Propose basic estate planning strategy (without considering trusts) applying the final project fact pattern. Consider valuation, family limited partnerships, unified credit, and annual exclusion to accomplish long-term minimization of the clients tax liability. Cite relevant legal authority for your answer. This milestone covers Section I Parts A and B (excluding trusts).

A. Create an estate planning strategy, showing versatility of thought, that will minimize estate and gift tax liability over the course of the clients life span, potentially another 30 years. Assure that as little future tax liability as possible accrues to his children.

B. Utilize family limited partnerships to accomplish long-term minimization of the clients tax liability. Consider the mechanics of these estate planning vehicles and the appropriate authority to cite.