Gordon Walker is recently single and lives on his own in Toronto. He has two adult sons with his wife from whom he recently separated. He drew up a will years ago. In it, he names his wife as the sole beneficiary of his estate. Now that he is separated, he knows he should revise the will but he hasn't gotten around to it. Gordon is proud of himself: at age 53, his assets total $1 Million.

Last night, as Gordon was watching sports on TV, he suffered a brain aneurysm and died.

  

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Gordon's Estate Assets: Liabilities Home $500,000 $400,000 Investment portfolio (non-reg.) $100,000 RRSP Line of credit Income taxes Probate fees Funeral and final expenses Gordon's net estate at death: 1. Who are Gordon's heirs? 680 000 2. How will his estate be distributed? $130,000 $155,000 $ 15,000 $ 20,000 $1.000 000 $320 000 Gordon's Estate Assets: Liabilities Home $500,000 $400,000 Investment portfolio (non-reg.) $100,000 RRSP Line of credit Income taxes Probate fees Funeral and final expenses Gordon's net estate at death: 1. Who are Gordon's heirs? 680 000 2. How will his estate be distributed? $130,000 $155,000 $ 15,000 $ 20,000 $1.000 000 $320 000

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Gordons Net Estate at Death To calculate Gordons net estate at the time of his death you subtract hi... View the full answer