Page 12, Whitby Froe Preos, Wednesday, February 23.,1994 for seniors Have you made out a wiII? -By Cynthia Santin, CA (MC) You have worked long and hard to accunnulate your assets and you probably know what you want done with them on your death. But have THIS WE~EKOL1 o n1.& DSt RYE BREAD 'W' 129 7509 Lodf IReg. 1.75 Linui 3 haves per custonie HOT CROSS BUNS OR SW III BUNS Ol Re Lht 3 packagesper wstoi«o Ofer expr . eda ach ,19 130HpsStaWIb Dr. Robotnik Seqa Genesis you taken the next logical step? Have you made out a will? As any chartered account- ant will tell you, dying intestate (without a will) can be a taxing experience for your family and other heirs. Should you not have a will, your assets will be divided according to provincial law. Generally this means your spouse will receive a lump sum and the iremainder of your assets will then be FIFA Soccer Sega Genesis SORTLr VIDPEOGAME% SBUY -SELL 'TRADE -RENT -REPAIR Sonic Il Game Gear divided amongyour spouse and children. 0f course, al taxes must first be paid before any heins receive their due. Most taxpayers probably would not divide their assets in this manner on death. And they would certainly want to plan Wo reduce the tax bite as much asMsble. With a wilI, youdecdeexactly how your assets are to be handled on your death and ensure taxes are minimiz ed. ro a' * r L O Graund Zero Texas Sega CD Generally, y6u wil be deemed to hbave disposed of al your capital property immedi- ately before you die and tax becomes payýable on any capital gains realized, whether or not the property is actually sold. However, if your spouse or a spousal trust inherits the property, no tax need be paid since your spouse can inherit the assets at your cost. 0f course, the executor, executrix or administrator of your estate after death should ensure that enough of your assets are transferred at a value that u~ses up your remaining lifetime $ 100,000 capital gains exemption. If y ou. own shares ini a small business or have an ownership interest in a fiarig business, you. may be eligle or an additional $400,000 exemp- tion. This ldnd of panigis usuLaily only possible i you have a wiIll You must aise have a will if you want to leave assets to your children or grandchildren and retain some control over the assets after your death. This is usually done by 75tho SOth, -85th, 9Othq etc BIRTHDAYS or your 5Othq 55th, etc. We wiII publsh a last each month Mega Mon X Super Nintendo NHI.'94 Super Ninten( im-7r LiU~ 1~ '~ * -m 37 LSO R O1.]D SOUTH14.11i *e OSHAWA 1 434-8980 leaving the assets in trust to thesehen If you want to leave many kinds of assets to anybody other than.your children or spouse, a will is a must. Avoiding probate fees on death is becoming increasing- ly important as te provinces hike these rates. Generally, if you name an heir for your RRSPs, insurance policies and pension plan proceeds directly in the relevant documents, the funds do not go into your estte at death and, therefore, avoid probate. Similarly, if you own property with someone as joint tenant, the other person on the deed takes over the property without it going through probate. It is critical that you appoint a competent and sympathetic execufor or executrix k*ypur wiL.It is a time-consuming responsibility. You want to ensure the person under stands and respects your wishes. And once you have made out your will, do' forget to review it and Update it periodically. Your financial position will, undoubtedly, change over time, as may your personal situation. Moneycare is general financial aduice by Canadas> chartered accountants. Cynthkz Santin is a tax manager with Ernst & Young. Some common concerns of the mature patient include gum disease, sensitive teeth, decay around old fllings, exp o ots, 111-fing dentures. loseteeth, sores in the mouth and dry mouth. Gum disease can b. treatod by regular cleaning anid proper home care. Sensitive teeth or decay are treatble if corrected on tdrne. A dry mouth is the resuit of drug/radlation. therapy. chronic conditions, salivary gland changes, etc. Your doctor should be able to help you with this. hudntb neglected as they can lead to sores. Sores that clic not heai witin two to three weeks should. be examlned ta rule out oral cancer. Also, white patches, Iumps/swelings, numbness, etc. should b. treated with thle same caution. Regular checkups and maintenance of dentures, remaininq teeth and gums wilI keep the chewung efticiency required for good nutition. WE'VE GOT UT ALLI SEGA GENESIS e SEGA CD e GAME GEAR e SUPER NINTENDO e NINTENDO e. GAMEBOY - EA~* a r- :bý ---= CA COM USA