Your estate or your children could pay the related expenses from current funds. They could borrow money to pay the expenses. Or, you could purchase suitably designed life insurance to pay for all or part of the anticipated tax liability, buy-sell needs and estate equalization.

Regardless of how you decide to pass on the cottage, or any other asset, you should seek professional advice to structure your affairs as tax-efficiently as possible. Thinking now about the transfer of your cottage will enable you to put in place a plan that eliminates as many obstacles as possible. You may want to plan a family weekend at the cottage soon, and while enjoying the sunset, talk to your children about how they want to preserve their cottage memories… and then talk to your financial security advisor.


This message is brought to you by Robert LaTorre, a Financial Security Advisor with Freedom 55 Financial. For more information call toll free 1-800-287-8844 ext. 458 or e-mail robert.latorre@freedom55financial.com.