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Al and Sal have been married for 35 years. They are both 62 years old and share two children, Seth and Beth. Al and Sal
Al and Sal have been married for 35 years. They are both 62 years old and share two children, Seth and Beth. Al and Sal will retire at the end of this year on December 31st. The following is a summary of their financial assets: Al and Sal have no outstanding debts or liabilities. Assume that after Al died, Sal remarried. Her new husband, Phil, is also widowed with two adult children. Phil moved into Sal's home and, having few assets of his own, convinces Sal to put the residence in both of their names as "Joint Owners with Rights of Survivorship." Before Sal is able to update her will, Sal passes away. How will this affect her children's inheritance? Seth and Beth will not receive the personal residence as a part of their inheritance. Since Seth and Beth were named in Sal's will as beneficiaries after their father's death, they remain beneficiaries of the personal residence. Seth and Beth will receive the personal residence after Phil's death. The value of the personal residence, along with the remainder of Sal's assets, will be divided equally between Phil, Seth, and Beth
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