Inherited Money or Sold Your Business? Do Nothing

You've just sold the business you spent thirty years building. Or a parent has passed, and you're suddenly holding more money than you've ever had in one place. Within weeks, the bank, your brother-in-law and the fellow at the golf club all have an idea for it. But the costliest mistakes with sudden money usually happen in the first few months, and they rarely have anything to do with picking the wrong investment. In this episode, Paul Barreca, Certified Financial Planner at West End Wealth Planning (IPC Securities Corporation), explains what to do, and just as important, what not to do, after an inheritance or the sale of your business. Book a free 1-1 virtual coffee: https://calendly.com/westendwealth/in... What you'll learn: -Why the smartest first move is often to do nothing, and where to park the money for the first few months -What's already been taxed on an inheritance, and the big questions on a business sale: share vs asset sale, the $1.25 million capital gains exemption, and passive income inside a corporation -The order to put the money to work: TFSAs, unused RRSP room, a child or grandchild's RESP or FHSA, and non-deductible debt -Lump sum or bit by bit: what the research says, and how to set up an automatic plan if a market dip would cost you sleep -Gift or loan: how to help family without giving away money you may need yourself, and why giving with a warm hand can beat waiting -How a windfall changes your income sequencing, your CPP and OAS timing, and your estate plan If you've just received an inheritance, sold a business, or know one is coming, ask yourself: do I have a plan for this money, or just a lot of opinions about it? Download our free guide, "9 Tax & Retirement Strategies Every Business Owner Needs to Know": https://www.westendwealth.com/free-wh... Timestamp: 0:00 The riskiest day of your financial life 0:58 Step one: do nothing (for now) 1:31 Is an inheritance taxable? 1:46 Selling a business: the tax questions 2:19 Why you need a plan before you invest 2:46 Getting your planner, accountant and lawyer on the same page 3:06 Where to put the money first 4:22 All at once or bit by bit? 5:09 The $83,000-a-month approach 5:48 When family and friends find out 6:38 Giving with a warm hand 6:57 Donating appreciated investments 7:22 Retirement income sequencing 8:11 CPP and OAS timing 8:36 Updating your estate plan 9:22 The lottery winner trap 9:49 Book a virtual coffee Subscribe for weekly tax, retirement and estate planning strategies for Canadians. Follow us: Facebook:   / westendwealthplanning   LinkedIn:   / paulbarreca   Instagram:   / westendwealth   Disclaimer: The views and opinions expressed in this video may not necessarily reflect those of IPC Securities Corporation. This video is for informational purposes only and should not be relied upon as a basis for investment decisions. #EstatePlanning #Inheritance #BusinessSale Reach out at: https://www.westendwealth.com/contact