A Single Retired Woman on a Mission

The Challenges

A single, retired woman of faith and charity in her 70s came to us:

• Worrying that she will not be as independent as she likes in the future.

• With no trusted confidantes.

• Wanting astute strategies to become an effective philanthropist.

• Wishing to honour the memory of her sister.

Solutions We Provided:

To lift the burden off this woman in a material, meaningful, positive way both personally and financially, we:

• Left no stone unturned to simplify things, with an extra measure of empathy and compassion.

• Arranged for BMO Trust to act as executor for her Will and POA for Property, designating her nephew to be her Power of Attorney for Personal Care, and had a lawyer, accountant, trust officer, and our national charitable giving expert weigh in on her Will.

• Recommended that she revise her Will and worked with our estate planning team and her lawyers to improve it significantly.

• Reviewed her tax liabilities and obligations, set up tax minimization and management strategies, and performed cash flow planning to ensure she had short-term liquid assets.

• Set up a Donor Advised Fund through the BMO Charitable Giving Program in her sister’s name, which brought her a deep sense of comfort.

• Curated a team of top-ranked money managers who are focused full-time on maximizing her portfolio every day, diversifying to manage risk.

The Results:

This woman now feels 100% confident in her financial future. With a new sense of financial security, she has extended her winter travels to do charitable mission work abroad full-time, knowing that her affairs are well in order.