It is May 2020. Marge, age 80, was recently widowed and is of sound mind. She was quite shocked by the sudden death of her husband, Gus, due to Covid-19 virus and realizes that life is precious. After having coffee with her friends, she is starting to thing about an orderly transfer of assets to her children. She does not know much about estate planning and wants your help to ensure she is prepared.
She currently lives in a small bungalow in Toronto which she bought in year 2000 for $500,000. In the year 2000, she and her late husband bought a cottage on Lake Simcoe in Northern Ontario. Marge is ready to sell her house for $800,000 this summer and she will move into an independent living retirement home where her other widowed girlfriends live. Although she will still visit the cottage on weekends, she also has heard from her friends that she should consider transferring her cottage to her children. (FMV = $450,000, ACB = 200,000). She has heard that she can sell it to her kids or gift it to them but does not understand the difference. She would like to make sure that here cottage stays in the family.
She has her own RRIF of $ 70,000 with Gus as named beneficiary and will receive Gus's RRIF of $100,000 as she was named beneficiary. She has a TFSA of $25,000 with Gus as the named beneficiary. She has a bank account with $18,000 in it. She is worried that she will run out of money because the retirement home is quite fancy and costs $7,000 per month and she will not receive Gus' CPP, OAS and life annuity payments anymore. All other assets were left to Gus in the will and does not list a contingent beneficiary.
She would like to share her assets evenly with the kids. She also would like to leave her 6 grandchildren $25,000 each. She is wondering if she should gift money from the sale of the house to the kids or grandchildren. She is looking to minimize overall fees and taxation but wants to ensure she will be "okay" for the rest of her life.

Required: In point form, address Marge's concerns. Outline the steps she should take to set up her estate in such a way that she can provide for herself for the rest of her life but also meet her stated goals. (Be specific about documents that should be updated due to Gus' death and strategies that she can employ with the cottage).