Quote:
Originally Posted by troutman
Outside the estate means they get it when they are eighteen, outside the control of your trustee. Most parents would rather delay this inheritance until an age where they are more mature.
Probate can get done in Calgary currently in two months. No inheritance tax, and maximum court fee is five hundred dollars. The estate is getting probated anyway if there is real estate or investments. The bank should allow a limited estate account to pay immediate expenses until probate is complete.
|
Correct me if I am wrong, as it has been years since I thought about this, but I believe if the "Estate" is the beneficiary of an insurance policy, the insurance proceeds are taxable income for the Estate and the Estate will have to pay tax on the proceeds. If you name an individual as the beneficiary, the proceeds are not considered income. Or am I old and confused?