The Rural Voice, 1998-01, Page 34mik
• Mutual Funds
•GICs
•RRSPs
• Personal
Pension • Insured Plans IAMOND
Retirement Plans ° ' " ° " ` "
• Intergenerational Transfers
BRAD CUNNINGHAM
Im'estment Counsellor
130 John St. 519.356.2962
Atwood, ONT., NOG 1130 1.888.202.2233
year's bottom line." Insurance that
will eventually create investment
potential may cost a little more than
10 -year term insurance, but it won't
be gone with nothing to give back.
Many companies offer financial
planning seminars and these are a
good way to gain your basic
education about retirement options.
Since you're usually in a large group
there's not the sense of being
vulnerable to high pressure sales
pitches.
Speaking at one such seminar
sponsored by CIBC/MetLife last
Please join us at one of our upcoming seminars
Financial Planning Strategies
for Farm Families
INTO THE NEXT MILLENNIUM
Guest Speaker
Kevin Stewart
Stewart Media
Producer/Host of Family Farmer 1988-1997
Topics include...
' Alternative Tax Sheltered Vehicles
• Keeping The Farm In The Family
' Investment Strategies
' Tax Planning
• NISA - Strategies
* Segregated Funds
' Guaranteed Investments
Estate Preservation
Tuesday, January 20, 1998 - Delhi German Club
Wednesday, January 21, 1998 - Vacation Inn, Collingwood
Thursday, January 22, 1998 - Royal Canadian Legion, Hanover
Thursday, January 29, 1998 - Hensall Arena
Wednesday, February 4, 1998 - Tavistock Memorial Hall
Tuesday, February 10, 1998 - Atwood Hall
Above seminars will be held from 10:00 a.m. - 2:30 p.m.
Advance tickets only are available from your local
MetLife office or CIBC branch
Tickets cost $15 per person which includes a full course luncheon. Since
seating is limited, tickets must be purchased seven days before the seminar.
Sponsored by
CIBC MetLife
(519) 348-4797 (519) 271-2041
30 THF RURAL VOICE
year, chartered accountant Peter
Benson of John, Benson and
Brighton discussed the importance of
careful estate planning. "If there is no
other message you take from this
session, it is to start planning," he
told a large crowd.
Estate planning must deal with
meeting the retirement income
of the parents, the equalization
of inheritance for off -farm
children and any final taxes,
without leaving the farm starved for
cash, he said. There is a need to
provide funds for expansion to meet
changing needs; there needs to be
planning to pay off current debt.
There is also a learning curve
required before the younger
generation has the experience to be
as efficient as the parent.
Benson explained that on death,
you are deemed to have disposed of
all your assets and your estate will be
taxed on that basis. Farmers have the
benefit of a $500,000 capital gains
tax exemption per person. He urged
people to prepare to take advantage
Prepare to
make use of
your $500,000
capital gains
exemption
of that exemption bepause tax on
$500,000 is $175,000. For a couple,
this amounts to a $350,000 saving for
the surviving family members.
No matter whether you get
involved in other estate planning
ventures or not, all experts agree on
the importance of having a will. A
will, Rob Gamble, business
management advisor with
OMAFRA's Fergus office, told a
meeting in Shakespeare last year, "Is
about your responsibility to others,
the loved ones you leave behind." If
you die without a will, you can tie
the hands of your heirs and take lots
of cash out of their pockets and put it
into the hands of lawyers and the
government.
If you died without a will, Joan
Krantz-Sippel, a lawyer with Scott,
Krantz-Sippel & Brander of London,
told the CIBC/MetLife seminar, your
estate will be tied up and your assets
frozen until a court decides on the
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