ek. LEARN fom your children and feed a piggy bank of a different sort to finance thelr post-secondary edu- cation. it’s never too early to start a Registered Education Savings Plan. Get your k CONGRATULA- TIONS to us all! We made it to. Y2K in one piece.” While .we all know -what « °¥2K means, maybe this spe- cial year the K should stand for Kids. It’s a good time to ‘put kids at the top of our. “priority list. There are, of course, many. ways we can do this to help give them a ’ better start in life. . 71 One surefire way of help- - ing them is to save for their “. post-secondary education. These days everyone knows how important it is for our kids “to get post-secondary “education so they'll have a ‘head start in the competitive :job° market. Whether your child. dreams of being a cook or a test pilot, post- secondary education will play':an- important role in realizing his or her dreams. Now it's also true that we all have a range of finan- cial obligations already, ranging from rent or mort- gage payments to car loans and credit card payments for the new snowmobile. So how can parents save enough money for their child’s post-secondary edu- cation? One of the best ways is by taking advantage of the Canada Education Savings of © Canada grant was intro- . Grant (CESG). This Government duced in 1998 to provide direct financial assistance to Canadians who contribute to'a Registered Education Savings Plan (RESP) for a -child’s future education. It’s. really quite simple. For every dollar you con- tribute to an RESP the ’ Government of Canada will contribute an additional 20%, to a maximum of $400 RATE WATCH " - GIC Rates-GICs, RSPs, RIFs, LIFs - Monthly Income on $50,000 Investment ae RATES SUBJECT TO CHANGE WITHOUT NOTICE cc AGUARD 3 investmonts inc. Securities Deaier ic an educat per year, per child (some restrictions apply for chil- dren aged 16 and 17). Equally important, per- haps, is that anyone can contribute to an RESP, including family members such as grandparents, aunts, uncles — even friends can make contributions (maybe as a birthday gift?). Here’s an example uf how individual RESP contribu- tions, combined with the Government’s grant, can really add up over the years: Rick and Diane have a three-year-old = daughter named Hayley. They're determined to save for her education. If they put $10 into Hayley’s RESP every week their annual savings will total $520. This invest- ment will also earn a $104 Canada Education Savings Grant each year. If Rick and Diane contribute at the same ASK US ABOUT: => RRSPs, RRIFs, LIFs > GiC’s/Term Deposits => Self-Directed Plans => Annuities > Life insurance => RESP Programs => Mutual Funds/Seg Funds 1205-675 W._Hastings St. Vancouver 688-9597 401-100 Park Royal S. West Vanc 925-3101 www.solguard.com : Building better retirement incomes since 1974 25 years‘ experience in investment, retirement and estate planning on grant rate for 14 years they will continue to earn CESG money in addition to their own Savings. If all this money grows at 5% a year, Hayley will have close to $12,500 to help pay for her post-secondary edu- cation. And of course, this ~ amount will be even higher if other relatives or friends also make contributions to her RESP. So there it is: saving for your child’s education by tak- ing advantage of the CESG is probably one of the best Y2K resulutions you can make. Yo obtain a Canada Education Savings Grant (CESG), your child must have a Social Insurance Number. For more information on the CESG, please cail toli-free 1-888-276-3624 or visit the Web site at co! Alzheimer’s will require a family financial plan Garth Turner Contributing Writer AT the time her husband first spoke a sentence that made no sense to her, I am sure my mother had absolutely no idea what was coming. But three years later, he was living in an Alzheimer’s facility with locked doors, 24-hour care and a tab of $6,000 a month. Compared to many couples they were lucky, with his pension as a former educator. But teday most Canadians do not have corporate pensions, and the number of families who will have to experience the bur- den of Alzheimer’s is set to explode as the population ages. It cer- tainly is prudent to prepare. In fact, it is absolutely essential as the prevalence of AD will triple over the next three decades. While the course of the disease varies for each individual, the results are almost always the same, as this brain disorder robs memory, the competence to do everyday tasks and ultimately the very ability to care for yourself. It ends up in complete physical dependency along with dependency on others to make financial decisions. The burden on caregivers and family members is huge. Without any preparation, at a time when pensions are eroding and life expectancy is shooting higher, AD can destroy an entire fam- ily unit. And in the future, as our aging population vastly increas- es the burden on the public health care system, more and more AD care will have to take place in the home and private facilities. Here are some key points to consider: . B There is yet no cure for Alzheimer’s Discase, so a diagnosis means certain key actions must be taken. Is there a will in place? How about powers of attorney, especially for personal care and | financial decisions? Is insurance in place? Have you considered gift planning or business succession planning? Do these things while rational decisions can be made. - B The progression of AD is well known, so plan for it. Consider how the course of AD will impact your family over the coming years, First there could be some in-home care, meal deliveries and counselling, followed by day-centre care and ultimately institu- tional care. Along the way you should have the help of a profes- sional financial advisor to plan how each stage can best be han- led. @ Anticipate changes, rather than just react to them. Finding the right institutional care could rake months, or even. years, so start that process early, as emotionally difficult as that is. Consider how the costs will be handled. Is there real estate that can be sold or mortgaged? Investments that could be liquidated? Business assets that can be sold to partners? Weigh all the options, before you are forced to act. . tn Wi Today AD ends with death — a reality that research may | * change in the future, but which an Alzheimer family must deal with now, Work with a professional advisor to achieve the best: possible level of care for the person with AD, and yet ensure the - family finances are sound enough to enable a remaining spouse to - live in comfort, or children to get a university education. The - spouse of a person with AD must be named as beneficiary on all RRSPs and RRIEs, for example, to ensure tax-free rollover of those assets. And make sure any annuity or reverse mortgage pay- ments continue until the passing of the surviving spouse. Garth Turner is a bestselling author, brondcaster, entrepreneur. and volunteer for the Alzheimer Society of Canada. Garth's father, Archie, died of Alzheimer Disease. Internet: .. . For information on Alzheimer Disease: -