How Much Money Should You Leave Your Kids After Selling Your Business

Описание: 💰 You just sold your business and want to help the next generation. How much money should you give your kids?

🧩 There is a lot that goes into it:

💸 Make sure you have put enough aside to cover the tax bill from the sale and possibly future quarterly payments.

✈️ The pilot always says to put on your mask first in an emergency, and similarly, you need to make sure you have enough money to maintain your standard of living for the rest of your life.

👦 👧 What happens if one child is good with money and the other isn’t? Are there other family dynamics that will come out with a gift?

🧵 Are there strings attached to the gift? Are they expected to come to Sunday supper each week or travel across the country to see you each Christmas?

💵 I recommend planning and having family conversations before writing a cheque. Go over what this means now and in the future, and how it will affect everyone.

👋 Smart ways to help the next generation:

🤩 Helping top up First Home Savings Accounts (FHSA) for kids or grandkids.

👧 Contributing to grandkids' RESPs.

#RESP #businesssale #exitplanning

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