Our financial advisory is experienced and specializes in working with lottery winners.
Whether it's from winning the lottery or receiving a notable inheritance, we can help you balance your priorities, discreetly.
Top 5 suggestions as you begin to think through everything .
Our advisory will provide you with a highly personalized strategy to ensure your money remains a generational legacy.
Take your time, work through the emotions.
Wait until you’re comfortable; don’t be pressured.
Consider a short-term, safe investment.
Work on a list of needs and future goals.
Create a long-term plan with a experienced advisor.
Contact us for a confidential consultation.
It can be overwhelming, don’t rush anything.
It is important to take time to adjust to a substantial increase in wealth, make informed decisions, and consider secure investments while putting a plan in place.
Gaining a substantial amount of money can bring a mix of feelings and it is natural to need time to adjust to the change. The duration of the adjustment period can differ based on various factors including the amount of money received, one's personality, and the circumstances surrounding the event. To ensure the best possible outcome, it may be advisable to hold off on making any decisions regarding the funds until emotions have settled. Putting the money into a secure, yet easily accessible investment like a Treasury bill or GIC can provide a sense of security while taking the necessary time to make informed decisions. Additionally, it's important to be mindful of the potential for requests and solicitations from family members, friends, and charitable organizations. Taking the time to put a plan in place, and feeling comfortable saying no or waiting to make decisions, can help ensure your new-found wealth is managed in a way that is right for you.
Start simple, make a list.
It is important to take time to think about the various ways that a new increase in wealth can be used. Consider paying down debts, buying a new vehicle, taking a vacation, helping loved ones purchase a home or start a business, or saving for education. It's also common to have charitable intentions. To start, create a picture of your current financial situation by making a list of needs and debts. This initial step can help guide smart financial decisions and ensure the best use of the new wealth.
Consider the taxes.
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Consider income tax issues when laying out financial objectives and investment planning.
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Lottery winnings and inheritances are generally received tax-free, but exceptions exist.
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Advisor can help determine the best option for receiving funds (lump sum or annuity payment).
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Investing new-found wealth can generate regular cash flow, but taxes will be payable on income.
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Consider saving for children's education in an RESP or a regular non-registered investment account, with the latter having potential tax advantages. Your advisor can help determine the best option based on specific circumstances.