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HomeMy WebLinkAboutThe Citizen, 1998-08-19, Page 8NOTICE TO THE TAXPAYERS OF THE TOWNSHIP OF MORRIS The Second Installment of Property Taxes is due Friday, September 25, 1998 in lieu of August 21,1998 ESTATE ORGANIZER * use this form to list your assets and advisors * reduce the workload for your executor * increase your peace of mind Call for your free copy Linda Henhoeffer Chartered Financial Planner (519) 335-3887or 1-800-667-3887 'Investment Centre Estate Planning Organizing our Affairs By Linda Henhoeffer Chartered Financial Planner When we are at our lawyer's drawing up our wills, one of the key questions asked of us by our lawyer is, "Who do we wish to appoint as our executor of the will?". Most of us consider several possibilities, such as our children, our parents or a close friend. And then we give our decision little more thought as we get on with our busy lives. But, do we really understand what we are asking of this person? At our death, our executor takes over the control of our financial affairs and has the responsibility of their care for the maximum benefit of our beneficiaries. Being an executor of an estate is not an easy job. It is time consuming and demanding as the executor has many responsibilities and challenges. Gathering our Assets One of the first tasks faced by the executor is to make a list of our assets: real estate, investments, bank accounts, personal loans, savings bonds, etc. Imagine the difficulty and frustration our executor will have of determining where all our bank accounts are located? Will our executor worry that he has missed a bank account? Will our executor have to spend tedious hours of going through our investment statements trying to fit all the pieces of our financial puzzle together? Working with Other Professionals Our executor will have to work with several other professionals to settle our estate. The obvious professional is, of course, our lawyer. It will require close co-operation and teamwork by the executor and lawyer to wade through all the legal requirements: for example, the probate process and sale of our real estate property. If there is property involved, such as our home, cottage, or business, that must be sold to settle our estate, then our executor will need to hire a real estate agent. Our accountant will have a very important job in carefully filing all of our final income tax returns. Revenue Canada has tax deadlines and procedures to follow. Missing these deadlines may cause an increase in taxes due and even interest penalties. Our financial planner also plays a key role in settling our estate. She is there for the executor as a consultant and a source of information about our investments. She will be very aware of our wishes for our assets and can assist our executor to understand the instructions in our will. Paying the Bills Our executor has the authority and responsibility of paying our bills. Funeral and burial costs need to be paid immediately. Our usual living expenses, such as hydro, heating and property taxes, all continue after our death until our home is sold. Revenue Canada will demand payment of income taxes due by a specific time. And of course, there will be fees for services by the real estate agent, lawyer and accountant. Life Insurance as a Solution One way to address the need of our executor for cash to pay all of our bills is to have a life insurance policy to cover estate costs. Life insurance has the added bonus of NOT being taxable to our estate! So, our life insurance policy can provide our estate with cash to pay our bills without adding to our tax problem. Organize our Assets So, our executor has a very time-consuming and challenging role to play in taking care of our estate and distributing our assets to our beneficiaries. Let's be helpful and thoughtful by organizing our finances. Let's make a list of all of our assets, investments and advisors. And let's start today! to ELEMENTARY TEACHING STAFF and MEMBERS OF ELEMENTARY SCHOOL COUNCILS The Ministry of Education and Training has recently released new Ontario Curriculum Documents for: Health and Physical Education, 1998, Grades 1- 8 The Arts, 1998, Grades 1 - 8 Frerichas a second language: Core French, 1998, Grades 4 - 8 These documents will be distributed to all schools in the Avon Maitland District School Board on or before Friday, August 21, 1998. They can be picked up at your home school after that date. John F. Patterson Interim Director of Education Mon Maitland Learning for a Lifetime Abby Armstrong Chairperson FaBctoriClearance OVA WATCHES 1 / 2Price Anstett Clearance Outlet 10 & 14K GOLD CHAIN 1 /Price DvC — — DIAMOND RINGS AT MAJOR REDUCTIONS WAS NOW R4718-31R .31 CT 1495.00 883.00 R4722-41 .41 CT 4550.00 2685.00 SAVE $$$ 8 Albert Street 482-3901 Clinton PAGE 8. THE CITIZEN, WEDNESDAY, AUGUST 19, 1998. Basketball's Vercruyssen calls it quits Midway down the road between Brussels and Belgrave lives Huron's basketball star. Ron Vercruyssen, 30, the coun- ty's best basketball player and only one to have gone professional, decided to call it quits this spring. Originally from Seaforth, Ver- cruyssen led Seaforth District High School's Golden Bears to win the OFSAA A championship back in the 1980s. He then received a full scholarship to St. Joseph College in Philadelphia. The college's team, The Hawks were a NCAA Division I school and competed in the Atlantic Conference. After learning he wasn't drafted by a National Basketball Associa- tion team he decided to go to Europe to play. In Belgium, he played profes- sionally for six seasons in the coun- try's Division I. In his first four years he played for Aalst where he was "Rookie of the Year" in 1993- 94. During his four years with Aalst, the team reached the semi- finals on two occasions. In his fifth season he played for Chaleroi and the team went on to win the Belgian championship. They also competed in the Euro- pean Cup, which meant travelling all over Europe, from Moscow to Tel Aviv. His final season was spent playing for Antwerp and meeting Chaleroi in the finals. In Europe, each team has a 10- player rooster. Only two players on the team are allowed to be from outside Europe. Because Ver- cruyssen's father is originally from Belgium, Ron was able to play as a Belgian. In May, Vercruyssen decided to retire from the professional game after the constant travel required to compete and the ugly politics involved in the sport started to interfere with his family life. Vercruyssen and his wife Jacqui, who is originally from St. Cather- Continued from page 7 Brussels three runs. However, in their first at-bat, Chris Corbett tapped a single to bring in Cory Chapman and Steven Ropp. Belmore earned two in the sec- ond before being shutdown when Mike Keffer made a great catch in centre field then ran in to get the runner at second. Brussels blasted it open with seven runs in the second, six in the third and three in the fourth. ines, now have a lawyer working on a pending court case involving a contract matter in Belgium. The couple decided to return to Huron County this spring with their two young children, Brooklyn and Ronny and enjoy a calmer family life. Vercruyssen has already started a new project with Paul Menary, for- mer teammate and current SDHS senior boys coach. They created a co-ed basketball camp for youths, ages 10 to 14, which runs this week in Wingham from Aug. 17-21. Hoping to address the lack of basketball training for youths in the province, Vercruyssen is excited about the basketball camp in Wing- ham. The camp is open to all inter- ested players in midwestern Ontario. Depending on its success, addi- tional camps may be established next year. There is interest in the Ropp belted a homer and earned three RBIs, Claire Mastnak, Ropp and Kyle Gibson struck for triples. Brussels was victorious, 18-5. In the second match-up, Aug. 14, Brussels ousted Belmore from the Mitchell and Stratford areas. A towering 6' 11", Vercruyssen left the family farm to play centre professionally. As a defensive play- er his strength was in blocked shots and rebounds. His fans nicknamed him "Air Force One" after he came off the bench and made three quick dunks in this year's semi-finals. His nickname doesn't surprise Terry Johnson, who has been a local basketball coach for the past three decades. Johnson said Ver- cruyssen has gone the furthest in the game and might be the only player to have gone professional from the county. Another basketball expert from the area can't remember any other players from Huron who rose to the heights of NCAA Division I, the way Ron did with the St. Joseph Hawks. After six years of professional Continued on page 15 playoffs with a 9-3 win. Corbett and Chapman smashed homeruns; Gibson slugged a dou- ble and singles were hit by Chap- man, Corbett and Keffer. Corbett and Gibson shared pitching duties. Mites topple Belmore