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Wealth planning

Growing. Protecting. Transitioning. They all begin and end with a smart plan. Smart thinking to help you reach your goals. Smart adjustments to market shifts and life changes. That’s how we help you tackle challenges and opportunities—now and into the next generation.

The BMO difference

A wealth plan built around you

We look at wealth management as a process, not a product. Along your journey, we’ll help you overcome barriers that prevent you from pursuing the things you’re passionate about. Here’s how we accomplish that goal. 

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Listen intently

As with any strong relationship, we listen. We’re equally attuned to what makes you excited and anxious, so we know where we need to adjust.

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Work together

Wealth advisors. Financial planners. Portfolio managers. Bankers. We collaborate across different disciplines to help solve complex problems. 

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Connect the dots

You rely on other types of advisors, like accountants and tax attorneys. We connect with them to help ensure nothing gets lost in translation. 

What to expect

The art and the science behind wealth planning

There’s both a science and an art to our approach. The science is the rigor we put into everything we do. The art is how we customize that experience for you across all areas of wealth management.

  • Portfolio management
  • Retirement planning
  • Banking and borrowing needs
  • Tax planning strategies
  • Estate considerations
  • Charitable giving

Insights

While legislation has yet to be proposed for any upcoming tax changes, last Friday the White House …
JUNE 03, 2021 BRAD HERMAN, CFP®, AEP®, CHFC® DAVE BENSEMA, CPA, CFP® JAYNE HARTLEY PRATIK PATEL
CURRENT MARKET NEWS
After a difficult year for some companies and a banner year for others, many business owners are ev…
JUNE 02, 2021 PAUL MAJERUS
CURRENT MARKET NEWS
Why You Should Consider a Dividend Recap Today In his first address to Congress on April 28, Pre…
MAY 24, 2021 BRAD HERMAN, CFP®, AEP®, CHFC®

The people behind the insights

Wealth planning leadership
Peter O'Connor
Peter O'Connor
Regional President, Suburban Illinois
BMO Private Bank
Peter oversees the strategic development and delivery of BMO Private Bank&…
Peter oversees the strategic development and delivery of BM…
Peter oversees the strategic development and delivery of BMO Private Bank’s personal wealth management platform t…
Tania Slade
Tania Slade
Vice President, National Director Wealth Planning
BMO Private Bank
Tania is National Head of Wealth Planning with BMO Private Bank and is res…
Tania is National Head of Wealth Planning with BMO Private …
Tania is National Head of Wealth Planning with BMO Private Bank and is responsible for strategic development and delive…

FAQs

If you’re younger than 72 years old, you have flexibility on how much and from which accounts you take withdrawals from. Conventional wisdom is that you start with your taxable accounts, then switch to your tax-deferred retirement accounts, and leave your tax-free accounts for last. Additional strategies exist, but they should always be discussed closely with your tax-preparer and wealth management team to ensure they’re properly executed.

Under current tax law, the standard deduction was increased to $24,000 for married couples. Taxpayers who don’t itemize their deductions are limited to a $300 above-the-line deduction to receive a tax benefit (effective in tax years after 2019). Taxpayers who donate more than $300 but not enough to exceed the standard deduction need to consider alternative gifting strategies. A BMO wealth advisor can discuss options Contact us to discuss options with you.

There is a significant benefit in gifting stock in-kind rather than selling it and contributing the net proceeds. You avoid paying any tax due on the sale of the stock and if the charity sells the stock there is no tax since the charity is a tax-exempt entity. 

 

If the donation helps you itemize and you’re trying to offset windfall gains in the same year (e.g. the sale of your business), then all the better. Keep an eye on the rule that the current year deduction involving appreciated securities is limited to 30% of your adjusted gross income, but the excess can be carried forward to a future year.

If you named a trust as the beneficiary of your IRA and had thought the “stretch” provisions would enable your heirs to take RMDs based on their life expectancy, those rules are no longer in effect. 

 

IRAs must now generally be depleted within a ten-year period by a designated beneficiary. You can apply other measures to provide for your heirs, but don’t make decisions like this on your own. Consult a financial advisor who can assist and guide you through your options.      

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