BMO Family Office
A windfall can be defined as the unexpected or unplanned acquisition of financial assets that alters the recipient’s financial position. This can be a welcome surprise, but the pressure of managing and dealing with a significant amount of money can also be an unforeseen burden.
There are many ways to get a windfall. Winning the lottery is the most obvious event that comes to mind, but this accounts for a very small percentage of individuals who suddenly become wealthy. Other ways range from sports stars or entertainers signing a big contract to stock market windfalls for shareholders of a company that has successfully gone public. For most Americans, however, the most likely sources of significant and abrupt gains of money are an inheritance, a settlement due to divorce or injury, the sale of a business, or an insurance payout.
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