Andrew S. MacKay ~. (604) 643-2102

Roger M. Bourbonnais (604) 6422115 |

Hong Kong

Suite 500-221 West Esplanade.
North Vancouver, B.C. v7 33
Fax: (604)988-1452 ©
‘emai law@ratcliff. com

arranged to’ avoid’
» Others may. be. highly taxed, -
some may not be taxed at all.

HOW can you effec-
tively organize a sound
estate plan, a function-
al financial plan, and a
“sleep tight” invest-
nent plan?

* ‘The answer, according to
‘Roger Latta of North
Vancouver-based Latta
Financial Group, is to know

“the difference between the
‘three'-and find a suitable “

expert in each area.

Estate planning
The

answers to estate planning fill

numerous volumes of techni-

cal and practical. books. The
internet is full of suggestions,

‘recommendations, and self-
” help programs. Digesting the
- information and applying the
correct . solutions . requires

‘knowledge and focus.

Any plans for an individ-

“ual’s estate must encompass

disposition upon death or

while living, and the manage- -
“ment of the estate while alive

and afier death.
The.**. discussion

effects, RRSP's, cash, and

._ investments. Each ascet must
be assessed for tax ¢ sure

and micthod of control.

. Some assets may not pass’

by - will. Some may be

robate,

questions and oe oerre
“’ ROGER Latta: of North

: Group.

.. assets.

“ * must -
include: all. assets, suchas
business,” homes, ° personal -

Van's - Latta’: Financial

Some. assets. may avoid tax
while the individual is living
..and . be. taxed’ upon. their.
» death. Other assets may. be

the reverse. ©
Financial planning

This ic the mana eqwent, | .

while living, of. all financial

ownership, taxation, flexibili-_-

ty, liquidity, ‘income, yield,” .
and Icgal structure ‘all com-
bine. to make wpa sound

financial plan."

'- Income-producing -
: assets, capital value assets,

science — and whatever is
. projected will probably ‘not
occur.

One of the key features of.
a financia! plan, then, is that
“ie must have flexibility.
Investment planning |

Quite ‘often, this is- the

program which people start

first.. It should eventually

evolve into an estate plan and

a_financial plan, and should |
therefore be flexible enough:
» to be modified wi thout losses
or heavy costs.

An investment plan mist:
include. all investable assets
and all fixed assets. Particular ..
“ attention . must “be; paid to
assets, that “will have. capital -.
growth, and” that ‘may : be"

~ used as leverage but do not

» attract - income tax. as they -
grow.

2 Canada is a 2 highly: taxed »

. “economy, so careful attention *
‘ naust: be: paid-to all. the tax -
issues of. investing if. | maxi-.
“mum yields are. to “be
enjoyed.. -

The: culmination’ of. the
investment. plan’ is the inte- -

gration of an. RRSF. with .
company . assets, . personal
assets, . pension. funds, and

Latta says a gi ood financial ;

: pla can best be described

a what fits most comfortably
between the client’s ears.”
-He, says there® are two -

i things’ to” remember . about-
Saancal planning: it’s not a

* process. Capital gains, ‘divi-
dends, ‘interest income,’ ‘and
‘ pension income. must ali be
carefully tuned.

* financii

‘as CALU,
: cial planning « council.

- Latta’ says in cach case you

Should find people who can

“understand . and- communi
cate your wishes and require

“ ments, work confidently an
. comfortably with your. char
“tered accountant ‘and’ your.

lawyer, and whom you. could :

_ comfortably : introduce to:

your family.”

A qualified estate planne
should: have | ‘multiple. desig.
‘nations: CA“ (Chartere:

‘ Accountant), . CLU (for: life

insurance); CHEC *(

- plan ning), and CEP (
planner} i

+ The individual hould

preferably be a member of.

estate p anaing group,’‘such

STEP, ora finan:

: A financial planner should
have’. such « designati
CA, CEP, CFC (Chartered