President’s Message

The summer has gone, fall has arrived and we have experienced our first snow of the season. How time flies.

It has been a successful albeit somewhat challenging year. Our cycling and paddling clubs did well, even with cancelled events due to rain that seemed to arrive every other day all summer long. The luncheon club did manage to enjoy some patio days, and the hikers did enjoy some nice outings. Other activities are going strong, the breakfast club is getting large turnouts, the investment club is up and running, and the kitchen bridge club continues at the legion twice each month. Tours of local plants and facilities are proving to be extremely popular among our members, and frankly very informative. And soon the ski legends will be getting their skis tuned up for another fun year on the slopes.

The Christmas luncheon in coming upon us very soon, maybe sooner that we all might like to admit. Great thanks to Eddie for putting this together. It will prove to be a fun day.

Volunteerism is, as always, a critical part of what makes this club successful. This month saw George Powell retire as the club’s secretary, and Tom James step forward to assume this role. We all owe a great deal of thanks to George for his commitment to the club, and our appreciation to Tom for taking on this task.

Rob Johnson has decided to step away from his role as AV specialist to focus on his other volunteer ventures, so if you have or know of anyone who has experience with AV, please let us know, we can use the assistance. And Larry Gee has expressed interest in moving on from his role on the Management Team in Support and Compassionate Care, and if you are interested in helping with this important role, again please let us know.

I look forward to seeing everyone at our monthly meetings. I know that many are worried about COVID and Flu viruses circulating this time of year, and if you feel like you want to wear a mask to our meetings, you are most welcome to do so. I see more people sporting masks out and about town in many situations, and prudence is recommended for those who want that extra layer of protection.

Stephen Hyndman President PROBUS Blue Mountain

Investment Group

Oct 10, 2023

Chair: Rod Innes rodinnes7@gmail.com

Attendance: 11 members (including one from another Club)

The following is a loose account of the issues discussed. Any resemblance to what actually happened is purely coincidental:

• Reducing/eliminating Probate costs - a part of estate planning.
• What paperwork is needed to allow institutions to relinquish estate assets and why
• Death certificate; have several copies for institutional requests, etc.
• Will
• Will Probated (i.e. government’s “rubber stamp” that a will can be administrated as written). To protect their ass, institutions require that a will be probated to avoid the possibility of someone coming back on the institution, say a release of funds, was not supposedly handled in an appropriate manner. Probate is not as important for assets NOT administered by an institution (see Secondary Wills below).
• Joint Ownership
• Joint ownership (where possible) is a key to avoid probate, since accounts simply pass on to the joint account holder.
• RRIFs cannot be jointly owned and by naming a beneficiary does NOT avoid probate (i.e. Probate is still needed to ensure Will does not conflict with RRIF document).
• Specific secondary Wills
• Secondary Wills are designed for assets not probated (e.g. valuable art, antique car, etc.)
• Useful to have for property owned outside of Canada
• Gifting
• Give away assets while you are alive to avoid the larger tax burden that occurs upon death. The question is how much to give now to avoid spoiling the beneficiaries and not leaving you short for care expenses when needed.
• RRIFs – Proper designation and paperwork to ensure an appropriate and efficient transfer/termination. RRIFs & TFSAs can have Successor Annuitants and (Irrevocable) Beneficiaries. This is useful, say in 2nd marriages where the surviving spouse (i.e. Successor Annuitant) receives proceeds from the RRIF or TFSA in accordance with the terms set out by the original plan holder and after the death of the surviving spouse, the children from the 1st marriage (i.e. Beneficiaries) receive the balance of the assets. Testamentary Trusts can serve similar functions, but require administration and annual tax filing costs.