Create a recommendation for your client who is searching for ways to avoid probate and provide for
Question:
Create a recommendation for your client who is searching for ways to avoid probate and provide for his family. At the moment he has sole title with no designated beneficiaries for the following:
Main family home (value $365,000; original cost $87,000)
Rental property (duplex) (value $298,000; original cost $250,000)
RRSP ($43,000; capital gains $8,700)
Pension fund ($124,000)
1. Advise your client on whether he should or should not consider:
Joint tenancy
Beneficiary designation
Inter vivos trust
2. For each of the three options listed above, create a table and provide:
a. Definitions
b. Restrictions Advantages
c. Disadvantages
3. Last, provide your final recommendation.
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett