Business Succession
 Planning

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Solution: Ensuring a Plan is in Place
Larry Gilbert* has put substantial work into creating a business he’s proud of, and it’s satisfying for him to know that some of his children will be involved once he decides to retire.

He and Suzy* took an important step when they drafted wills after their wedding. However, given the changes that have occurred in a decade, and the number of family members they want to consider in the distribution of their estates, it’s important for them to regularly re-evaluate all aspects of their wills and estate plans.

A BMO Nesbitt Burns Investment Advisor can ensure that Larry is aware of all the available planning opportunities for transferring Gilbert Fasteners to Martin and his other children. By arranging a meeting between Larry and a BMO Nesbitt Burns Estate & Insurance Advisor, his Investment Advisor will help Larry and his heirs consider the sometimes complex legal and tax issues that can accompany the transfer of a family business.

The Estate & Insurance Advisor can also help both Larry and Suzy organize the distribution of their estates and their choice of executors. For instance, Larry may want to consider insurance options for supporting Suzy and Kimberly and providing for Kimberly’s education if he should pass away. Given family tensions, he may also want to contemplate the use of a trust company or professional advisor as the executor of his will. Suzy needs to consider the issues around her US citizenship and how US Estate Tax and her naming an American as executor can affect the taxation and distribution of her estate.

If you’re a business owner and want to ensure that both your business and estate are settled efficiently and according to your wishes, contact a BMO Nesbitt Burns branch near you or complete our simple online request form to have an Investment Advisor contact you directly.

Note: All insurance products are offered through BMO Nesbitt Burns Financial Services Inc. by licensed life insurance agents, and, in Quebec, by financial security advisors.

* Fictional characters. Any similarities between them and actual clients of BMO Nesbitt Burns Inc. are accidental.