Our Biggest WHY: Intergenerational Wealth Planning for our Kids & Aging Parents

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www.volitionprop.com
Our Biggest WHY:
Intergenerational Wealth
Planning for our Kids & Aging
Parents
February 15, 2023
Live and in Person – HOORAY! 🏡

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Housekeeping Items
● Support local - order food and drink!
● Washrooms are downstairs to the left
● Jot down questions and topics on the post-it notes

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Common Myths about Toronto:
"Investment Properties don't work in Toronto"
"Cashflow doesn't exist in Toronto"
"Investing in Toronto means that you are buying a condo"
"Toronto is too risky"
“Toronto is too expensive"

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Volition – The Toronto Mythbusters
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Toronto Experts
Everyone at Volition is an Investor

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Frequently featured as EXPERT REALTORS on HGTV

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Mentorship,
Education &
Consultation
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Realty Community
Advisory Renovations
Property
Acquisition &
Sale
Design &
Renovations
Inner Circle &
Ongoing
Support

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The Volition Advantage
The Volition Team!

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Real Estate &
Intergenerational
Wealth Planning

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Purpose of Tonight’s Meetup

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Sandwich Generation, Aging Boomers, Bank of
M&D, Intergenerational Wealth Planning

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Questions that might be keeping you up at night…
● I want to keep my aging parents home for as
long as possible … but what if they need
help?
● Elder care isn’t covered by OHIP?! What are
our options? What can and can’t we afford?
● Do my parents have enough savings for their
future health/care costs?
● How do we plan/invest for uncertainty (e.g.,
health diagnosis/prognosis)?
● How do I help my parents AND preserve my
finances for my own children?
● I don’t want to burden my children when I’m
older or need care. So, how do I plan ahead?

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Session Format
And yes, the Meetup will be recorded and posted on our website!
www.volitionprop.com/mastermind-meetup/
6:30 pm - 6:45 pm Introduction & Session Format
6:45 pm - 7:30 pm Case Study Presented by Panelists
7:30 pm - 7:45 pm Post-Mortem – Reflections and Key Takeaways
7:45pm - 8:00 pm Networking Break + Post-It Organizing (WRITE ON STICKIES!)
8:00 pm - 8:45 pm Crowdsourced Topic Discussion Areas / Q&A
8:45 pm - 9:00 pm Wrap up & Co-create topics for future meetups

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6:45 pm
Case Study & Panelist Discussion

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Panelists
Matthew Lee (Moderator)
Founder & Managing Partner,
Volition Properties
Ming Lim
Head of Realty, Volition Properties
Co-Founder of Togethering
Dr. Amy Hwang
Daughter/Caregiver, Aging Researcher,
Kerseri Scane
Mother, Caregiver/Daughter,
healthcare professional with over 25
years of experience. Part of the
Sandwich Generation.
Patrick Ross
Wealth Advisor, CIBC Private Wealth |
Wood Gundy

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Kerseri’s Journey
Complex care
challenges for her
parents
Kerseri

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Kerseri’s
“WHY”
Honouring the legacy and sacrifice my
parents made for me and my brother, sister.
Honouring the amazing individuals that are
my parents and for who they are.
Building & planning for the future
with my family so we can enjoy life

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Kerseri’s Journey
Complex care
challenges for her
parents
Kerseri
Amy
Devised care and
housing options for
review

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OPTION 1:
Stay in condo, add
home/community care
OPTION 2:
Move to subsidized
“long-term care” home
OPTION 3:
Move to private
retirement home
Qualify for subsidized home care?
Afford private caregiver?
Willing to move? Willing to move?
Adult day program nearby?
On waitlist?
On waitlist (up to 10 years)?
Eligible for waitlist?
Crisis situation?
(How long) can you afford?

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Kerseri’s Journey
Complex care
challenges for her
parents
Kerseri
Matt
High level financials and
feasibility analysis
Amy
Devised care and
housing options for
review

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Advisory & Coaching Building A Plan Assessing Options
What does Advisory
have to do with Aging &
Care??
Starting Point
End Point
Building a Plan
Rent
Refinance
Reverse Mortgage
Sale

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“Feasibility Model”

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Kerseri’s Journey
Complex care
challenges for her
parents
Kerseri
Patrick
Expert wealth plan
accommodating several
what if scenarios
Matt
Amy
Devised care and
housing options for
review

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Affordability

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Taxation

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“Affordable Years” Analysis

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CIBC Private Wealth Plan

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Kerseri’s Journey
Complex care
challenges for her
parents
Kerseri Ming
Execution of Real Estate
plan, sale of Condo
Patrick
Expert wealth plan
accommodating several
what if scenarios
Matt
Amy
Devised care and
housing options for
review

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Condo Sale Process
Recognizing parents
are in the driver's
seat and adapting to
their timeline
Up front discussion
● Minimize
disruption
● Rapidly declining
market
● First mover
advantage
What was at
stake financially
and the stress
of managing
everything
Able to close
and meet our
goals

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“Before” & After

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NOW! 😁

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7:30 pm
Post-Mortem:
Reflections and Key Takeaways

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Reflections & Key Takeaways
Integrative
Approach
Alternative
“What if”
Scenario
Financial
planning IRL
How was
Kerseri’s case
any different…?

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7:45 pm
15 min Networking Break!
POST-IT TIME! (what do YOU want
to learn more about?)
Pro-tip: GO FIND FLO!

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8:00 pm
Crowdsourced Topic Discussion
Areas / Q&A

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Crowdsourced Q&A for Panelists
Matthew Lee (Moderator)
Founder & Managing Partner,
Volition Properties
Ming Lim
Head of Realty, Volition Properties
Dr. Amy Hwang
Daughter/Caregiver, Aging Researcher,
Kerseri Scane
Mother, Daughter/Caregiver,
healthcare professional with over 25
years of experience. Part of the
Sandwich Generation.
Patrick Ross
Wealth Advisor, CIBC Private Wealth |
Wood Gundy

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Crowdsourced Q&A - Care and Aging
● Kerseri - if your father hadn’t been mugged, how would you have persuaded
your parents to move?
● Amy - if there is no property on hand, are there any options at all?
● Amy - what exactly does she do? How does Togethering help?
● What free or subsidized homes or services are available? How do you apply to
those?
● How essential is it to get aging parents on a wait list for funded LT care, even
when there are no present needs?

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Crowdsourced Q&A - Care and Aging Cont’d
● My parents are 79 and 73 and currently self-sufficient. What age would be
reasonable for them to start needing care (i.e., estimate future costs?)
● Several with the same theme:
○ What if this happens with my parents, if they are 60/70 years old?
○ How do I plan for myself for old age?
● What are the most critical systemic changes needed to make quality elder care
accessible to everyone?

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Crowdsourced Q&A - Financial
● What if the cost of care went up in price over time?
● How critical is it to have Private Wealth advisory? This service seems out
of reach for many. Would this have been possible with regular financial
advisors?
● What to invest in no matter how the market reacted (up or down) to make
sure there is enough money for monthly expenses?
● How does a structured note work?
● What investment return does not impact OAS and GIS? (note: may be
answered differently than return…)
● What is the implication to CPP and OAS if they invest in TFSA?

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Crowdsourced Q&A - Financial Cont’d
● Patrick - what are your thoughts on reverse mortgages? High fees? When
one spouse dies, is the loan called?
● Patrick - do banks and investment companies accept POA forms, or do they
need special authorizations? The Ontario government has forms for POA
for personal care and property. Are these witnessed forms sufficient, or do
they need to be prepared by a lawyer?

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Crowdsourced Q&A - Realty and Misc.
● Timeline from first meeting to sale (and closing)?
● Can the initial home buying process be made better e.g., buying in a family
trust rather than buying in your own name? What are the pros and cons?
● How did you end up addressing the desire to leave a legacy, or was that voided
by their desire to move out?
● Misc - future meetup ideas
○ Rezoning and/or land severance
○ Learn about how to find/choose good GCs for reno projects
○ JVs and how to find partners

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8:45 pm
Wrap up

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Key Learnings
Myth Busting!
(Mindset FROM &
TO)
Value of an
Integrated &
Empathic Team
Intergenerational
Wealth Planning
for Families
Topics raised by the
audience… Future
Meetup topics?
Ability to Respond to ANY “Why”

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Next Steps

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How Volition Can Help. As Agents.
Pre-analyzed Deals
Help you find your
dream home & have
it still make good
financial sense
Expert Negotiators

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How Volition Can Help. As Advisors.
Coach, Advisor,
Mentor
Build a Customized
Real Estate Plan to
help you Reach
your Goals
Be the Eraser for you in the Maze of Real
Estate (strategy, business models,
accounting & tax, corp structures,
portfolio optimization, boosting
mortgage qualification, legal,
depreciation, deductibility, bookkeeping)

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How Volition Can Help. As Advisors.
Max 10 Advisory Clients…Only 3 spots more available!
Book a Complimentary 30 min Advisory Consult to see if Advisory is a fit for you!

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Interest in connecting with our panelists?
Patrick Ross
CIBC Wealth Advisor
patrick.ross@cibc.com
(416) 316-9510
Dr. Amy Hwang
Togethering
hello@togethering.co
Kerseri Scane
Volition Client
kerseriscane@gmail.com

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Next IN-PERSON Mastermind Meetup:
“Financing 201: Changes in the mortgage industry that affect
Real Estate Investors”
Date: Wednesday, March 29, 6:30 - 10 pm
Location: TBD
RSVP: www.meetup.com/Volition
LARGEST REAL ESTATE MEETUP IN TORONTO WITH OVER 4000+ MEMBERS!

Our Biggest WHY: Intergenerational Wealth Planning for our Kids & Aging Parents

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