At 65, June is getting ready to retire. She has $1m in a 401 (k) plan, a house worth $300k and a cash savings account worth another $500k. She has decided that it has been far too long without a will. She asks your advice as to what she should bequeath to her husband and two children. The problem is that one child is in the peace corp and makes very little money, whereas the other child is a wealthy attorney. She does not know what their marginal tax rates are, but she has heard the attorney say shes paying too much in taxes. Discuss the taxability of liquid assets vs. tax preferred assets upon bequeath. Come up with a plan that helps equalize the after-tax receipts for her two children and husband.