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We want help managing our estate and ensuring it is passed along to our heirs in a tax-efficient manner.
Jim and Mary, both in their late 50s, are planning to sell their hotel business in Victoria, British Columbia, and buy a vacation home in the Gulf Islands. They have two children and three grandchildren. They want to ensure that the sale of their business will enable them to retire comfortably and that the vacation home, and the rest of the estate they want to leave to their heirs, is not diminished by taxes after death.
Jim and Mary brought their business, estate and taxation concerns to a BMO Harris Private Banking professional, who assembled a team of experts to deliver integrated solutions based on their unique financial needs. After looking at all the available strategic options for their business, a comprehensive succession plan was created to simplify the process and ensure a smooth and successful transition. An investment strategy was developed to preserve their capital and fund their retirement, and financing was arranged for their vacation property. A comprehensive and tax-efficient estate plan included setting up wills, trusts and a power of attorney to ensure their wealth will be transferred to their chosen beneficiaries in a tax-efficient manner.
The characters in this scenario are fictional. Any similarities between them and any real person is strictly coincidental.
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