, the West Midlands and beyond. As well as delivering more than 8,200 babies a year, it offers a full range of gynaecological, maternity and neonatal care, as well as a comprehensive genetics service, which serves men and women. Its Fertility Centre is one of the best in the country, while the fetal medicine centre receives regional and national referrals. The hospital is also an international centre for education, research and development with a research budget of over £3 million per year. It also hosts the national miscarriage research centre – the first of its kind in the UK - in partnership with Tommy’s baby charity. For interview requests please email the Communications Team on bwc.communications@nhs.net

Roslyn Bill
5 min. read

The Great Trillion Dollar Wealth Transfer

Summary: Between now and 2026, over $1 Trillion of wealth will move from Canadian Baby Boomers to younger generations.  Dubbed the “Great Wealth Transfer,” this change is underscored by a cultural shift toward “giving while living,” where seniors are motivated to share their wealth during their lifetimes, driven by factors including personal satisfaction, rising costs for younger generations, and tax efficiency.  These shifts in wealth highlight the importance of open, informed  Intergenerational conversations and the need for trusted financial advice to manage this transfer effectively. However, it risks widening wealth gaps between the haves and have-nots. Better financial literacy, tax planning, and a better understanding of real estate’s role in estate planning and wealth management are essential for ensuring equity and sustainable financial legacies. What it Means • The Largest Transfer of Wealth Is Happening Now: Between now and 2026, over $1 Trillion of wealth will move across multiple generations from Canadian Baby Boomers to their GenX and Millennial heirs. • A Culture Shift is Happening: Older Canadians are now, more than ever, “giving while living.”  They actively want to share their wealth with younger family members while still healthy.  In many families going forward, you won't hear that familiar phrase, "Hey Gram, Stop Spending My Inheritance!" • We aren't fully prepared for this shift: Families need informed, intergenerational conversations among themselves and with trusted financial advisors. They also need to better understand how some of their more significant assets, such as real estate, can provide tax-efficient ways to unlock and share wealth with younger family members. Boomers are sharing their wealth while they still have their health. Many Canadians have joined the growing trend of “giving while living.” This trend is not only changing societal norms but is also spreading like wildfire. The current economic climate, with out-of-reach housing prices coupled with Boomers wanting to witness the impact of their financial gifts, makes for a perfect storm. This storm, valued at 1 trillion dollars, could rebalance the distribution of wealth for many fortunate beneficiaries. Let’s explore what is motivating the Baby Boom generation in Canada to leave a living inheritance to a younger generation: 1. Psychological Reasons: Many seniors want to help their children or grandchildren with significant expenses such as education or home purchases. This provides a gratifying sense of pride. The logic is that they (children or grandchildren) will eventually get their money, so why not give it to them now when they need it the most? 2. Economic Reasons: Some parents or grandparents feel compelled to step in and help financially as they see their adult children and grandkids struggling.  It may be to help fund education or to pay off debt such as a student loan.  The burden of debt often delays other decisions, such as having children, traveling, or saving for a down payment on a first home or a bigger home to accommodate a larger family. And the price of homes today is well beyond the means of the younger generation, even without student debt.  3. Personal Reasons: Older Canadians often find joy in seeing their financial contributions positively impact their loved ones during their lifetime. Sometimes, there are some less conspicuous motivators as well. Improving their children’s financial situation may entice them to have precious grandchildren, or providing financial assistance could allow the gift giver to have a say on how the money is spent—something they would have less control over if they were deceased. 4. Tax Savings: Distributing wealth while alive can reduce the size of an estate and minimize probate fees. And with the popularity of RESP's and TFSA's there are options to gift or contribute to these plans that may offer tax advantages. And some seniors aim to avoid conflicts by distributing assets directly, ensuring clarity and fairness. 5. Cultural Reasons: Traditional notions of inheritance and family values are evolving. Many Baby Boomers see their wealth as a tool to uplift and empower their families while they are alive and are able to counsel their families on preserving and spending the money wisely. This is an opportunity for seniors to create a legacy while alive. Sharing wealth can bring a sense of purpose, gratitude, and connection. For many, it’s an opportunity to strengthen family bonds and pass on values like generosity, financial literacy, and responsibility. Impact • A Wider Wealth Gap: This transfer of wealth could have a significant impact by increasing the income disparities between the haves and have-nots. According to figures from the Canadian Professional Accountants Association, at the end of 2022, the wealthiest families in Canada (the top 20 percent) accounted for two-thirds of the country’s net worth, while the bottom 40 percent accounted for just 2.6 percent. In this latest economic cycle of soaring inflation and growing credit card debt, the net worth of Canada’s least wealthy households is suffering. And while we’ve seen recent increases in capital gains taxes, more changes from the federal government will likely be required to bridge this wealth divide. • The Need for Honest Intergenerational Conversations. Let’s face it: having a transparent conversation with family members about death and money is awkward. But post-pandemic, we’re seeing more seniors looking closely at their financial and estate plans to see what they can do to pass on wealth to deserving and often younger family members. Getting to know the impact of one’s gifts has its practical advantages in addition to the karma generated. Whether it’s to help a family member buy their first home, pay down college debt or start a business, these gestures can be transformative for other family members and very satisfying for seniors. As the saying goes, "you can’t take it with you." • The Need for Trusted Advisors. For many of these younger beneficiaries lucky to receive this generational transfer, having a clear financial plan that extends to informed tax strategies will be vital. The entire community, from financial planners to accountants, lawyers and mortgage brokers, have a lot of work ahead of them, according to the research. A recent Ipsos Reid study suggests Canadians are primarily unprepared to manage their inherited money. The Ipsos poll (conducted on behalf of RBC Insurance) reveals that 61 percent of Canadians don’t feel knowledgeable about (or haven’t even heard of) the probate process or the process to establish the validity of a will, and 57 percent don’t know that specific insurance policies can mitigate estate tax burden. • Improved Financial Literary for All Ages. Conversations about money also need to extend to better discussions about how significant assets such as real estate holdings contribute to wealth. For instance, given a considerable proportion of many family estates are related to real estate and more seniors are looking to “Age in Place” at home, seniors and their adult children must understand various financial strategies, such as equity lending, that can give seniors the financial freedom to age in place while giving them the cashflow to help younger family members while reducing potential tax burdens. Getting to know the impact of one’s gifts has its practical advantages in addition to the karma generated. Whether it’s to help a family member buy their first home, pay down college debt or start a business, these gestures can be transformative for other family members and very satisfying for seniors. As the saying goes, "you can’t take it with you." The Bottom Line One thing is certain. This is an infrequent event, which, over the next few years, will benefit many. Much is on the line for families, the financial industry, and our government. We should expect to see more discussions on tax reform and addressing wealth disparities to ensure social stability and economic growth. And it will require the financial industry to adapt in a number of ways.  For instance, how should we account for these demographic shifts and potentially longer lifespans in our guidelines and how we work with clients? I also hope we see more open and honest discussions about family legacy and financial literacy/education, which play a significant role in preparing the next generation to handle inherited wealth responsibly. As I continue research for my upcoming book, I'm looking closer at demographic trends, gaps in financial literacy, to how our industry needs to work better with Seniors in a way that recognizes these emerging cultural and economic shifts. I'd like to know what you think.  Drop me a line in the comments, or reach out to me directly at our new website - www.retirewithequity.ca Don't Retire...Re-Wire! Sue

Sue Pimento
6 min. read