Common law couples: love and trust won't cut it

This article from the National Post contains some of the best advice I've read in a very, very long time. It talks about the fact that many - if not most - people in common law relationships really don't know what their rights are, or what would happen if their partner died.

The author hit the nail exactly on the head when she said that misconceptions are common. I can't tell you how often people think they know the law when they are completely off-base. I find this is especially true in Atlantic Canada, where people don't realize that the information they are seeing in magazines, newspapers and TV comes from other provinces or even the US, and doesn't apply to them.

If you're in a common law relationship, click here to read this article. And to all of the people out there who tell me that they don't want to talk to their common law partners about money and wills because it kills the romance or it seems distrustful, all I can say is you need a reality check. Your partner dying kills the romance too, especially if it leaves you and the kids penniless or takes away a good chunk of what you worked all your life to earn. If you can't talk about looking after each other and looking after the kids, that seems like a pretty shaky relationship to me.

Make that will - what would you rather do?

What would you rather do, stick a needle in your own eye or make your will? How about this: would you rather run butt-naked through a field of cactus or make your will? This graphic is from the National Post - click here.

If we're spared an election, give Grandma a hug

This new article from the National Post discusses how the Prime Minister's plans to help seniors in poverty may just avert a spring election. Click here to read it.

Mom and Pop culture still rules

This is an interesting article from the National Post about how the boomer generation is a major driving force in today's economy. As an example, they talk about the new movie The King's Speech, which is hugely popular with the boomers. I enjoy stories like this one that portrays boomers (or "zoomers" as this article says) and seniors as active as opposed to frail. I also liked the details about how a particular movie theatre manager has changed some of his operations and schedules to accommodate seniors. Click here to read it.

Pensions top the public agenda

This article is a commentary from the National Post's Tasha Kheiriddin that talks about the fact that pension reform is being debated and developed. Click here to read the article and be brought up to date. You have to love an article that starts with the line "it's official; seniors are hot".

Long term care homes a work in progress

This story in the National Post discusses the state of affairs in Ontario long term care facilities, and what the government plans to do about it. Some of the things mentioned here - such as facilities not receiving an inspection in 15 years - just make me shake my head. Click here to read the story.

Seniors in prison will lose government benefits

Today's National Post reports that the federal government is about to pass a new law that states that seniors in federal prisons (and therefore serving at least two years' incarceration) are going to lose their government benefits. The logic behind it is that OAS and GIS are intended to cover the very basic needs of a senior, but while they are in prison their very basic needs of accommodation, food, heat etc are already being paid for out of public funds. The federal government is negotiating with the provinces to see whether they will follow suit for senior prisoners in provincial jails (usually serving less than two years). Click here to read the story.

Too many clowns with no financial plan

This story from the Financial Post says that 80% of Canadians don't have any form of comprehensive financial plan. I can well believe it. The article also discusses how financial planning is not synonymous with saving. Click here to read the story.

Canadian Legion in new fight over white poppies

The National Post has a story today about the sale of white poppies by the Ottawa White Poppy Coalition. They say they are selling white poppies instead of red because the red poppy represents the nostalgia and romanticizing of war. 

I remember reading Wilfred Owen's Dulce et decorum est back in high school and thinking that there wasn't a single glorious thing about war. So it's not that I'm particularly romantic or nostalgic for the good old days of young men dying and everyone else living in fear and worry.

I think the white poppy group has the meaning of the Legion's red poppy all wrong, if their position is as stated in this story. I believe it's worn solely to honour those who made the ultimate sacrifice so that we can enjoy the life we now have. My grandfather served in WW 1 and survived. His brother Harry wasn't so lucky, and died at age 19 at Beaumont-Hamel. I wear the poppy for them. Not because I think their actions were romantic, but because I'm grateful.

Click here to read the story. The attached photo is of my grandfather, JE Butler, standing in front of the War Memorial in St. John's, Newfoundland, with his four children.

Fighting the new normal

This article in the National Post discussed the financial pros and cons of different retirement ages, particularly with respect to pensions. If you're wondering how the new CPP rules will affect your choice of retirement date, check it out. Click here to read the article.

Homeowners moving to a job outside Canada face new tax implications

This article from National Post talks about unexpected consequences of moving temporarily to the USA for work reasons. This has new information I didn't know before and I thought it worth sharing with you. Click here to read the article.

Are your executors ready for your exit?

That's an excellent question. I wonder how many of us discuss the intent behind our Wills with our executors in order to avoid problems. Click here to read a very good discussion in the National Post about how, when and why you might want to do this. Attached photo by Fotolla is from that story in the National Post.

Revamping the pension system with the Total Career Benchmark Model

Lately the financial papers have been talking about the Total Career Benchmark Model, a system or plan devised by Canadian actuary, Tom Walker. I've found this article in the National Post that explains the plan, so I'm linking to it here in case others want to know more about it too. The plan was presented to the Society of Actuaries conference, which brought together experts to design a new retirement system from the ground up.

The attached photo of Tom Walker is by Glenn Lawson for the National Post.

Thanks for the house Mom, but do I really have to share it with my brother?

I'm including a link to a story in the National Post that talks about what happened in one case where a mother left her house jointly to her two kids. I rarely think that leaving one house to two people (unless they are a married couple) is a good idea, and this is a painful reminder of what can happen. If you're thinking of leaving your home to your kids, please click here to read this article.

Planning for the next CEO

This article in the Financial Post says that only 10% of companies today actually invest in developing future leaders. So who is going to be ready, willing and able to take over a business in the event the CEO passes away or loses capacity suddenly and unexpectedly? This is something that all business owners need to think about and then get moving. Click here to read the article.

In my opinion, you need to devote up to five years to identify and groom your business's successor and structure the transfer of the business to him or her. This subject is of course dear to my heart because it was the subject of my second book, Succession Planning Kit for Canadian Business.

Seniors declare bankruptcy more often than you might think

Interesting story from the National Post, talking about what happens when seniors declare bankruptcy. Click here to read the story.

A family business succession plan success story

This is an upbeat (not all estate planning articles are gloomy!) article about a family business successfully passed on to the next generation, with some thoughts about how to achieve that goal. Click here to read this story in the National Post.

Debt and seniors don't mix

Story in the National Post that discusses good and bad usage of debt for seniors. To read the story, click here.