Background

Sara and Marc are in their mid-60s. Their net worth between their financial assets and real estate is approximately $6 Million. They have two adult daughters, Julie and Annalise, and a grandchild on the way. Marc and Sara own a home in Toronto they purchased for $700,000 in 2014 and it’s now worth $1.4 Million. Sara inherited a cottage from her parents a few years ago and it has been renovated extensively. The cottage property is worth $1 Million, but this price can fluctuate significantly. Recently Marc inherited a property that is worth 500,000 Euros from an uncle in France.

Discovery

Given Marc and Sara’s multiple properties and evolving multi-generational considerations, we wanted to understand their family intentions, in addition to their vision for retirement.  

Through a focused discovery conversation that considered both short- and long-term goals, we also learned Marc and Sara:

• Plan to sell their home in Toronto in a few years and purchase a two-bedroom condo, so they can spend more time at the cottage during their retirement.
   
• Want to leave the cottage to their two daughters upon their passing, but they worry about the best way to transition it to both of them.
   
• Would like to sell the property in France as soon as possible. But in the meantime, they are considering renting the property in France to a family friend.