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

Date: February 15, 2023

Over the past 7 years, our Meetup has focused on teaching the ‘hows’ of real estate investment to over 4000+ investors – the economic fundamentals, strategies, and business models. In this session, we will switch gears to help you connect your ‘hows’ to your ‘whys’, starting with arguably the biggest reason we seek to build wealth: to support our families – young, old, and future.

Many of us are part of the “sandwich generation” with children and aging parents or loved ones whom we hope to support through our investment strategies. With Toronto’s uniquely challenging context (high costs of living, childcare, education, health/elder care) planning with and navigating toward this goal is an incredibly tall order for most.

This session will feature a recent Volition client and how she leveraged a combination of Real Estate and Private Wealth Management to provide the best housing/care option for her parents, both living with dementia. Our interactive panel session will feature her “Dream Team” of experts/service providers (including Care & Aging Consultants, Real Estate Experts, Private Wealth Management) to share how they used an Integrative Approach to devise and optimize a real estate + financial plan to support her parents and her young family.

While each client/family’s goals and needs are unique, the session will illustrate the immense value of an integrated and empathic team of experts, especially when serving a family during its most challenging transitions. We will show how our team strategically used different investment products (e.g., real estate, structured notes) to help meet her family’s near and long-term goals of high quality care + housing and intergenerational financial sustainability.

Here’s what we covered:

• My aging parents own their home free and clear, but do they have enough savings to pay for future health/care costs?
• At what point should I encourage my aging parents to downsize from their house to a smaller/safer place? What should they look for when “downsizing”?
• How do we plan/invest for uncertainty (e.g., health diagnosis/prognosis)?
• I want to keep my aging parents / loved ones in their home for as long as possible … but what if they (eventually) need help? What kind of help might they need, and how do I plan for it?
• Elder care isn’t covered by OHIP?! So, what are our options? What can and can’t we afford?
• How do I help my parents while preserving my financial stability for my own/future children?
• I don’t want to burden my children when I’m older or need care. So, how do I plan ahead?

Our hope is that everyone will leave this interactive session empowered with better foresight and motivation to action on their intergenerational wealth planning.

Case Study Panelists

Kerseri Scane – Volition Client – Mother, Caregiver Daughter, Part of the Sandwich Generation

Amy Hwang – Aging/Care Researcher and Consultant, Togethering (togethering.co) – Helping intergenerational families live, care, and age well

Ming Lim – Head of Realty, Volition Properties – Real estate experts providing coaching & realty services in order to help investors “Live Life By Design; Not By Default”

Patrick Ross – CFA, CFP, Wealth Advisor – CIBC Private Wealth & CIBC Wood Gundy – Strategizes & executes financial plans for clients

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Access the FULL recording and slides below.