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Page 8, Whltby Free Press, Wednesday, November 30,1994 whate esnes Most Canadians are aware that deeth may trigger varjous forais of tex and other costs, reducig;teir estate substantially. However, many don't realize thiat with proper planning, most of the mjr"deeth taxes" may be delayed until the death of th e surviving spouse. Therefore, this coluain will relate to a single person or te a "second death" situation in the case of couples. For most people, serious estete planning doesn't get started until the mortgage is paid, the kids are finished school and investments have started to build. By this time you are probably in your fifties and your focus starts te shift from "body et work" te retirement and "money et work." It's naturel that youll want your money to work as hard as possible for you. In retirement, the most important consideretion is te provide a lifetime income for you and your spouse. In addition to company and goverament benefits, you need to take an eccurate nventory of your assets (registered and non- registered). It's also important te deteil which of these assets can produce income (and when) and which cannot (such as a personal use cottage). Regardless of your relative wealth, it is inevitable thet you aise begin to consider what will heppen te your estete et your death. Once you have satisfled your need for income, two main concerns arise: estate liquidity and estete preservation. Simply defined, estate liquidity means having enough l q md assets available to pay ail liabilities triggered at death.Tis includes funeral costs, household expenses, le gai fees, income taxes, etc. Although your estate may be significently reduced by these liabilities, et least you are not leaving a financial or administrative burden on your heirs. On the other hand, estate preservetion means that you would like te keep the full value of your estete for your heirs, net of aIl liebilities, including taxes. Obviously you would have to have additionel liquid assets et -deeth te equal the liebilities. Whether you need liquid essets te, provide estate liquidity or estete preservetion, life insurance may become a cost-efficient solution (providing you are heelthy enough te obtain coverage). So how do you figure out what the costs of settling your estate might be? My-best edvice is te contact e good financial planner and go through the deteils with them. On the date of your death (if single, or lest deeth if a couple) you are deemed te have disposed of ail your assets et fair markp't velue. Thet meens aIl RRSPs/RRIFs become taxable. Capital gains will have te ho celculated on any reel estate holdings (including cottages), and except for your principal residence, ail stecks, bonds and mutuel funds. Other common liabilities include probate fees, legel and accounting fees, executor/trustee fees (if net done by family member) and funeral expenses. If y ou own a business, farm or other kinds of investments your affairs may be even more complex. You cen cio e lot te control and reduce the costs of settling your estete. Plan for expenses et your death, including debt repayment and funeral expenses. Arrange your assets se they bypass probate where possible. It mey ho worthwhile te pey some taxes now by gifting some essets te your heirs or e trust for them. Derek Dutka is an independent lî»nancia planner ;dtb Financial Concept Croup in Osha wa. Network g roup to meet The Business Networking Croup of Whitby will hold a breakfast meeting et Merigold Restaurent in the Whitby Mal from 7:30 te 9 a.m. on Tuesdey, Dec. 13. Admission, which includes breakfast, is $10. Guest speaker will ho Deug Malcolmi, on the tepic 'Bringing Balance te Your Life.' Ail owners of home-based businesses are welcome. For more information or te reserve a space, cali Sandi et 433-1246. HARLOW ModeVlmage Centre president Viveca Rupa poses with the plaque desig- natinq the Whitby business 'Agency of the Year. Harlow models also won 24 indivi- dual awards at the Great Lakes model and talent competition held Nov. 9-13 in Cleve- landOhio.Photo by Mark Reesor, Whitby Free Press Kassinger receives top award Prominent association meai- hors and outstanding end innovative housing projects in Durham'Region were recognized et the flrst annuel ewards evening of the Oshawa-Durham CIM holds registration The Durham Branch of the Canadien Institute of Management, a non-profit educetion program, is holding winter termi registration and cereer counselling night on Monday,- Dec. 5 et Durham College in room C320, hotween 5:30 te 6:30 p.m. The institute's courses prepare current and aspiring managers te contribute directly te their employers' bottem-line profltability by ensuring a well-rounded background in the Most current management theories and practices. Members of the branch executive will ho on hend te answer questions froai prospective students. Anyone interested in the progrem but unable te attend may celi (905) 723-8505 for further information. Home Builders' Association on Nov. 25. The association initieted the competition te promote housing design and excellence within the ODHBA memhorship and te, the home-buying public. During the egae wards evening, held et Lé Gaie in, Whitby, three major awards were presented, one for sales and .:ierketing and two in recognition Of outstending mnemhor contributions. The big winner of the evening was H. Kassinger Construction LUI. which received the 1994 sales and marketing ewerd in recognition of the Most outstanding presentetien of a new residentiel community by a member of the association. Kessinger previously won the R-2000 project of the yeer eward ftrm the Ontario Home Buil ders' Association. Marie Veltri wes presented with the 1994 community service awerd in recognition of an eutstanding contribution te improving the quality of life in Durhami Region through velunteer activities and contributions. Alex H-illebrand, another past president of ODHBA, was presented with a life membership in recognition of over 15 years of meriterieus service te the Oshewa-Durham Home Builders'? Association. Kassinger is elected president of association Stephen Kessinger, president of H. Kessinger Construction Limited, was elected president of the Oshawa-Durham Home Builders' Association et their annuel meeting on Nov. 15. His father, Hermen Kassinger, was president in 1961 and agein in 1971 and his brother Michael president in 1973. In hie new role, Stephen will ect as media spokesperson for ODHBA. He cen ho reached et 905-728-7583. I I Want a pleasant surprise next April?, Se me now for year-end tax planning. Cail to set up your free meeting. How much wiII it cost when I die? ,Financial Serving Whitby and Oshawa Since 1986 Conc--t DEREK DUTKA 579-7777 Group Finaricial Concept Corporation is a licensed Mutual Fund dealerý F C.G Securities Corporation is a licerised Securities dealer