Over the past decade, major inroads have been made into broadening the rights of same-sex couples in Canada, but when it comes down to financial planning some advisers say important differences remain. Often it comes down to how same-sex couples manage their long-term financial goals and whether they have really addressed what would happen if one partner was to die without the proper estate documents in place.
Those potential pitfalls can usually be avoided if they’re anticipated and a financial plan is etched out, but sometimes that’s the hardest part, said Julia Chung, a branch manager at the Bank of Montreal in downtown Toronto.
Some lesbian, gay, transgendered or bisexual individuals – and even long-term couples – don’t like to discuss their personal lives with outsiders, or they omit crucial details that could impact their financial futures. Examples range from children borne from a previous relationship to the hopes of having children in their current one.
Full Story from the Winnipeg Free Press: http://www.winnipegfreepress.com/business/finance/79550127.html
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