Personal Financial Planning 13th Edition by Lawrence Gitman,Michael Joehnk,Randy Billingsley

Exercise 10

George Reed, 48 and a widower, and Debbie Moore, 44 and previously divorced, were married five years ago. There are children from their prior marriages, two children for George and one child for Debbie. The couple's estate is valued at $1.4 million, including a house valued at $475,000, a vacation home at the beach, investments, antique furniture that has been in Debbie's family for many years, and jewelry belonging to George's first wife. Discuss how they could use trusts as part of their estate planning, and suggest some other ideas for them to consider when preparing their wills and related documents.