Bill & Sue Miller are each in their early 60's and have the following assets:

House $500,000

Bill IRA $400,000

Sue IRA $500,000

Investment Account (JTWROS) $3,000,000

Savings Account in Sue's name $2,000,000

Life Insurance Bill - $3,000,000

Life Insurance Sue - $3,000,000

For this case study, assume Bill & Sue have done no estate planning to this point. They wish to pass their estate to their son. In three pages or less, discuss the estate planning strategies that they should explore. Discuss the possible estate taxes that could be incurred or avoided. What other strategies should they employ during their lifetime? What actions should they take? What would they likely pay in estate taxes before and after your plan?

Answer rating: 100% (QA)

Estate planning is crucial for individuals like Bill and Sue Miller who want to ensure a smooth transfer of their assets to their son while minimizing estate taxes Given their substantial assets it is ... View the full answer