Raymond's net worth is $$20,000,000,$ consisting entirely of his separate property. His wife's net worth is $$2,000,000,$ consisting entirely of her separate property. As part of Raymond's estate plan, he would like to transfer as much to his wife as possible, while making the most of his applicable estate tax credit. He would also like to ensure that his wife has access to all of his net worth for the rest of her life. It is his wish that at his wife's death, the children will inherit whatever is left, with the least possible transfer taxes owed. Which of the following estate plans would fulfill Raymond's goals? Assume that Raymond dies in $2020,$ and that he has not used any of his exemption amount.

At Raymond's death, his estate should transfer $$11,580,000$ to an Irrevocable Trust for the sole benefit of Raymond's children. The remaining assets should be given outright to Raymond's wife.

At Raymond's death, $$11,580,000$ should be transferred to a bypass trust for the benefit of Raymond's children. Raymond's wife should be given the power to invade the bypass trust for an ascertainable standard. The remaining assets should be given outright to Raymond's wife.

Raymond's estate could transfer $$15,000,000$ to Raymond's wife as a specific bequest, and direct that his estate's executor donate Raymond's entire unused exemption to his wife.

At Raymond's death, his estate could create an ILIT for the sole benefit of Raymond's children utilizing Raymond's remaining applicable estate tax credit equivalency. These funds could be used to purchase life insurance on Raymond's wife. Any remaining assets should be given the Raymond's wife outright.