Very affluent families – especially those owning a business – face complex challenges when managing their wealth and planning to maximize their intergenerational wealth transfer.

Often, their wealth sparks many complex conversations between parents, grandparents and children, and grandchildren.

Two of the most common questions I hear include:

“We own a business and two of our children are involved in it, but one is not. How can we equalize our estate to transfer an equitable amount of wealth to each child?”

“Some of our grandkids want to go to university, and we are helping to fund their education. How can we compensate our other grandkids who aren’t interested in going to school but would rather travel or start a business instead?”

 

High-net-worth (HNW) wealth planning

We can introduce you to BMO partners who specialize in bringing affluent families an extra measure of sophistication when developing a comprehensive wealth plan. This team will prepare a complete and customized wealth plan – a roadmap uniquely designed for your life and business – that includes retirement and estate planning, tax minimization strategies, and tools to help you address major life events. It will include strategies to address upcoming purchases, life and disability insurance, tax minimization, and trusts to manage complex family dynamics. All tailored to clients with significant wealth and its related opportunities and challenges.

 

Trust and executor services

We engage experts at BMO Trust Company to offer the unique protection and tax-savings potential of trusts and help you make some of the most emotionally challenging decisions you will ever need to make. BMO Trust Company can also provide will reviews and will direction as part of your wealth plan. Executor services can help ease the burden of administering an estate.

 

Retirement planning

I will help you to plan astutely so you can live the retirement you envision. This involves more than simply setting aside enough money to last 30 years or more.

I will:

  • Analyze your finances, pension plan, insurance policies, employment retirement package and the income you can expect from Canada Pension Plan (CPP) and Old Age Security (OAS).

  • Help you plan to generate a tax-efficient income stream from your investment portfolio.

  • Examine your family dynamics, health/ longevity expectations, lifestyle, and community commitments.

  • Review any budgeting or lifestyle changes that may be needed.

  • Liaise with BMO specialists to discuss preparing your company for sale or transfer, and the potential role it may play in your retirement lifestyle and integrate all aspects of your financial picture to simplify your retirement plan.

  • Help you create a legacy for your loved ones and chosen charities.

  • Consider setting up a family trust and/or private foundation.

  • Discuss why you are retiring, how ready you feel for this new life stage, and how you envision your retirement unfolding – where you plan to live, what you plan to do, and major expenses you anticipate, such as your grandchildren’s education or a major trip.

 

Private Banking

BMO Private Wealth offers a full range of Platinum Banking solutions that can provide you and your family with highly customized and innovative products and services. Your dedicated Private Banker will help you and your family to simplify and enhance your financial journey. Navigating intricate financial situations and structuring complex transactions, they will help you achieve your financial objectives, manage the challenges that can come with significant wealth, and benefit from bespoke rates and solutions.

For your cross-border financial needs, we can introduce you to a private banking professional at BMO Harris Private Banking.

Comprehensive and personalized banking services through a dedicated Private Banker include:

  • Customized solutions tailored for your unique banking and borrowing needs:

    • Lines of credit, mortgages and other personal financing solutions that allow you to access the funds you need to reach your immediate and long-term goals while also earning great rates.

    • Financing through personal holding companies, life insurance, monetizing investment holdings to free up cash, and fulfill other complex personal borrowing requirements.

  • Managing deposits and other services:

    • Competitive deposit and investment products as well as services that provide you with easy access to your money.

Whether you are looking for the latest in mobile apps to access your money, or you’re spending time and own property in the U.S., your Private Banker can help.