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?