20 - 24% of our Population in Canada will be Seniors by 2035

WHAT AN IMPACTFUL STATEMENT!

By 2035 the number of seniors will swell to 22 - 24% of population.

And a high-growth scenario sees the number of Canadians swelling to 63.5 million.

The scenarios differ in their assumptions about future immigration levels, fertility rates and longevity. For planning purposes, the most sensible approach is to use the medium-growth scenario, which points to a national population of roughly 50 million a half century from now.

In all scenarios, the proportions of senior citizens within the population – defined as people aged 65 and over – edges higher. From 15.3 per cent today, the ranks of Canadian seniors will expand to comprise 22 to 24 per cent of the population by the early 2030s.
http://www.newsoptimist.ca/article/20141029/BATTLEFORD0304/310299999/0/battleford03

These are incredible numbers! With a population of  60 million people in Canada  (2035) 24% will be drawing a pension.    What else will they do differently?

• Buy fewer clothes
• Buy fewer houses
• Buy fewer Cars
• Livelonger off Pension Income
• Hold Houses Longer

There will be a spin off reduction in all things that are consumer based products as the seniors become more shut in.

So what are some solutions?

Elder Abuse - Toronto Real Estate

This is becoming too common;

MICKEY ROONEY’S ESTATE AND SHEDDING LIGHT ON FINANCIAL ELDER ABUSE

Written on April 11, 2014 – 8:55 am | by Diane Vieira

It is not surprising that Mickey Rooney’s estate may become embroiled in litigation.  Mr. Rooney was married nine times; he was survived by a number of children and stepchildren, and was estranged from his current wife at the time of his death. Such full lives often lead to complicated estates.

More troubling was that shortly before his death, Mr. Rooney spoke about being a victim of elder abuse (both verbally and financially) perpetuated by his stepson.  In 2011, Mr. Rooney delivered emotional testimony before the United States Senate about the fear he felt when his stepson, who managed his finances, would lash out at him when he asked questions about missing money or mismanaged investments.  Shortly before his death, Mr. Rooney (through a conservatorship) had reached a settlement with his stepson that involved his stepson paying back over 2 million dollars for misappropriated funds.  It is not known if his estate will now receive any of these funds.

Mr. Rooney, who worked for over 80 years, left an estate valued at just $18,000.00.  He wisely appointed a neutral party, his conservatorship lawyer, as the executor of the estate.  However, the modest nature of his estate does not mean it will remain litigation free. There are already rumblings about a family dispute as were to bury Mr. Rooney.

On the issue of financial elder abuse, a few days ago, the Canadian federal government tabled new legislation, the Digital Privacy Act. One of the goals of the new legislation is to protect seniors from fraud and financial abuse.  The new legislation will allow financial institutions to notify officials or a next of kin if they suspect that an elderly client is the victim of financial abuse.  Currently, bank officials need to obtain the consent of their client before disclosing information to a third party or to continue investigating the matter.

It is too early to predict whether the proposed legislation will have the intended effect. Obviously privacy issues are a great concern.  However, the government is attempting to address the growing fear of financial abuse among Canada’s aging population.

I am fortunate that my training as an Accredited Senior Agent brought many of these issues and situations to light.   I am there to serve the principal in the transaction.  Sometimes that includes involving the lawyers and police.

With so many that are retiring and headed towards nursing homes these issues will become more pronounced.

If you would like to talk; reach out, I am at 647 218 2414 in Toronto, Canada.   

Estate Sale - Your Sister Hates you

Estate sale. House left to 3 middle aged siblings. Two are well educated, one has a trade. The two were happy, want to sign and with a two week closing. The other one, has it in his head that they are getting cheated. Would not come to the negotiations, had to deal on telephone. Offer good until tonight, this one guy refuses to take phone calls or answer email and is hiding to let this great deal die. We have two offers, with the other being much lower. So, last night, spoke to lawyer friend and my reasonable clients will probably take their sibling to court to have them removed as a co-Executor and to sue for damages.What they can do is simple. I eventually sell the house in the fall, for a lot less money. Take off the loss, the legal costs, etc. They still get their money, as per the first deal but the errant sibling will be solely responsible for the losses and will get their inheritance cut by at least one-third. I have given up trying to talk logic into a non logical mind.
So, is this story about me, a real estate woe? No, it is about the greed and old wounds that come about when their is an inheritance. I told the parties, "this has zero to do with real estate, it has all to do about the family dynamic." Two siblings went off to university and higher academic achievements so now he can get even.

Barry Lebow shared this tale.   I have seen it many times and appreciate being an Accredited Senior Agent, that I have been exposed to these scenarios and how they play out.

They are never about the money or estate but about some forgotten red wagon or Birthday party surprise that caused a LIFE LONG RIFT between siblings.

If you are selling in Toronto, Lets talk.

David Pylyp

647 218 2414  

Now taking Drama and Problem Listings Toronto

Working with difficult or complicated situations we need to Set The Stage For a Successful Sale.

Real Estate involves frequent interactions with people in a multitude of situations, ranging from getting along with divorcing parties to warring siblings to negotiating the sale. Maybe it requires the eviction of a Hostile Tenant and then the sale. Part of my success depends on my ability to effectively negotiate problems. 

Here are some tips for dealing with difficult people and stress inducing situations:

• Meeting privately – having an audience listening causes more defensiveness.
• Expect that difficult situations will take time to resolve.
• Don't take things personally. Recognize that your role is to be calm and objective. 
• Use Active Listening Skills.
• Let's Identify The Problem

Clarify the expectations of the sale and the impediments.
Encourage the parties to talk – this will provide more understanding of the “real” issues involved and often provides clues for possible solutions.
Context -  Can we reframe the problem so that it is not personal?  We  can make the problem something that we are all working on collaboratively to solve.

Bring in the legal and conflict resolution people we need.
Call me...  Let's talk
David Pylyp
RE/MAX Realty Specialists Inc., Brokerage
416 233 9000 or direct 647 218 2414



https://plus.google.com/u/0/+DavidPylypToronto/about

Dad remarried; who shares your inheritance

Dad has been living on his own for a while and getting on in years.   He has met someone new. Whether he is divorced or a widower is academic. All the kids now have a new step Mother. [sharing their inheritance]

Claims of being a Gold Digger aside, your step Mom has spent lets say a decade looking after your Dad.  

The WILL that was drawn prior to the (RE) Marriage is rendered ineffective and must be redrafted. Your Step Mom has an interest in the Matrimonial Home.  [SHE] is entitled to an equalization of the equity in the home prior to the distribution of assets 

We know you would like to sell the Family Home as soon as practical; but there are some logistical issues that are immediately at hand.  Where will the NEW widow live?   What provisions has been made for her in the will.   While the New Step Mom, now widow, may no longer be asked for a Spousal Consent to the Sale she will however continue to have some possessory  rights.  Will there be a Dependence Relief Claim?

These are tough decisions for any Executor to make on the spur of the moment and in reality, it may be a minimum of 6 months or more before any decisions are made at all.  During this entire time, the estate is still making heat, hydro, water and insurance payments [ and possibly mortgage payments ]. 

With more than one Executor in the will have you made provision for dispute resolution between the executors?

All the more reason to call a Family Law Specialist who is wise with experience and an ASA REALTOR who is mindful of the resources that need to be introduced.

What legal minefields are you leaving behind with a home will kit? The argument will be what did [he] Dad mean by not addressing these issues.

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.