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Mississauga, On, Canada
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Obtaining sudden wealth can be exciting and overwhelming — whether it's from a business sale or a large inheritance. You are excited to have achieved financial independence, but may be nervous about making mistakes with your money. Watterson Financial Solutions recommends considering these seven financial tips before spending your new estate.
Meet with a wealth advisor, attorney, tax advisor, insurance specialist, and portfolio manager to find out how they can help you make important decisions about your wealth, such as what your short and long-term goals and objectives are, where to invest your money and whether you want to purchase additional insurance.
When you make a lot of money, it's time to review your will and make any necessary changes. Updating this and other legal documents will ensure that the right people and organizations inherit your estate and that your wishes are followed.
If you want to set specific parameters on how your heirs can use the money, consider setting up trusts for your beneficiaries. Some trusts can also help reduce estate taxes.
No matter how you acquired your abundance, you have to pay the applicable taxes e.g. if you sold your business, you may owe capital gains tax. If you inherited your money, some of the assets, such as retirement plan funds, may include income tax yet to be paid. Calculate the taxes you may owe and determine the best way to address them.
Before you invest your money, define your long-term financial goals and objectives and create a written wealth plan to achieve them. As you consider your investment plan to achieve your goals, determine how much risk you can tolerate. Ask yourself how comfortable you are with the fluctuations in the stock and bond markets, and invest accordingly.
Re-examine your existing insurance policies and determine whether you require additional coverage. For instance, you may want to purchase an umbrella liability policy to protect yourself from lawsuits or buy additional life insurance to replace assets for your beneficiaries used to pay estate taxes.
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With several years of experience, Watterson Financial Solutions Inc is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.
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