Richard White

Director- Trust Services

Tel: 250-448-7306

Address

BMO Private Wealth
BMO Trust Company
294 Bernard Avenue
2nd Floor
Kelowna, BC
V1Y 6N4
Map

Contact Me

Publications

Tax Planning

Tax Planning Involving Family Trusts

Trusts are often used in tax and estate planning because of the flexibility they offer over the control, management and distribution of appreciating assets. In an estate planning context, trusts can be used to provide control and protection of assets, reduce probate fees at death or serve as a Will substitute, and as a vehicle to transfer wealth to future generations. From a tax planning perspective, in the right circumstances, trusts can be used to facilitate income splitting by spreading income amongst family members who are taxed at lower marginal tax rates, thereby reducing the family’s overall tax burden. In particular, the use of a discretionary family trust to reduce the after-tax cost of children’s educational and other expenses is a common tax strategy and the focus of this publication.

Philanthropy

BMO Charitable Giving Program

Philanthropy is an important financial planning consideration for many Canadians, and an integral part of their wealth management plan. A Charitable Gift Fund (“donor advised fund”), established through the BMO Charitable Giving Program, allows you to create a flexible and customized philanthropic solution that will have a lasting impact on causes that matter to you and your family.

Will and Estate Planning

Ensuring a seamless transfer of wealth with an estate plan

Estate planning is the process required to transfer and preserve your wealth in an effective and seamless manner.

Managing Your Wealth

Informal or “In-trust” Accounts - Friend or Foe

Grandparents and other loving relatives often wish to make a gift of money to a minor child, whether it’s to start an education fund, purchase that first car or just allow the workings of time and money to benefit the child in the long term. To keep things “simple,” these gifts are frequently set up as informal trusts in “in-trust” or “in trust for” accounts (“ITF”). While these accounts are less complex and expensive than traditional trusts, there are certain things that should be considered when these types of accounts are set up.

Estate & Succession Planning

Preparing Your Last Will and Testament

The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.

Passing it on?

Expectation versus reality for leaving and receiving an inheritance.

Engaging the next generation

Are they prepared? Children and grandchildren need to get ready for their roles as inheritors.

Estate Information Organizer

This is designed to help your family, executor (referred to as a “liquidator” in Quebec), or Power of Attorney for Property (referred to as a “mandatory” in Quebec) locate all of your important documents and other information needed to administer your estate or act as your Power of Attorney for Property