AN ESTATE PLANNING MINI-CASE Marcel and Clio Dion are taking steps to begin evaluating their estate planning situation. Marcel is 60 years old. Clio is 53 years old. They have two children, ages 13 and 18. Marcel is a successful executive with a Fortune 500 company, and Clio has achieved success as a cosmetics home sales trainer. Currently, their wills state that if either Marcel or Clio we to pass away, the surviving spouse would inherit everything. Both Marcel and Clio value their privacy, but they have not established a trust at this time. They have an interest in providing charitable support to their church, but they have not made any sizable contributions. Table VI.20 summarizes their asset, liability, and estate expense situation. Table Vl.20 Asset, Liability, and Expense Situation for the Dion Family Checking account Savings account Money market account Other monetary assets EEJI bonds Mutual funds (basis less than fair market value) Other investment assets Primary residence Other housing assets (vacation home) Vehicles Personal property Retirement assets (e.g., 401 (k) and IRA) Retirement assets (e.g., 401 (k) and IRA) Other assets Life insurance (variable universal life) Life insurance (universal life) Liabilities Mortgage on vacation home Debts Value $26,000 $20,000 $90,000 so $100,000 .720.000 $250,000 $700,000 $240,000 $86,000 $134,000 $768,000 $345,000 $48,000 $250,000 Value $112,000 $86,000 Ownership JTvVROS JTWROS JIWROS JTWROS JTvVROS JTWROS JT'WROS JTWROS JTWROS JTWROS JTVVROS Marcel Clio Jointly held but not titled Marcel Clio Ownersh ip Joint Joint