“a. tax

"= glamorous,”

: TTIW LIAR BITES ES NL LN OE

lave fr

THE WORST — “but most
fun” financial) move
Lynne’ MacFarlane ever
made was to invest $2,500 in
shelter involving
- Arabian race horses.

' By Mike Grenby
:, Contributing Writer

“They sent engraved invitations
to their meetings, special people
were. flown’ in. — it was all very
said _MacFarlane, co-
author. with Betty Jane Wylie of
. Everywoman;'s Money Book (Key
“Porter, $19.95). “But it got far too
“glamorous. and’ eventually col-
-lapsed. I got a tax break one year
but then lost my $2,500, .

“If one of my clients had done |

ity] would have: said, ‘Come on,
now.’ But it-was fun while it last-
ed. ” . hh

“And fun’ is also important in:

your day-to-day finances. ;
; “Everybody needs some mad
money,” she said, “money you can

spend and not have to account for. -

If you’ see a $22 bar of soap you
would really” like, ‘buy it — even

could save

a Ge
Li & i

rT t
though your first inclination is that
money should go toward new

ae

. clothing for the kids. But just do it

once.”
MacFarlane, a former stockbro-
ker. who now is a semi-retired
author, commentator and fee-only
financial’ planner, stressed the
human side of managing money.
““Our best financial. move was

taking over the mortgage on our:

daughter and her husband's home.
We don’t charge them interest —
sort of an advance on their inheri-
tance... They have
From:a financial point.

we now

. have less investment income and so

pay less tax.”

MacFarlane said you could con-
sider this strategy as a way to lower
the final tax bill on RRSPs or
RRIFs at death, when there is no
spouse (or dependent child) and so
no tax-free rollover of the money.

You give up some investment
income, but the family as a whole
quite a bit of income
tax.

MacFarlane's financial tips,
aimed at women but which can also
have relevance for men, include:

* Own the insurance on your part-

_her’s life. Then if you split up you

more security. .
_* Have your executor live

ce) v © Pin saean
ia bes pene va @ "

‘alee cal iy

funds

can still keep the policy.in force (as
backup for support: payments, for
example, which otherwise could
end on death).
* Have credit and evsuit ecards in
your own name. H everything is in
your purtner’s name and he (she)
dies. the credit and cards will be
cancelled and you coutd be stuck.
* Name an individual rather than a
couple..as guardian for your
child(ren). Otherwise, if the couple
splits up after you dic, there could
he a court battle over who will get
your kids.
near
where you are likely to die, to min-
imize travel and other costs (which
the estate would have to pay).
Mike Grenby is a North Share-
based columnist and independent
financial adviser who works with
dadividuals;. he will answer your
questions in this column as space

“allows — write to him clo 2444

Haywood Avenue, West Vancouver,
B.C. V7V TY].

i, PERSONAL ee

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