For Your FREE Consultation with Rob, simply fill out the form and directly book your strategy session in his calendar here:

Register to our FREE retirement planning Masterclass –
Register to our FREE Alternative Real Estate Investing Masterclass –

📽 Watch our other video on Inheritance Tax:

Let’s discuss the inheritance you might have just received or that you are anticipating receiving, and what you should do with it.

It’s likely a very stressful time after someone close to you has passed away. Having a clear and informed mindset is important when dealing with the responsibilities of an inheritance.

Perhaps you have never had this huge amount of wealth, or it could have even doubled or tripled your net worth. There are many different aspects you need to factor in when deciding how to move forward.

1) First, I would suggest you surround yourself with people you trust with your accounting, legal, and investment needs.

-When you use the funds to pay off joint debt or to invest it jointly, these funds form part of your marriage assets and could account for your family property in the event of a marriage breakdown.
– Perhaps it’s a second marriage scenario and you want to ensure those funds remain in the bloodline.

2) How can we avoid inheritance tax in Canada? Do you pay taxes on inheritance?

-The simple answer to these questions is Canada does not have an estate tax or inheritance tax, unlike our neighbors to the south.

– In regards to the actual investment, we would suggest creating a strategy that factors in your entire financial picture including your debt, your overall net worth, goals and your cash flows. We’d put it all together in a customized solution.

3) Often the first place clients look is their debt load. Do you have a lot of debt?

-Are you drowning in a situation where you’re uncomfortable with the amount of debt you have to pay?

4 Now that you have added a large amount of funds to your net worth, we now want that money to grow for you.
-We want to help structure a portfolio for you that could create a cashflow at retirement or perhaps create long term growth for your future beneficiaries.

5) How to invest my inheritance?

– As most inheritances are received in one chunk, the last thing you want to do is buy all your assets on the same day.

-It’s just not prudent to buy all the different stocks, bonds, and other investments all on the same day. This can create a ton of market timing risk.

– If the market falls dramatically after you buy your investments, your net worth now could significantly drop, however in the long term, it will likely be okay only if you’re able to stomach the market volatility and not make knee jerk reactions in the market.

-How long does it take to get inheritance money?

-Most of the time when receiving an inheritance, if the funds are filtered through the Will, you will receive the proceeds after the estate has paid any applicable taxes and probate charges.

6) How long does it usually take to get that inheritance money?

-It depends on how complex the estate is. Is the Will up to date and current?
Will there be any disputes in the estate?

– Before receiving your inheritance, there’s quite a few steps that need to take place.

7) Steps the personal rep or trustee needs to make before the trust can be terminated or before the estate can be closed:

1) Gathering an inventory checklist of the decedent’s documents and assets.

2) Personal Rep gets appointed by probate court or Trustee accepts appointment.

3) Value the decedent’s assets

4) The final bills and admin expenses need to be paid by the decedent

5) File applicable tax returns and pay applicable taxes

6) Distribute the rest of the assets to the beneficiaries

I have seen this take anywhere from a few months to a few years, depending on the estate.

8) Now that you have inherited a significant sum, there could be additional tax consequences on your passing that would affect the after-tax amount received by your beneficiaries in the future.

With this new inheritance, your insurance needs have potentially changed from debt coverage/survivor needs to estate tax planning.
Investing your inheritance has many moving parts.

It’s best to seek professional help when you are ready to put those funds to work and grow your legacy.

📽 Watch our other video on Inherited Property:

For more information on Rob & The Tetrault Wealth Advisory Group, click here: …(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

How To Invest A Large Inheritance | How Long To Get Inheritance Money

Receiving a large inheritance can be both a blessing and a responsibility. While it provides financial security and the potential for significant growth, it also requires careful planning and strategic investment decisions. If you have recently acquired a substantial inheritance and are wondering how to make the most of it, here are some essential steps to consider.

1. Take your time to grieve and reflect:
Losing a loved one is always a difficult time, and it’s important to prioritize your emotional well-being. Ensure you allow yourself the necessary time to grieve and reflect before making any major financial decisions. Rushed investments can lead to costly errors, so it’s advisable to wait until you are in a more stable emotional state.

2. Seek professional advice:
Consulting with a financial advisor or wealth manager is crucial when deciding how to invest your inheritance. They can help you navigate the complex world of investment options, assess your financial goals, and develop a personalized investment plan. Their expertise will significantly increase your chances of making informed decisions, tailored to your needs, risk tolerance, and long-term financial aspirations.

3. Diversify your portfolio:
Spreading your inheritance across different asset classes is a fundamental investment principle. A diversified portfolio helps mitigate risk and increase the likelihood of achieving more stable long-term returns. Your financial advisor can guide you in allocating your inheritance among stocks, bonds, real estate, and other investment vehicles that align with your risk tolerance and financial goals.

4. Consider your time horizon:
Before making any investment decisions, you should determine your financial goals and the timeframe in which you aim to achieve them. If you have long-term goals, such as retirement planning or funding a child’s education, you may consider allocating your inheritance towards investments that offer higher growth potential. However, short-term objectives, like purchasing a new home or starting a business, may require a more conservative approach to protect your principal.

Now, let’s address the question of how long it takes to receive inheritance money. The time frame can vary significantly depending on several factors:

1. Estate settlement process:
After someone passes away, their estate goes through a legal process called probate. During this period, the deceased’s assets are managed, debts are settled, and beneficiaries are identified. Probate can take anywhere from a few months to several years, depending on the complexity of the estate and any potential legal disputes that may arise.

2. Legal and tax considerations:
The time it takes to receive inheritance money can also be influenced by legal and tax obligations. In some cases, tax matters may need to be resolved before the estate can be distributed. This process can potentially cause delays, particularly if additional information or documentation is required.

3. Executors and legal proceedings:
The speed at which you receive your inheritance can depend on the efficiency and competence of the executor of the estate. They are responsible for managing the administration of the estate and ensuring a fair distribution to the beneficiaries. Delays can occur if legal proceedings are necessary, such as determining the validity of a will or resolving disputes among potential heirs.

It’s essential to keep in mind that the actual time it takes to receive your inheritance money can vary considerably based on individual circumstances. However, staying informed about the probate process and maintaining regular communication with the executor or estate administrator can help you gain a clearer understanding of when you can expect to receive your inheritance.

Receiving a large inheritance can be overwhelming, but by approaching it with patience, seeking professional advice, and making informed investment decisions, you can ensure its long-term growth and potentially transform it into a lasting legacy for generations to come.