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January 2020 Archives

Heads Up On "Shacking" Up

Whether it's a first relationship for a millennial or a second or subsequent relationship for others including baby boomers and seniors, these days more and more couples are choosing to live common law rather than marrying. According to a 2017 census, 21.3% of all couples in Canada were living common law in 2016 compared to 6.3% in 1981. There is also a rise in people living common law before marriage. According to the census, 39% of married people aged 25 to 64 lived common law for an average of 3.6 years prior to marrying. There may be a myriad of reasons for living common law depending on circumstances, but one myth that needs to be unraveled is the notion that it is simpler not to get married. Common law relationships have a unique set of considerations.

2020 Vision: Creating a Family Contingency Plan

With the start of a new year and a new decade, we tend to focus more than usual on important personal goals and objectives. One goal to consider is creating a family contingency plan. Your plan can be short and simple, or lengthy and detailed. In brief, it entails creating a list of critical information of who, what and where. Who to call in an emergency, such as close relatives, key professionals including doctors, accountants, lawyers and other professional advisors. What you own, such as bank and investment accounts, retirement, pension and other plans, insurance, real estate, personal effects, including art, jewelry and other valuables and collectibles, and how assets are structured if there are any holding companies, trusts or other entities, and at which financial institutions property is held (including any safe deposit boxes), as well as any liabilities, such as mortgages, loans, lines of credit and credit cards. 

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