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su the tribune tuesday september 3d1 99 p7 the lost cottage the cottage was a wonderful place the lake front the trails through the woods the loons song and crackling fires in the fall as kids we practically grew up there every year we stayed there from early spring to late fall it was like a second home dad wasnt interested in finance and was certainly very private about anything moneyrelated he never could have imagined the distress it caused us all years later when we were forced to sell our favourite place dad died in 1990 leaving everything to mom moms closest brother helped her do the final tax return all of dads assets were rolled to mom at dads original cost the house in the city was the principal residence and there were no capital gains to pay however it was when mom died that it hit us dads 100000 capital gains exemption was never used and in 1994 when the 100000 capital gains exemption was discontinued moms was used with the stocks she had the cottage had increased from the original 16000 in 1971 to 250000 last year that meant a capital gain of 234000 whereof 175500 was now taxable and the stock had risen to 153000 from 43000 there wasnt much liquidity in the estate and mom had bequeathed the city house to my sister since there was no deduction to be made against the capital gain on the cottage the tax had to be paid to raise the cash to pay that tax we chose to sell the cottage our own kids who had enjoyed the summers at their grandparents cottage as long as they can remember just couldnt believe that we had sold the summer home to strangers this scenario was relayed to me recently it is unfortunately fairly common and could happen with ski chalets or any other second property many parents want to pass on such property to their children and would like to protect it from forced liquidation to pay the capital gains tax there are two ways to do this the first one is to save enough cash to cover future taxes payable and pay tax on the interest earned during this accumulation the second is to take out a life insurance policy in an amount that will adequately cover the future tax since the value of assets are morely likely to rise than to fall a policy that will grow in value will probably be the best choice in some cases children are paying the premiums for these policies as they will ultimately be the ones to benefit in fact some children pay life insurance premiums on their parents instead of doing personal rsfs this may sound morbid but in some cases the numbers speak for themselves if you your parents friends or colleagues are likely to be faced with a situation such as this we encourage you to attend our seminar where well further our discussion on more invaluable estate planning techniques date thursday october 23 1997 time 700 pm where sleepy hollow golf country club stouffville ontario 10th line west side between bloomington stouffville sideroad rsvr 9056424540 copies of you cant take it with you written by sandra e foster will be available at the seminar free of charge however if youd like a copy in advance please call and arrange to come in a pick one up downtoearth financial management carol clements ltmoney v concepts the money management people 9056424540 6132 main st stouffville affiliated with money concepts croup capital corp signy lawson mba aasas tjcffis beat the rush fe jk christmas shopping today table wooden playhouse chair kitchen i set 9 24 16000000 bjxnkfiuptcyr glass 7pc spice saiicfi salad sstvlisbf- exercise machines 29 ladies black pumps extra large hockey bags fantastic selegtlbnof below wholesale wide selection of sofas loveseats chairs recliriers more mi 5000000 inventory several major paint manufacturers maide too much stock with these lici4 li selection may vary wmmm accessories tinting available cancelled order 1 000000 childrens large building blocks save 4050 off reg retail vtctbcillci ul r1lcikw to choose from desseirt jarset se serving set frames and photo t w m albums 9 24 n al i iftllyu ibftllaut iram bam imm hmm i v all with wrought iron rack included j liquimtion wgrli 6idzehrs4banffrd hwjv47 i 8520677 now 57 locations across north america liquidation i world old zhr due to the nature ofour business we are unable to apyertisename brands we pay cash for distress inventory 1888liqu1d8 18882540843 open to the public monfri 10 am 9 pm sat 9 am 530 prn- sun 11 am 5 pm