Legal | Colin S. Ritchie

Nov 26

The Perm / Term Squirm: Deciding Between Permanent and Term Life Insurance Policies Part 1 – Term Life Insurance

Just so you know, I’m a big fan of life insurance, both permanent (“perm”) and temporary (“term”) policies. On the other hand, it is also important to pick the right policy for the report; sometimes a perm policy with lots of bells and whistles is the perfect solution but in others, buying a simple, inexpensive term policy is the way to go. In the end, it’s about figuring out what policy fits your needs and budget, rather than your advisor’s. Just don’t automatically assume that your insurance agent is on the take if she sings the praises of universal life or he extolls the merits of a participating whole life policy.

Nov 19

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Maximizing Your Charitable Donations: Give Like Santa, Save Like Scrooge

Most of us that donate don’t do it for the tax savings. Although there are some tax benefits to funding cancer research or donating to a charity for disadvantaged youth, it’s seldom about the money; we give because we want to make a difference. On the other hand, if our government offers tax relief to reward our charitable intention, it seems to me a little churlish to not take them up on their offer. The rest of this article explains how to do just that.

Sep 16

What To Do When You Do It Yourself

One of the great questions in life (other than why someone first decided to taste coffee beans sourced from monkey excrement) is deciding what we can do ourselves and when it is time to ask for a helping hand. In most areas, it depends on the issue and the person. Financial planning is no different; some of us have the time, knowledge and experience to handle many of our own financial affairs while others are probably better off bringing in hired help, especially if it’s not something we enjoy in the first place. In reality, I suspect that most of us are somewhere in the middle; we can carry part of the load ourselves but like to bring in help for some of the heavy lifting.

On the other hand, even if you have a cadre of crackerjack trained professionals on your team keeping you on the straight and narrow, I still a strong advocate of self-empowerment. In my view, taking the time to learn at least some of the ropes is almost always a good idea. My reasons are as follows:

Aug 5

Who Gets the Airmiles? Changes to Who Gets What When a Relationship Fails in B.C.

Although most marriages commence with a ceremony where both partners solemnly vow, “until death do we part,” life sometimes has other ideas. As a lawyer, financial planner and divorce survivor, I know far more about the law in British Columbia on how assets are divided when love is replaced by other far less pleasant emotions . . . or at least I did until the rules changed a few months ago.

Fortunately, I’ve been able to bone up a bit since then, although no one really knows what some of the new rules really mean until they have been given a good test drive by the courts. With this giant caveat firmly established, here is a hopefully brief summary of some of the new rules that apply to financial matters and how they will affect spouses and common law partners who are no longer quite so fond of the sight of each other.