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WATERmmm-Wednnday. lul'y 15,2009- is ’ A plan for the cottage can save your family a t h d h hinking about handing over Instead of leaving the property tax-free and can be used to cover your overall financial plan. too. In testers Group Financh Services I the cottage? lt mum be 1935 as a bequest in your will. you can capital gains and/or any other Your professional advisor can Inc. presents general information “taxing" they» days. transfer cottage ownership to your estate taxes â€" so your executor help you make the right Choices only and is not a solicitation to buy Your vacation kids now, Either as won’t be forced to sell your cottage for your personal situation. or sell any investments. â€" property has aim,“ an outright gift or by or any other assets to pay taxes. Contact Russ McFadmie (”MT- bfl." a prime place \ l \‘\ l \ . selling it to them. Your family cottage is an ly at 519 886-2360 ext 241 or for family fun and . _ . The transfer will important pan ofyour life. no email him at twilmceachnie enjoyment. .\l ( ).\ l\ trigger an immediate Make it an important pan of This column, written by @inuestorsgroup.com. And you want it capital gain but the to continue to be ,- "a property will be val- \ your family's happy ' "95; ued at the current f , g f: gathering place for t" reduced market » f " " many years to come . level, which could J i ‘ ' 9 57 x, â€" even after you ' ' save a significant lg _ 00 5; i”;- are gone. g. ' amount oftax. OWN ”99 '2 ' y ' "T F ' lfyou're consid- ' " If you are going to f‘i - ering ways to make ‘ sell the property to ' fi'f‘i, 5' the transfer to your your children, be ‘ -°“" 1 children, this cur- sure to sell it to them rent economic for fair market value. downturn could When you trans- - . - actually be to your fer a property to a mm. while this offer IS tax advantage. that her. you will be is. deemed to have received fair mar- ' ket value even if you actually I‘ The costs of capital gains receive much less than that on the i jig-56! 33m q»,- When you die. your assets can 58h?- '- ‘ if?" ' ' usually be passed to your spouse That means that you will still \\ ’~ " ' i t a» or commonâ€"law partner without have (0 pay tax on the capital gain m . ._ t? . incurring a tax liability. regardless of whether or not you ' .7 , «fig, ., But if you leave capital assets â€" have received any 535“ . " 45 731.35 such as your cottage â€" to anyone A150» selling a property for less it “a at 5'- else, including your kids. you're than fair market value can actually \ "- "b . ' g,“ . deemed to have disposed of those result in some double taxation. so 5733.5? 3; “$1" J "if . capital assets at fair market value. Speak to your tax SPCClallSl before "7? f} Vibe *' . <3 5: 5" ff . If your cottage property has transferring the property. . . ‘w 1." ‘ m a appreciated in value. your estate lf you want to Spread out the 7 , ‘I ' A: - ‘ could be hit with a significant cap- capital gains tax (and make the , s'- ’ . , ‘ " ital gains liability. payments more manageable for ' ' f . ' ' , v' M if you leave your cottage to your children), consider making "it. . a.“ if» your children in your will. you the payments payable over a five _“' ». , ' a,” w 45 , have no way of knowing how year period and claiming the capi- 5" “f l - “if. m d a“ much of a tax hit they'll take â€"- ta! gains reserve. so that only 20 .. ' ‘ ‘ m m 4» maybe a big enough hit that they per cent of the capital gain is tax- ..' M m w m . i; j won’t be able to afford to continue able in any one year. Q1 WIN the heel and toe ' m SI” . ; -_ 434" owning the cottage. ‘Z _ - - m if Advantagesoflifelnsumioe 5mm . ‘ ' Give the kids the cottage now lfyou are more comfortable _ i for housed A L B U While real estate values are with leaving the property to your , 1 - MM 5 P E C , y .- ebbing right now. it may not bean kids in your will. onegoodwayto. hon ‘ entirely bad thing. alleviate the inevitable capital . J ' f , Real estate prices may rebound gains tax hit is with permanent life $3: . 46888 . in the future ~ historically. that insurance. “ has been the case, ' The death benefits are usually a l_ t 0 ' . - ~ " -' - . l’i't'â€"\ ttt‘tttunt f~‘ “ TIERIES . ,_ " FREE no 2 xpert I 1“, “ ‘. “ff.” ~ .. , . i , . it't‘lti "f??- . . ‘., . , ;1,..., w. I a 1 if.) 45; 12,33. : ‘L‘ If,“ t ‘ ‘ é this “EL _,, .â€" a» $5499 re; 55m» _ 7, v A . . _,g i ' :- g M willu’li‘l (hum: ~' . j k ‘ y “t‘. " i «t w it w t; . flu: t , a) I X ' .. ' ' ‘ 1 o .‘ t m i‘Y' i“ IN i lam" . “a“??? $4". I" f f“ 7 V v‘ ’ N “y ‘ it if “in“. mutt . A . ' iv - ti. . ‘ 105 Lexington Bil. ~ - , , “"“""'""'°° a“ mm ' ‘ ' mus-shut”. ”"' "" g ,. _ _ , .. - .- ,~- “if?“ ' g. 42 fig"! “- . J... 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