The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

C state Planning is a multiâ€"faceted ==4 process which affects us all at one R_4 time or another. It encompasses all areas of succession planning from simple wills to the orderly reorganization of multiâ€"million dollar businesses including all the various tax and economic factors involved. How do you decide if you are a candidate for financial services? Generally speaking, needs for the services we offer fall into four borad categories. A) Those who have real estate holdings in addition to their principal residence. There are two separate considerations for people in this situation. The first is the taxation of the captial gains on the propâ€" erty. The second is the potential for the recapture of any captial costs allowances t‘s a good idea for everyone to . have a will, no matter how rich or poor they are. A will should cover at least seven key points to avoid difficulties in the future. Seven Key Points 1. Make sure only one will exists. 2. Determine who you want as FIVE WAYS TO PREPARE A BETTER WILL Estate planning is a multiâ€"faceted process ADVERTISING FEATURE Contributed by Midland Walwyn For the FREE booklet "Planning Ahead A full service community cemetery offering flush bronze memorial areas mausoleum entombment, cremation niches, and upright tombstone section. Chapel also available on cementery. Planning cemetery arrangements ahead, spares your family from difficult decisions at a stressful and emotional time. Protect your family, take care of your personal wishes and enjoy peace of mind knowing you‘ve done everything possible today, for tomorrow. Plan ahead. For your children. And their children Planning today, for Glen Oaks Memorial Gardens serving the Oakville area Three %ood reasons to plan ahead. send the attached co your executor. 3. Carefully plan for your depenâ€" dents. 4. Name a guardian for young children. 5. Detail specific monies or gifts to relatives, friends or charities. 6. Consider what people or orgaâ€" tomorrow that have been claimed. Upon death a deemed disposition is placed on all of the deceased‘s property for tax purposes. This can be postponed through a spousal rollover, if there is a surviving spouse, but the full tax bill will be due and payable upon the survivor‘s death. The impact of capital gains taxation on the estate can be overwhelming. B) Those who have RRSPs or RRIF‘s. The deemed disposition rules, menâ€" tioned above, require that all registered plans be redeemed, and the tax paid on them in the year of death. Even a relativeâ€" ly small RRSP or RRIF could result in the estate being moved into the highest marâ€" ginal tax brackets. Again, a spousal rollover can be used to postpone the tax bill until the second death. For those who have surplus income in retirement from these sources, there are a oupd on 0 94 N nizations should receive the residue of your estate. 7. Put in writing details of your funeral arrangements. After you have taken care of these basic issues, you may want to consider a few other concerns. A will is more than a simple outline of the final distribution of property and effects. It is an occaâ€" sion to carry out your plans for financial support for people and projects that you have actively OAKVILLE CHAPEL Anne Knisley e Wayne Ross «e Carolyn Savage 109 REYNOLDS ST. 844â€"3221 Sometimes the little things make We think a funeral service should be a very special tribute to the life of a close friend or relative. a We encourage our 7 * families to share their ideas with us on * personal touches that might have significance for them. And we will arrange for them to become part of a most meaningful service. m Since 1914 a big difference. We encourage our families to share their ideas with us on personal touches that might have significance for them. And we will arrange for them to become part of a most meaningful service. number of new strategies that utilize the tax sheltering under section 148 of the Income Tax Act. In short, these strategies allow you to minimize your current taxes while maximizing the taxâ€"free transfer of capital to your beneficiaries upon death. C) Those who have assets in the U.S. This could include such things as real estate holdings or investment portfolios. The tax treaty between Canada and the United States has no offsetting mechaâ€" nism for estate taxes payable in the U.S. In other words, there is no tax relief on the Canadian Income Tax Act for U.S. estate taxes paid. This can result in douâ€" ble taxation on the same asset base which could cause a massive depreciation of your estate. D) Those who have interests in a busiâ€" ness. Those who have interests in a business the our : of vant as. iple n of ccaâ€" for and vely supported during your lifetime. It can also be the time to finalâ€" ly help those people and groups that you always intended to supâ€" port but didn‘t have the resources to do so. A Better Will Five important points will help you make a better will. A. Update your will If your financial circumstances have changed significantly as a result of purchases, investments, generally have more complicated estates but also have more planning options and opportunities. There are a number of issues that need to be addressed such as: taxation of the capital gains, business succession plans (who will run the business when I‘m gone?), shareholders‘ agreements and their funding, to mention just a few. the largest need for estate planning exists within this area, because in many cases you will have the largest tax bills as well as the highest succession costs. For those of you in this category, havâ€" ing no plans, or incomplete plans, can be disastrous in terms of of the taxes and other economic factors involved. If you fall into any of the above cateâ€" gories, there are estate planning strategies you can use today, that are tax favored, to help you address these future problems. inheritances, inflationary increasâ€" es, business growth. etc. you should reflect these changes in your will. How often you do this will depend on the wording of your original will and how significant the changes in your circumstances Certainly, anything that is not specifically detailed in your existâ€" ing will should be noted now. â€"B. Changing lifestyles and interests If you have not examined your will in a number of years, you may want to consider whether it adequately covers your current lifestyle, attitudes and interests. People realize that if they have retired or have changed occupaâ€" tions, or even if their family situaâ€" tion has changed, they may want to reconsider the terms of their Many people who could not financially support groups like Greenpeace to the extent they wish during their lifetime, use the opportunity of their willâ€"planning to consider a specific bequest or a percentage of the residue of the estate to support this good work. C. Keeping up: taxes and laws Each year federal and provinâ€" cial governments add, remove, and amend hundreds of rules and regulations. Some of those changes could affect the taxes you pay now, and in the future. There is no single or simple way of always keeping on top of those changes. The more detailed and involved the financial interâ€" ests, the more time and effort you will have to take to keep up with the changes. A simple will, involving a modest estate with clear instrucâ€" tions, should not be much of a problem. Other estates may involve complicated investment, (See ‘Talk,‘ page 13)