Craig (44) and Liz (35) have approached you for a financial planning consultation. They have two daughters Lily (5) and Ellie (2).

They own a house JTEN, both have retirement accounts titled separately and each has a life insurance policy. Their retirement accounts and life insurance policies list one another as beneficiaries and children as contingent beneficiaries. In addition they have money market accounts at a local bank, an e-trade account comprised mostly of stocks and Illinois 529 plans for each child. Craig and Liz are in good health and do not have any estate planning documents in place. Their net worth is well under five million dollars.

For this project, explain to Craig and Liz the importance of developing an estate plan. After explaining estate planning motivation provide a list and one to two sentence description of estate planning documents they will need to draft. Conclude with a list of team members needed to create a quality estate plan and any overall recommendation.

Introduction (2 points)

List of documents and description of each (11 points)

Team members and conclusion (2 points)