Prepare a will to YOU HAVE worked long and hard to accumulate your assets and you probably know what you want done with them when you die. By Cynthia Santin Contributing Writer But have you taken the next log- ical step? Have you made out a will? As any chartered accountant 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 remainder of your assets will _2 then be divided among your spouse ‘and children. Of course, all taxes “must first be paid before any heirs receive their due. . ‘*:Most taxpayers probably would not want their assets divided in this manner, and they would certainly want to plan to reduce the tax bite as much as possible. With a will, you decide exactly how your assets are to be handled on your death and ensure taxes are minimized, Generally. you will be deemed to have disposed of all your capital property immediately before you die and tax becomes payable on any capital gains realized, whether or not the property is actually sold, However, if your spouse or a spousal trust inherits this property, to tax need be paid. since your Spouse can inherit the assets at your cost. Of course, the executor, executrix or administrator of your estate after death should ensure that enough of your assets are trans- ferred at-a value that uses up your remaining lifetime $100,000 capital gains exemption. If you own shares in a smail business or have un ownership interest in a farming business. you ‘may be cligible for an additional ‘The comforts of the ‘THE INTEREST demonstrat- ed in The Ergonomic Office at he’ recent, Window 48 $to-20-as part of the 10th Annual Pacific Rim Computer « Communication and Business: Show; confirmied that all is not vell. inthe computerized office. ; ‘North Vancouver’s home-based 7 ‘business,’ ‘The Ergonomic Office, "was. one of more than 50 home- ‘based businesses sponsored by the: “Ministry of Small Business, Tourism, and Culture selected to -exhibit ‘their’ computer-related pro- ‘ducts:and:services at this high pro- ‘file trade and consumer show. Sa SThe response -was far. greater than’ expected,” exclaimed Joan Hunting, president of The Ergo- nomic Offi icc.’ on’ ‘Busiriess Show, held from-Jan. She went on to say that “people want to know what they can do to make life more comfortable for themselves at work.” Hunting found that interest in making the office environment safer and'more comfortable came from not only employees but also from employers who realized that ‘the release of the new Workers Compensation Board (WCB) regu- lations on ergonomics will affect their busine: _Hunting’s company provides workstation assessments to individ- uals and to corporations, in-house training. workshops, and public - seminars on creating a healthy working environment. Her idea is to create a “win-win” Situation where the. employer “wins” with increases in productivi- ty and decreases in the costs associ- ated with absenteeism, WCB claims, and staff turn-over, while : THE FAGT 1S, OVER $00 PEOPLE PER WEEK ‘ARE CROWDING INTO THE LAST. REMAINING SPACE AROUND GREATER VANCOUVER, B.C. By pooling capital with up to , 300 other Partners to purchase » prime land, you may profit substarcially up to 12 different ways ang contribute any portion of your investment to your RRSP. * A Seminar by HOME EQUITY LAND DEVELOPMENT INC. at Lonsdale Quay Hotel, North Vancouver WEDNESDAY, FEBRUARY Sth 7-9 a.m. Sponsored by C.M. OLIVER & COMPANY LIMITED Reservations or Information Call 698-6849 Riz Alikhan "The foregoing docs not constitute an offer to sell, nor the solicitation of an offer to buy, a security, which may only be made by offering memorandum to sophis- ticated purchasers where qualified by applicable laws. . Based on $25,000 subscription, with $6,250 down, $18,750 pre-approved . financing at $236 per month - available to glf investors, our assets $400,000 exemption. This kind of planning is usually only possible if you have a will. You also must have a will if you want to leave assets to your chil- dren or grandchildren and retain some control over the assets after your death. This is usually done by leaving the assets in trust to these heirs. 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 increasingly important as the provinces hike these rates, Generally, if you name an heir for your RRSPs, insurance policies, and pension plan proceeds direcily in the relevant documents, the funds do not go into your estate at death and therefore avoid probate. Similarly,if you own property: with somcorie as a 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 execu- office life the employees “win” with more comfortable working conditions. Office heulth and safety is a con- cept whose time has definitely -f come. : oe H] im v * lor or executsix in your will. {tis a time-consuming responsibility. You want to ensure the person under- stands and respects your wishes. And once you have made out your will, dont forget to review it and update it periodically. Your financial position will undoubtedly change over time. as may your per- sonal situation. Cynthia Santin is a tax manager with Ernst & Young. OMEN! HOME USE PROFESSIONAL STOCK MARKET ENQUIRY AND REPORTING SYSTEM FY, CABLE TO P.C. Tek: 685-3171. NEXTWAVE BROADCAST CORPORATION TPN ALTERNATIVES? Pivage Cafl: The North Shore's only Full Service hwestment Firm 981-6600 RBC DOMINION SECURITIES MEMBER OF ROYAL BANK GROUP You are innocent Until Proven Guilty. 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