Zachary Lazar of BMO Private Bank and Raymond Whitacre of BMO Harris Bank provide integrated financial strategies for businesses and their owners. They address what happens to a privately held company if its owner dies without a succession plan. They recommend establishing trusts, gifting assets, and life insurance to manage estate taxes. Selecting a successor now ensures smooth leadership transition. Their collaboration provides strategic and tactical financial advice for both business and personal finances.

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2. I own a privately held company—
what happens if I die tomorrow?
BMO Private Bank and BMO Harris Bank
Zachary Lazar, President–Illinois and Florida, BMO Private Bank
Raymond Whitacre, Managing Director, Commercial Banking
Chicago, IL Leading Advisor
To a degree, what happens is up to
you. Have you planned for estate
taxes? Who will run your business
when you are gone? It will be hard
enough for your family and employees
to deal with your death, let alone han-
dle your tax obligations and manage
your business operations. By formulat-
ing a plan now, you can help everyone
through a difficult time.
TAXES
In the event of your death, taxes on
your estate will be due within nine
months. Without prior planning, the
assets in your name may be subject
to taxes amounting to 40 percent or
more of your estate. If there are insuf-
ficient liquid assets, your survivors
may be forced to sell your business…
quickly, and possibly below market
value, to cover your tax liability. There
are a number of things you can do now
to manage the impact of taxes.
If your assets cannot easily be sold,
or your company is your largest asset,
life insurance can offer the liquidity
you need. The death benefit may
provide funds to pay estate taxes. And
there are several life insurance options
to choose from, each of which can be
customized to your individual needs. If
you own or purchase insurance, it
should be titled in an irrevocable life
insurance trust, so that the amount of
the death benefit is not included in
your estate and thereby increases your
tax liability.
You can also establish a variety of
trusts, giving title or ownership of
your business and other assets to
family and associates. While you are
alive, you will continue to maintain
control over those assets. On your
death, your assets will immediately
transfer to your beneficiaries, avoid-
ing unnecessary taxes and a lengthy
legal process.
Another way to reduce taxes is to
gift assets to family members or chari-
ties. This enables you to remember
those you care about most, while man-
aging taxes. Your professional advisor
can explain the many tax-advantaged
vehicles for gifting.
Changing residency status is
another approach to consider. Some
states may offer more favorable tax
rates. An advisor can help you evaluate
this option.
CONTINUITY
There is also the question of who will
run your company when you are no
longer here. Your death is not the time
for this decision to be made. You will
want to identify the person to lead your
company, ahead of time.
Unfortunately, most businesses are
not prepared. In fact, 59 percent of
family businesses do not have a suc-
cession plan. As a result, family and
employees are often left with the need
to plan for the business’ future at the
same time they are dealing with their
grief. This could be part of the reason
only 30 percent of family companies
survive to the second generation and
just 12 percent make it to the third.
Setting up a plan for the future may
seem daunting. But by working with an
expert you trust, you can explore all of
your options. Devoting time to a strat-
egy can pay huge financial dividends
in the long run.
By starting now, you can be sure the
right leadership is in place after you
are gone. And you will have the peace
of mind that comes from knowing
events will follow the direction you
have laid out.
Tax laws are complex and subject to change. BMO Harris Bank and its affiliates do not provide legal advice. Readers of this material are urged to discuss their
particular circumstances with their independent legal and tax advisors. This information cannot be used by any taxpayer to avoid tax penalties. This information
was prepared for the purpose of marketing our services.
BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all Products and services are available in every state
and/or location.
BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Member FDIC.
By Zachary Lazar and Raymond Whitacre

3. BMOPrivateBanKandBMOharrisBanK
081
“By starting now, you can be
sure the right leadership is in
place after you are gone.”
—Zachary Lazar and Raymond Whitacre
livegrowmake
ILLustRatIOnBykevInsPROuLs
Lazar: Someone who
is empathetic and can
communicate complex
issues in simple terms, and
places their clients’ agendas
ahead of their own
Whitacre: Someone
who is client centric, has
exceptional knowledge of
finance and capital structure
solutions and can balance
strategic conversations
with tactical execution
What makes a
good advisor...
Lazar: A self-portrait
my daughter created of
herself when she was
three and gave to me
for Father’s Day
Whitacre: Photos of
my family
What’s on
my desk...
assets under Management
$44.4 billion (as of 9/30/12)
Minimum Fee for Initial Meeting
None required
Minimum net Worth Required
$3 million (planning services); $1 million
in assets (investment services)
Compensation Method
Asset-based and fixed fees
Primary Custodian for Investor assets
BMO Harris Bank N.A.
Professional services Provided
Lazar: Wealth advisory, financial planning, investment management, cus-
tomized banking, trust and estate settlement, and philanthropic planning;
Whitacre: Middle Market Commercial Banking serves private and public
companies across a variety of industries with revenues up to $500 million.
Website email
bmoprivatebank.com/us zachary.lazar@harrisbank.com
raymond.whitacre@harrisbank.com
BMO Private Bank and BMO Harris Bank 111 West Monroe Street, Chicago, IL 60603 312.461.7447
Zach Lazar and Ray Whitacre recognize that their clients’ personal and business financial objectives are closely
connected. They work together to develop integrated financial strategies for businesses and their owners,
in order to maximize business potential and personal wealth. Mr. Lazar is President–Illinois and Florida, for
BMO Private Bank. He is a graduate of Loyola University–Chicago and has over 25 years of wealth management
experience. Mr. Whitacre is Managing Director of BMO Harris Bank’s Diversified Industries Group, working
with publicly- and privately-held middle market companies across a wide range of industries. He is a graduate
of Miami University and has more than 25 years of commercial and investment banking experience.
About Zachary Lazar and Raymond Whitacre
Raymond WhitacreZachary Lazar
my hoBBies are...
Lazar: Golf—especially golfing with my daughter
Whitacre: Golf, travel
How to reach Zachary Lazar and
Raymond Whitacre
We always welcome the opportunity to speak
with potential clients. Zach can be reached at
312.461.7447 and Ray at 312.461.3436.
w O r t h . c O M f e B r u a r y- M a r c h 2 0 1 3

4. the evolution of financial intelligence
R E P R I N T E D F R O M
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BMO Private Bank and BMO Harris Bank is featured in Worth®
2013 Leading Wealth Advisors™
, a special section in every edition of Worth®
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See “About Us” for additional program details at http://www.worth.com/index.php/about-worth.
Zachary Lazar
President-Illinois and Florida, BMO Private Bank
Raymond Whitacre
Managing Director, Commercial Banking
BMO Private Bank and BMO Harris Bank
111 West Monroe Street
Chicago, IL 60603
Tel. 312.461.7447
zachary.lazar@harrisbank.com
raymond.whitacre@harrisbank.com
bmoprivatebank.com/us