BMO Private Wealth Highlights Guidance for Successful Generational Transfers of Wealth

  • The second volume of the online publication explores the issues affecting the successful transfer of wealth
  • Offers advice on how to engage the next generation in family philanthropy and a lifetime of charitable giving

TORONTO, Oct. 26, 2020 /CNW/ - BMO Private Wealth today published the second volume of the BMO Wealth Insights magazine, which focuses on the issues that affect the successful transition of wealth and building a lasting legacy for the succeeding generation.

Anticipating a $1 trillion transfer of wealth over the next decade, the largest 10-year wealth transfer in Canadian history ("A Sudden Windfall", BMO Wealth Insights, 2018), the BMO Wealth Insights magazine explores the complex conversations and plans needed to prepare heirs to manage their future inheritance and family legacy.

"Transitioning the ownership of wealth or the family enterprise can be a delicate and nuanced process. Balancing the diverse priorities, goals and perspectives within a family can be challenging, and success relies on honest communication, professional guidance and collaborative planning," said Caroline Dabu, Head, Wealth Planning and Advisory Services, BMO Financial Group. "BMO Wealth Insights offers guidance on how to prepare and engage the next generation for the responsibilities involved with family wealth and legacy, and how BMO Private Wealth professionals can help families plan for a seamless transition."

The second volume of the magazine explores relevant issues that affect the successful transfer of wealth including:

  • Engaging the next generation;
  • Expectation versus reality for leaving and receiving an inheritance;
  • Preparing heirs for a lifetime of charitable giving;
  • Ensuring a seamless transfer of wealth with an estate plan;
  • Succession and transition plans for business owners; and
  • Family philanthropy.

To download a copy of BMO Wealth Insights, please visit https://www.bmo.com/main/wealth-management/wealth-insights.

BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of Montreal. Investment management, wealth planning, tax planning, philanthropy planning services are offered through BMO Nesbitt Burns Inc. and BMO Private Investment Counsel Inc. Estate, trust, and custodial services are offered through BMO Trust Company. BMO Private Wealth legal entities do not offer tax advice. BMO Trust Company and BMO Bank of Montreal are Members of CDIC. ® Registered trademark of Bank of Montreal, used under license.

® Registered trademark of Bank of Montreal, used under licence.

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

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