Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Laura has been living common-law for over 20 years. Her common spouse Marie has acted as a stepparent and step-grandparent). Laura is 78 years old
Laura has been living common-law for over 20 years. Her common spouse Marie has acted as a stepparent and step-grandparent). Laura is 78 years old and lives with Marie in Laura's condo. Laura's condo is worth $500,000 (ACB $150,000 with no mortgage). Laura has $10,000 in a TFSA and has named Marie as successor holder. Laura also has $150,000 in segregated funds which has named Laura's 3 adult children and 4 grandchildren as beneficiaries of her segregated fund. Laura has no will and passed away in 2022 suddenly from a stroke. She lives in a Canadian jurisdiction that does not recognize common law spouse property rights. How much will Marie inherit? A $10,000 from the TFSA only. B) The Preferential Share and 1/3 of the TFSA. (C) The Preferential Share and 1/3 of the remainder of the estate. (D) The condo as the matrimonial home and 1/3 of the TFSA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started