NY_Resident
Registered User
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Not necessarily. It can be quite a complex area, and there have been a number of court challenges on inheritance issues.Legally any cash held in the bank account is half yours.
You never mentioned that so my post was based solely on the details you provided.Thx Horseman — I got tax advice at the time I became a joint name on the accounts. As I don’t have a “beneficial interest”, there are were no CAT obligations. In effect, I am holding a portion of the assets in trust for future beneficiaries. I am clear on this part. The question I have solely relates to how these assets are counted for Fair Deal purposes.
We set this up a few years ago purely for convenience but I am not the beneficial owner of these funds on his passing (the funds are to be distributed per his will). A family friend has suggested that because these accounts are held in joint names, his contribution to FDS is substantially reduced.
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