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New Beach House.

After nearly twenty-five years together, Peter and Randy were ready to buy a new beach house and retire.  While it was finally legal to do so, they just never felt like getting married.  As such, they quickly ran into the legal and financial snares that many unmarried couples encounter.   The common age and wealth gaps didn’t help. Luckily, there was another solution…

Ownership Challenges.

As an unmarried couple, Peter and Randy encountered several issues relating to the purchase, maintenance, and taxation of the new beach house.  Yet to them, the substantial differences in their ages, incomes, and accumulated assets seem to have made them the perfect pair. Still, both harbored insecurity that their extended families with challenge their ability to pass their house and other assets to each other upon their deaths.

Fiduciary Advice.

So, Peter and Randy decided to call their financial advisor and ask for help. After listening to a bit about their history of property ownership, hopes for the future, and clarity on potential challenges with the family, their financial advisor asked a poignant question. He asked, “regardless of the actual money or time each of you contribute to the property, do you both feel that you will make an equal contribution to the worth of the house?” Immediately, both Peter and Randy said they agreed this was true. “Well then, gentlemen,” their advisor continued, “I think we can get all this sorted out with a little bit of help from your lawyer and accountant.” Within weeks, the team and crafted an agreement documenting Peter and Randy’s joint intention with the property, and with their other assets. Just to be sure, Peter and Randy even recorded a video detailing their wishes.

Happily Every After.

Well perhaps more cumbersome the traditional experience of a married couple, Peter and Randy felt like they’re not only got exactly what they wanted, but also introduced the level of financial clarity and acceptance into the relationship that removed many of their previous anxieties about “What-If” money scenarios.