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I I ^asiirt.'CT.tti i . „ J ■.■mrjs/vy instuiEu ,14 e.sMarvaa 1, I \* Page 18 The Clarington/Courlice Independent. Bmvmanville, Saturday, December 26. 1998 The Basics of Estate Planning Willi the aging population, population, estate planning is becoming a topic on many people's minds. To begin, let's look at examples of what estate planning is not. (1) Having a pension plan at work. (2) Having a will and power of attorney (done 20 years ago). (3) Marking assets to be given away on death. (4) Owning assets in joint names. Each of the above examples on their own do not constitute estate planning, planning, but they each play an important part in the overall overall estate. Estate planning can best be defined as a Budget For Life and Death. Since each individual individual is unique, each estate plan is a unique set of strategics that arc implemented implemented to meet the needs of the individual during his/her lifetime as well as at death. Therefore, everyone everyone no matter how young or old, should have a basic estate plan. From this basic plan, any changes and complexity can he factored factored into the plan, making the estate plan a living document. To properly structure a plan, an individual individual should consult the following professionals. Financial Advisor - Will assist in the design of the estate plan to meet the individual goals, both financial and personal. Further, the advisor will coordinate the advice given by other professionals. professionals. Insurance Broker - Will structure an insurance program that will meet financial goals such as tax liabilities on death, pro- bale Ices and planned giving giving (charitable giving). Tax Accountant - Will provide tax planning which will reduce the overall tax burden. As well, the tax accountant should be consulted on settlement settlement of even the simplest simplest estate. Estate Lawyer - Will draft the legal documents required including wills, power of attorneys and trusts. Banker - Will design suitable money management, management, loans and mortgages as required by the individual. individual. Funeral Director - Will arrange a funeral and organ donation as well as set up a trust if prepayment is required. An individual using these professionals will eliminate overlapping and conflicting advice, reduce costs and should accomplish accomplish the following objec tives. 1. Provide security for individual and family throughout their lifetime; including retirement. 2. Deal with the immediate immediate details. 3. Proper distribution of estate assets. 4. Provide a mechanism for regular review, consultation consultation and adjustment. 5. Provide peace of mind for the family. Estate planning is an ongoing process which becomes a budget for life and death. Today's contributor is Denis C. Beaulieu, a member member of CEPC. He can be reached al I-800-995- 9514. Disclaimer - No reader should act on the basis of any comments contained in this article without obtaining professional advice from his/her own advisor(s). \ 4 tjjp; For a Good Cause Students from Wavcrlcy Public School in Bowmanvillc gave generously to the Salvation Army's Christmas Appeal this year. Helping Salvation Army Lt. Doug Stevens load up the donations arc students Kandra Black, Lisa Fogg, Steven Pollard, and Kyle Preston. :■>; V'>7' :,v. rÿ.iv ""v.: ,>■ wM'-W Mir r / . P f : v.s- ttltt w Y JKSSEHkbb J > ' ' L. X *! . Si1 Management, Staff and Employees of GOODYEAR Engineered Products Bowmanville Plant