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Waterloo Chronicle (Waterloo, On1868), 7 Oct 2009, p. 21

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yuii moo ulnomux - Wednesday ihluber Join - 1i Keeping cottage in the family can be a diffith proposition fill. your cottage a plume Managethetu burden Haw-Isuccemlonplun idea to ralk to your professional adviso AIM sant roan. lariiili. tun _ about your Wishes for your collage and [in “m mum ”tumult-5 \] \k l \ If your tolrage has appretiat Include an effective strategy for passing financial and estate planning oplioris lha But passing along a (Ollagc \l()\. l\ ed In \alue, your estate can late a on your cottage, WI” work best for you in the nut generation can cm ~ A - Slglllfil'ulll tapital gains liability One option is to purchase life insurance (if! complex financial ‘“id {31111)} - that Ltiuld fult't‘ 118 Sale with lax-free death benefits that WI“ cover issues v by your heirs. the capital gains on your cottage and/or Here are some suggested (.apital gains taxes are based other expenses and avoid the forced sale of I‘hist'ulimin, written hylnwstors (from: steps to {Ingurlng cottage on the difference between the estate assets, Vl‘lllalu‘la/Se'fl'lt't’s INC, presents gelierulili/or continuity. ‘ a ‘- cost of your property and its cur life insurance is also a good way to equal matron onlyund is "our solicitation to buy it, rent fair iriarker value at the time we an estate where one child wants to keep sellanyrnwslmenls. Know what your kids want of your death, the cottage, whereas other children would (‘onruct Russ Mt‘lau‘hnieut ‘, The cost of your cottage is prefer to sell it and divide the proceeds of 5l9886-2360art241 or You know that cottage own» ‘ what you initially paid for It Plus sale. email him at “5th is a big personal and the value of any capital improve Some of these estate planning options Russelljricew'hnifiu‘ financial responsibility that is merits you made to it over the may not work in your situation, so it's a good investorsgroupruni not for everyone. . years â€" a new deck or roof. for Discuss this With your chilv » .. ..,_..,, ., ,7 . example. including the cost of dren and if any of them are not interested in anyone you hired to do the work inheriting the cottage, for you ~ so keep your receipts to account Avoid family squabble-5 by making sure for all these costs to help offset capital gains. - 4 they are treated fairly in your will. General upkeep costs such as painting . , I - [f you decide on shared ownership, keep the-cottage are generally not considered (7 ’11 (7’ r I!) in mind that it can be a difficult proposition, capital improvements. That's why it can be useful to obtain l ,\' t \ . r \\ ‘. legal adfice when you put an agreement in Consider taking advantage oftbe primary 1 k I H 1"} A ‘ \l I k} f place. resideneeexempdon You can talk to your advisor about such things as who uses the cottage and when. You are allowed [0 name a primary "35i' who pays for repairs, who is dence that is exempt from tax on capital responsbile for maintenance and upkeep. 83111 ' and the other nitty~griity aspects ofjoint cut» The residence must be a property you Br'ngs YOU [age ownership. “ordinarily inhabited." This will avoid protracted disputes and It can be either your City home 0' your misunderstandings between your children cottage , . . O E ' when they are put in charge ofthe cottage. YOU are allowed iUSI one principal resi‘ Then you can turn your attention to the dence at a time but you can choose to u cl financial aspects of the process. exempt the property with the bigger gain, ...“ _ - TRANE. One or The it Most Recognized Brands - 7 different arms Made in l N th A ' . n or merlca- - 4 dlfferent Ck ba 3 h I - a - o Horas Why.. - literally 100 s of configurations ush- - Extensive Research . - - . . , - W] h r . Man in n.- Erna ta 5). , Pride Inworkmansh'p de c 01cc of colou s in both â€" Efficient 8t Reliable fabI’IC and leather - Built To Last - - - - features eco-friendly BioPlush foam seating '12-Year Parts . .4 oâ€" & Labour Warranty Up to $1.200 Value 11 Van altered on system purchase Ind 10 VWI on smote UNI ' 7“ éTMNE l.‘ LIFESPA'CES [(13de TbStopA ”any: FURNACES - Alli CONDITIONERS - HUN PUMPS o CLEAN AIR W -e‘ /â€"â€"‘~“ I. I .,. 3"" It 885 2740 /‘ ' \" ‘ I . V câ€" e ‘a 519 " it rim/vii“ T/it.~\ ' A”? svsrgirs so \_ H 'on»mmmwmwmmwmmhmdummmm Mammummwucfionucm.wm0¢nm

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