Lets have the kids on as Joint Tenants so we save Probate fees

Real Stories from real people needing real solutions.

The concept is simple;  Someone somewhere over the fence said,  just add the kids to the title on the property, then when you pass the house automatically goes to them.  The Joint Tenancy will by pass all the requirements of Probate.

You probably waited until you were 75 + years old and are now alone in the house.....

THEM: Usually married with a home of their own.  But they could be in the throws of a divorce ( the joint tenancy become a bargaining chip) and OWNING A SECOND property, then selling will trigger CAPITAL GAINS TAX.

The Lawyer who created this was unaware of the TAX implications they would create for this family.  [They] did not recommend (ILA) independent legal advice nor offer waivers. The FAMILY did not seek tax planning advice. 

How much time has passed between the Signing of Joint Tenancy and disposition of Assets?  Does someone must ascertain the Mental Capacity of the SIGNATOR. [MOM]

Now we added the SENIORS HOME; Covid Lockdown and a POWER of Attorney.

MOM was moved to the Home, the house was placed for sale under the POWER of Attorney DOCS and everything then came to light.

I hope this passes thru with the Lawyers Blessings and proper disclosures.

These are real stories that need a MATURE and Experienced Guiding Hand. 

I am pleased that I have invested in additional training with the ASA, Accredited Senior Agent and  AEA Accredited Elite Advocate Programs, that permit me to see the pitfalls that could occur and bring them to light.  There are solutions and people to provide SAGE advice.  http://SellinginToronto.ca 

I hope we can meet and discuss your situation. 

http://Calendly.com/DavidPylyp 

      

3D Tours - Virtual OPEN HOUSE

3D Virtual OPEN HOUSES are possible with a Matterport Camera and HOSTING by Matterport  

Sample Condo 

http://Bit.Ly/PenthouseView

or Best Display of a Luxury Home in Mississauga

http://bit.ly/LuxuryVT

If a picture speaks a thousand words imagine the impact of a Matterport 3D Tour with 360°  views. Your condo available to thousands of new Buyers, shared by enthusiasm and social media. 

Virtual tours are hosted for a minimum 6 month period, so that you can use them in additional eBlast Marketing.

[Tours] can be embedded into a website or blog you control,  resized, like you would a YouTube video; they can be linked to TREB Virtual Tours. 

Cost is a minimum of $150 for the first 1,000 square feet then 15 cents psf there after.

Trimming of the model is onsite. (ESTABLISH WINDOW DOORS AND MIRRORS)  Time for scan is approximately one hour per 1,000 square feet.  More open space, timing is faster.  Additional Rooms take more time and more scans. Any camera position can be loaded as 360 degree camera view or high res image.

Floor plans are available at $50 per property.  (turn around 48 Hours) 

Bookings require good daytime lighting. ( near noon is best )

If you would like to schedule a scan contact http://DigitalImagingToronto.ca

If you would like this included with your listing call 647.218.2414 

*Not intended to solicit properties currently under contract 

Dad /Mom has dementia....we need to sell the house

The children have a POA (Power of Attorney for assets)  and Mom has been getting really ill lately.

WE MAY need to sell the house.

The owner of a property is very ill and family members have a POA and they go ahead and list it. If the owner passes away prior to the property being sold does anything change with the listing? Does it have to become the Estate of Deceased?

There must be an event (other than procrastination) that triggers the validity of the POA. This creates a medical (MOH) Form 21 Certificate of Incapacity under section 54(4) Signed by the attending physician.


If your parent was to pass away prior to the closing of the sale, the estate trustee, would arrange for a probate certificate.

As always, call an Accredited Senior Agent who has the answers that you need. Always seek a legal opinion for guidance.

David Pylyp
#Bythewater in Etobicoke

Housing Trends - Millennials

This is such an articulate explanation of Millennials, Boom Bust and Echo and emerging need to Seniors housing I just want to quote the entire article.

Since 1921, the largest annual increase in the number of births occurred between 1945 and 1946, with an increase of about 15% and marked the start of the baby boom period. The largest relative decrease (-8%) occurred between 1964 and 1965, marking the end of the post World War II baby boom.
During the 20 years of the boom, more than 8.2 million babies were born, averaging close to 412,000 a year. By comparison, births in 2008 — when the population was twice as large as during the baby boom — amounted to 377,886. The average number of children per woman was 3.7 during the baby boom period, compared to about 1.7 in recent years.
According to the 2011 Census, 9.6 million persons, or close to three Canadians out of 10 (29%), were baby boomers. In addition to the large number of native births between 1946 and 1965, this generation has benefited from sustained immigration levels since the end of the 1980s.
Considerable research has been undertaken regarding the potential housing market impacts going forward of the “baby boomer” generation. Trends anticipated by various researchers and commentators include:
Possible adverse impacts on home values in some newer neighbourhoods, more distant from the downtown core and/or suburban employment centres, based on more existing units coming onto the market at the same time;

• Increased demand for smaller units and/or condominium units in “walkable” neighbourhoods that involve less commuting;

• Higher housing prices in established neighbourhoods that may effectively reduce opportunities for most “Millennials” or “Gen Y” home buyers;

• Different kinds of housing demand based on values and experiences of “boomers” compared with both older and younger generations; and

• Increased intensity of local debate over urban growth in cities because retired boomers have time, money, and skills to engage.

A study from the Conference Board of Canada predicted that by 2030 about 80% of new housing demand would be consumers in their retirement years. It would bring a new wave of homes that are low maintenance, such as condominiums or seniors residences. At the same time the shift would put downward pressure on prices of traditional single-detached homes.
Those same boomers, when they were in their 20s in the 1970s, helped drive the market to new heights with new housing starts reaching a record 274,000 in 1976. Then it was the boomer’s children, the “echo-boomers”, who helped drive the market last decade as they began forming households. Now, it’s going full circle with boomers downsizing. In 2006, 57% of condo owners were over the age of 50 while 17% were over the age of 75.
Several commentators believe that equity and house prices may be adversely affected by baby boomers as they reduce purchases and sell holdings during their retirement years. But the perils of relying on demographics alone to predict house prices were illustrated early on. In 1989, the much-discussed paper, “The Baby Boom, The Baby Bust and The Housing Market” by N.G. Mankiw and D.N. Weil, analyzed demographic factors. They predicted U.S. real house prices would fall by 3% annually between 1987 and 2007. Instead, they rose by about 4% a year.
In demographics expert David K. Foot’s 1996 book, “Boom, Bust and Echo – How to Profit From the Coming Demographic Shift”, the real-estate decline of the early 1990s was projected to continue over the long term. He posited this because he believed most boomers had already acquired their houses. The “baby bust” generation following them did not have the numbers to pick up the slack. Instead, housing activity picked up again in the 2000s, as immigration, migration within Canada, and a resurgent economy drove new residential growth.
Estimating the long-run rate of return for Canadian home prices is also affected by the baby boomers. The Canadian Home Builders Association projects a 3.5% annual rate of return on real estate to prevail beyond 2015 — this is the long-run rate of increase for home prices in Canada. In other words, home price gains should simply match the pace of inflation. The long-run rate of return for home prices is primarily driven by macroeconomic fundamentals, such as income and economic growth, and demographics (e.g., population and household formation). Structural changes, including an ageing populace and the number of immigrants as a share of total homebuyers, could influence real estate returns. However, the literature is mixed on whether these changes represent an upside or downside risk to the 3.5% status-quo projection.”
Research primarily undertaken in 1980s and early 1990s showed that when people retire they tend to remain in their existing home until they die or are unable to care for themselves. Baby boomers are the healthiest and wealthiest generation in history and can afford the broad range of services necessary for them to continue this trend and remain in their single family homes for as long as they wish. This projected longevity will keep many of their homes off the market for decades and increase the projected demand for additional land requirements through urban boundary expansions. There is only one certainty about the impact of baby boomers on future housing markets — that it will be spread over a period of 20 years. It is therefore unlikely that it will generate any unmanageable shocks to the structural or financial market underpinnings.   http://www.ottawasun.com/2013/09/20/baby-boomers-and-housing-trends

The big elephant in the room is the liability that our political leaders have had time to prepare;  adequate housing and nursing care for seniors.

David Pylyp
Accredited Senior Agent

Memories of My Dad

Do you have momentous of your Mom and Dad? I have a shaving brush that I saved... I remember watching him on Sunday mornings before worship. Yeah, when he was taller. What's your fond fall back?

What's your best memory?

When do you check on a Shut in?

We have all over - heard the conversations.     What will you do?

You talk at the Office Water cooler...

How many days will pass that your Mom and Dad NOT answer the phone before you go and see if they are ok?    How can you prepare for an unexpected event? 

http://www.facebook.com/pages/David-Pylyp-Accredited-Seniors-Agent/223756247671262?sk=app_203226479735355

Accredited Seniors Agent course, in Toronto, Ontario, provided the tools, resources and experience to help you.

Call me 416 233 9000

How will your estate handle conflict?

So many details to consider, and who has the final say;

When testators are considering the persons that they wish to act as their executors and trustees, consideration should also be given as to the manner in which the persons chosen will make decisions in the event that a disagreement or deadlock emerges among them.
Unless the testator indicates otherwise, executors and trustees must make decisions unanimously.  If a testator wishes to appoint multiple executors or trustees, then consideration should be had as to how those persons will make decisions.  Providing for majority decision-making is a common technique that is used in order to address any disagreements that may arise among multiple executors or trustees, but other situations may require other decision-making procedures.
http://www.allaboutestates.ca/estate-planning/executortrustee-decision-making-planning-options/

You need to ask and appoint responsible people to deal with your issues and requests.

I recently learned that if appointed, my heirs, would be responsible to conclude your estate. An incredible and time consuming hardship for the unprepared.

Can't Touch this....

 How can I get your attention to demonstrate superior marketing ability and experience?

Marketing Questions To Ask The Real Estate Agent

Who Is Offering To List Your Property

With more than 90% of property buyers searching online for real estate, you'll likely be best served by an agent who understands modern Real Estate web marketing techniques.

Ask a few Questions For Your Real Estate Agent

· Will you create a single property website for my property? Will it be syndicated? Will this site include a video of the property? Will the video be on Youtube? How about some other video sharing sites?

· Is there a photo stream available with 15 or 20 pictures?

· How often can you post to Craig’s and Kijiji? What other ad sites do you use to drive visitor traffic? Are Facebook Marketplace ad impressions available for the property? How will they be targeted?

· Do you have any landing pages by topic that capture prospect interest?

· Will you post my property to your blog and update your readership with OPEN HOUSE dates and events?

· Will you create a QR code for the property? Will it automatically show the website and inside pictures and invite them to take a look at my listing?

· Can I help edit the MLS description you write for the property after we execute a listing agreement? Will you provide a Copy of your Marketing Plan?

· If you are not performing as promised Can I get rid you?

· If I buy something and we are unhappy, Do you provide a Satisfaction Guarantee?

· Which social networks will your blog posts about my listing syndicate to? How many total people do you have on your friends/fans/followers lists?

When you are ready, I would love to help sell your home.  Call             647.218.2414       or email

David Pylyp on Google+