Elena is saddened by the recent death of her mother, Jackie.Following the settlement of the estate, Elena received $250,000 as the sole beneficiary.In the will, Jackie stated that it was her wish that the remaining assets of the estate were for the use of Elena (at her sole discretion) and for the benefit of her children.Jackie did not want Elena's husband, Jack, to gain any entitlement to these funds.Jackie knew that Elena and Jack were having marital problems and did not want him to get entitlement to these assets in the event of divorce.Elena asks her CFP Professional for advice regarding what she should do with these funds as she wants to respect her mother's wishes..Which of the following suggestions will meet Jackie's final wish?

(i) Invest the $250,000 in an investment account in Elena's name only

(ii) Purchase a family cottage with the funds intended for use of Elena and her children.

(iii) Pay down the mortgage on the current matrimonial home.

(iv) Renovate the kitchen and landscape the property of their current home

Required: (9 marks)

Select the best answer and briefly indicate (point form) why it is the best response.

Briefly explain why the other three responses are not as good as the one you selected