Question
Igor was the sole owner of a house that he shared with his wife, Oxana. Igor wanted his children to benefit from his home ownership.
Igor was the sole owner of a house that he shared with his wife, Oxana. Igor wanted his children to benefit from his home ownership. He also wanted to make sure that Oxana was not left without a home, so he left Oxana a life interest in the house, with his children as remaindermen. Which of the following statements about a life interest is FALSE?
O a) When Oxana dies, the property will be transferred to his children.
O b) Upon his death, the home will no longer qualify for the principal residence exemption.
O c) Oxana can live in the home for the remainder of her life,
O d) The life interest ensures that Igor's home is being held in trust for his children.
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