Based on the current statement of Financial Position and will from the case, provide a spreadsheet listing his assets and two columns: gross estate and probate estate. Provide a spreadsheet to Robert explaining what will be in his gross estate, probate, estate, and how much his wife and each of his children will receive.

JT -Joint tenancy with rights of survivorship

S1 Robert separate

S2 Lisa selarate

Gifts, Estates, Trusts, and Will Information Gifts The following are the Franklins' only lifetime gifts. - For the past several years, Robert has given cash gifts to each of his five children. Each gift has been equal to the annual exclusion amount for the year of the gift, so no taxable gifts have resulted. - Robert is planning to transfer $3 million of property to a grantor retained annuity trust (GRAT) in 2022. Robert hopes to save on gift and estate taxes by transferring this portion of his interest into a trust while retaining the right to a fixed ordinary annuity of $298,059 for a term of 10 yeats. The Franklins' five children will be the remainder beneficiaries of the GRAT. Upon the death of a remainderman, the interest will pass to the remainderman's descendants. If a remainderman dies without heirs, then the remainderman's interest will pass to the other children (remaindermen) pro rata. Based on recent Section 7520 rates, Robert expects the taxable gift resulting from the transfer will be $1 million. - Lisa has made no taxable gifts during her lifetime nor have any gifts been split. - In 2021, Robert established a 5\% CRAT by donating a piece of real estate (an apartment building, Commercial Property B) inherited from his grandfather. The initial valuation of the trust was $1 million with the initial income in the first year projected to be $50,000 beginning in 2022 . Robert is the income beneficiary, and the charitable remainder beneficiary is the Chicago Art Institute. I- Robert plans to donate $2.5 million to an irrevocable trust for his grandchild, Greg, the youngest child of Pam. During one of your meetings with the Franklins, you offer to serve as trustee of this trust. When they ask you what your fee will be, you reply that you are not sure yet but it will be slightly lower than the standard trustee fee in your area. They do not ask about the fee again. Estates The Franklins' last illness and funeral expenses combined with estate administration expenses are estimared at $450,000 each. Wills Robert and Lisa have simple wills. They have left all probate assets to each other. Each will also include a six-month survivorship clause. Debts and taxes are to be paid from the residue of the estate. Will Excerpts from Robert Franklin's Last Will and Testament I, ROBERT FRANKLIN SR., being of sound mind and wishing to make proper disposition of my property in the event of my death, do declare this to be my Last Will and Testament. I revoke all of my prior wills and codicils. 1.1 I have been married but once, and only to Lisa Franklin with whom I am presently living. 1.2 Out of my marriage to Lisa Franklin, five children were born namely Pam Franklin, Elise Franklin, Jackie Franklin, Vicki Franklin, and Robert Franklin Jr. 1.3 I have adopted no one nor has anyone adopted me. 3.1 I give my entire estate to Lisa Franklin, my wife. 3.2 In the event that Lisa Franklin predeceases me or fails to survive me for more than six months from the date of my death, I give my entire estate to my children Pam Franklin, Elise Franklin, Jackie Franklin, Vicki Franklin, and Robert Franklin Jr., in equal and undivided one-fifth shares. 3.3 In the event that any of the named heirs or legatees should predecease me, die within six months from the date of my death, disclaim or otherwise fail to accept any property bequeath to him and said legatee has no descendants, his share of all of my property of which I die possessed shall be given to the surviving named legatees. 5.1 I name Lisa Franklin to serve as my executrix of my succession, with full seisin and without bond. 5.2 I direct that the expenses of my last illness, funeral, and the administration of my estate shall be paid by my executrix as soon as practicable after my death. 5.3 All inheritance, estate, succession, transfer, and other taxes (including interest and penalties thereon) payable by reason of my death shall be apportioned in accordance with the law. STATEMENT OF FINANCIAL POSITION Robert and Lisa Franklin As of Januarv 1. 2022 Notes to financial statements 'Assets are stated at fair market value (rounded to whole dollars). fuabitits are stated at principal only (rounded to whole dollars). Tite designations II - pont terancy with right of survivorship \$1-Robert's separate $2 - Liu's separate