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Originally Posted by Dominicwasalreadytaken
Interesting. I wonder what will happen when my wife's folks pass away and leave a portion of their massive estate to us. They live in BC. I live in Alberta.
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First off, it will be subject to (likely) greater probate costs. In Alberta the max is $400 no matter the size of the estate. In B.C. it's free for the first 25K, then $6 for every iK up to 50K, then $14 for every thou above 50K. It can get quite expensive if it's a large estate, and can get into the hundreds of thousands of dollars on an estate of a million or two. And it grows with the estate size. Suggest they move to Alberta. (It's a lot of money for nothing, if you know what's involved.)
Seriously, there may be things they can do. They should review their assets, consider what's taxable and what is not and what strategies can be used to reduce probate costs. In Alberta, don't even bother, with our cheap probate.
MoneyGuy, Certified Financial Planner