Brad and Alice have been married for 27 years. They have two children, Brad and Joey,...

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Brad and Alice have been married for 27 years. They have two children, Brad and Joey, ages 5 and 4, respectively. Brad is a sole proprietor of a dry cleaning business. Alice works as a school teacher. They have lived in a common law state all their lives. Brad set up the following estate planning documents: 1. Pour over will (each spouse) 2. Revocable living trusts (each spouse) 3. Springing durable power of attorney (each spouse) 4. Health care surrogates (each spouse) 5. Living wills (each spouse) Brad is in excellent health and feels he has an exceptionally long life expectancy. His parents are still alive and are also in excellent health. He expects to live 40 more years. Alice has a similar life expectancy and is in excellent health. Assets: Brad car Alice car Brad - solely owned $5,000 Alice solely owned $2,000 Brad's business Brad - solely owned Brad checking account Alice checking account Brad retirement account Alice retirement account Brad - solely owned Alice solely owned Alice is beneficiary no beneficiary $12,500,000 $14,000 $55,000 $500,000 $350,000 Brad and Alice have been married for 27 years. They have two children, Brad and Joey, ages 5 and 4, respectively. Brad is a sole proprietor of a dry cleaning business. Alice works as a school teacher. They have lived in a common law state all their lives. Brad set up the following estate planning documents: 1. Pour over will (each spouse) 2. Revocable living trusts (each spouse) 3. Springing durable power of attorney (each spouse) 4. Health care surrogates (each spouse) 5. Living wills (each spouse) Brad is in excellent health and feels he has an exceptionally long life expectancy. His parents are still alive and are also in excellent health. He expects to live 40 more years. Alice has a similar life expectancy and is in excellent health. Assets: Brad car Alice car Brad - solely owned $5,000 Alice solely owned $2,000 Brad's business Brad - solely owned Brad checking account Alice checking account Brad retirement account Alice retirement account Brad - solely owned Alice solely owned Alice is beneficiary no beneficiary $12,500,000 $14,000 $55,000 $500,000 $350,000