A client walks into your supervising office. His name is Mr. Barry Rich. In the initial interview he tells you that he works as a commercial real estate developer. He is concerned about being sued since his occupation is one of high risk and he has assets of approximately $5.5 million.

Mr. Barry Rich is married to a woman who is a citizen of Japan. He is 55 years old and has three children and one grandchild. His assets consist of a house worth $500,000, oil and gas royalty rights in Oaklahoma worth 1.3 millions dollars, stocks and bonds worth 2 million dollars with a tax basis of $50,000, and 2 million dollars cash value in various life insurance policies.

Discuss what steps you believe Mr. Rich should take to avoid federal and state estate taxes and to provide some protection frok lawsuits. What additional information should you know to help Mr. Rich achieve his objectives?