The Exeter Times-Advocate, 1969-04-03, Page 14HOG
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Page 14 Times-Advocate, April 3, 1969
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EXETER 235.1273
GOOD CROWD AT FARM ESTATE SYMPOSIUM — More than
300 Huron County farmers attended a symposium on farm estate
planning at Centralia's College of Agricultural Technology last week.
Shown above are Don McArthur of the College staff who planned
the event along with the guest panelists, Douglas Eckel, C, A. of
Woodstock, Donald Hart, an Oxford County farmer, Guelph lawyer
Donald Coxe and Mr. and Mrs. Bill Morley of Usborne township.
T-A photo
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300 attend Centralia symposium Death duties can be considerable
Show concern for farm estates
Farm Union seeking
alternative on ballot
Farmers are concerned about
estate planning. About 300 farm
people and students attended a
symposium on this subject at
Centralia College last week,
Changes in the Federal Estate
and. Gift Tax regulations have
suddenly caused farmers to
realize that they have sizeable
estates. The program speakers
emphasized that most farm
estates can now be subject to
considerable death duties,
A new concept in taxation
has been established by the
revised tax regulations. It is that
each generation should
essentially 'start from scratch,'
The new regulations will reduce
death duties when the husband
or wife dies since there will be
no tax on transfer of assets
between spouses. But the rub
comes when the assets are
transferred to the next
generation on the death of the
last surviving parent.
Tax rates in this situation are
steep. Thus the need for estate
planning is important not only
to reduce death duties as such,
but to avoid putting an
intolerable burden on the next
generation and to make it
possible to keep the farm
together as a productive unit.
In many cases, incorporation
is the answer. It is particularly
applicable in this region of
Ontario with the large number
of productive, highly capitalized
farms. Incorporation has several
advantages. It can freeze part of
the farm asseta and thus control
the size of the estate,
It can facilitate the orderly
transfer of the farm from one
generation to the other. Other
children can receive shares from
the incorporated farm as their
portion of the estate,
Incorporation may cost $800 to
$1200, It will require an
accountant to look after the
records and file the tax returns.
But this can be an excellent
investment.
Don Hart, an estate conscious
farmer from Oxford County,
considers he needs three
professionals on his estate
planning team. These are a
lawyer, an accountant, and an
estate planner. The 3rd person
could be from a trust or
insurance company.
Written questions were
submitted to the speakers
following their presentations. It
was gratifying to see a number
of professional people attending
this meeting . . . lawyers,
insurance representatives,
bankers, etc. The symposium
was arranged by D. A,
McArthur, Head of the Farm
Business Management Division at
Centralia College.
Local president
congratulates Hill
To the Farm Editor
Dear Sir:
I wish to congratulate Mr.
Gordon Hill, Varna on some of
the statements he made at the
Can Crop banquet in Exeter last
week, He said that farmers
needed one orgariization of
which 1 believe we all agree, as
long as it is a farmer
organization controlled by
farmers.
As Mr. Hill says it has to be
aggressive and militant if the
need arises. But these two
necessities are not contained in
the proposed General Farm
Organization. These are two of
the points that the Farmers'
Union insisted upon in their
negotiations with the federation
of agriculture.
For the diversified elements
found in farming being held
together in one organization Mr.
Hill answered the question very
well and the union has proved
this very well.
The only reason why all the
farmers of this province don't
belong to the union is that they
are waiting for some miracle
instead of getting behind their
organization and making it work
for them.
I fully agree with Mr. Hill
when he said the only thing
standing in our way is farmers.
The only thing holding the
union back is farmers. The union
has the potential, all it now
needs is a good push from the
farmers to get real concrete
results.
Jumping from one
organization to another or trying
to form another new one only
tends fo confuse and divide
farmers. I hope Mr. Hill sees fit
to put his whole effort behind
the organization he worked hard
to build a few years ago and not
support the federated general
farm organization which can not
possibly work to the farmers'
advantage.
Yours truly,
Joe O'Neill
President, Local 174 OFU
RR 3 Lucan, Ont.
At a meeting held between
the Ontario Farmers' Union
Provincial executive and
Honourable Wm. A. Stewart,
Ontario Minister of Agriculture
and Food, the Union requested
that, should the Minister wish to
conduct a vote on farm
organization, the Union
members want Plan A, the
Union plan for one farm
organization, placed on the
Young
join church
By MRS. HAROLD DAVIS
KIRKTON
Twenty-one young people
became members of Kirkton
United Church, Sunday
morning,
They are Sandra Gurney,
Marlene Fraser, Dianne Grinney,
Norma Switzer, Roberta Neil,
Brenda Denham, Linda Switzer,
Shirley Switzer, Laurel Ratcliffe,
Heather Urquhart, Grace Paton,
Ruth Baillie, Brian Amos, Jim
Bragg, Bob Marshall, Sylvia
Paton, Barbara Ratcliffe, Brenda
Bearss, Brian Denham, Ricky
Scott and Fred Cowdrey.
PERSONALS
Mr. & Mrs. Wilbert Kirkby
returned from Florida, Sunday
and Mr. & Mrs. Earl Watson
returned home last Thursday.
Women's Institute sponsored
a progressive euchre in Aberdeen
Hall, Monday evening. Prize
winners were ladies, high, Mrs.
H. O'Brien; lone hands, Archie
Levy; men's high, Heber Shute,
lone hands, Allen Berry. Next
Monday night at the euchre in
Aberdeen Hall, all proceeds will
be given to Crippled Children.
plebisite as an alternative to the
Farm Income Committee
General Farm Organization Plan.
After much discussion Mr.
Stewart agreed that Plan A
differed from the G.F.O. plan
but he would not commit
himself as to whether he would
conduct a plebisite or put our
plan on the ballot if he did call a
vote.
It is strictly up to the
Minister if a vote is called. The
Union executive received
direction from all but one
district director to adopt Plan A
and oppose the G.F.O.
committee to prevent the setting
up of an organization that is
nothing but an advisory board.
It is the feeling of the Union
that the vote being called is an
expenditure of the farmers'
money to hold back farmers and
allow large corporations and
chain stores to get a firmer grip
on the agricultural industry. A
hold that cannot be broken.
FARMERS
TAX
SERVICE
Box 35 Lucan
Phone 227-4851
9 a.m. — 9p.m.
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The average Canadian farmer
feeds 45 persons.
PLAN FOR SINGLE FARM GROUP—At a special meeting held at the Usborne Central Schoo last
week, arrangements were made to hold a general information session regarding one general farm
organization at the Exeter Legion Hall on Tuesday April 15 at 8:30 p.m. Shown above discussing plans
for the upcoming meeting are Stephen F of A president Harry Sheppard, Huron's president Elmer
Hunter, George Smith representing the Farmers' Union of Ontario and Hugh Rundle, president of the
Usborne Federation. T-A photo.
Patz Farm Equipment
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