Gloria Allen is unmarried and is $86$ years old. Her husband died $20$ years ago, and she has been

single ever since. She has three children, John age $62,$ Lola age $59,$ and Buster age $55.$ Gloria has

no will or other estate planning documents. She is in relatively good health for someone her age

but has decided that it is time to get her estate plan in order.

John is a medical doctor and has been married for $30$ years. He has three children. Lola is married

to her second husband and has one child from a previous marriage. Gloria doesn$$t trust Lola$$s

current husband and thinks he is just out to get Lola$$s money. Buster is unmarried because his

fourth wife just divorced him. He has no children that Gloria is aware of$.$ Buster spends every

dollar he gets and drinks a bit.

Gloria inherited a ranch from her father and wants to see it stay in the family. Lola is the most

responsible of the children, but Gloria wants to make sure Lola$$s husband doesn$$t get his hands

on any of the assets and she certainly doesn$$t trust Buster with the ranch or any other assets he

might inherit. Gloria wants her children to share equally in her estate.

Gloria attended Texas Technological College $($now Texas Tech University$)$ and graduated from

the College of Home Economics $($now the College of Health and Human Sciences$).$ She would

like to endow a chair in the College of Health and Human Sciences either now or at her death,

whichever makes the most sense. To endow a chair, she would need to donate $$1,000,000$ to the

University.

Gloria can deal with her own finances and other decisions currently but is concerned about who

will make decisions for her in the event of incapacity.

Gloria owns the following assets:

Home $ $350,000$

Ranch $$10,000,000$

IRA $ $2,500,000$

Marketable Securities $ $1,250,000$

Bank Savings Account $ $750,000$

Checking Account $ $100,000$

Life Insurance $ $250,000($cash surrender value, face value is $2,000,000)$

The beneficiaries on the IRA and the life insurance are the three children equally. At the advice

of the bank employee that helped her set up the bank accounts, they are joint accounts with Lola

and there is a POD designation on the accounts naming Lola to receive the accounts at Gloria$$s

death. There is no beneficiary designation on the account that holds the marketable securities$.$

FROM THE MATERIALS IN THE BOOK AND THE INFORMATION WE HAVE

COVERED IN CLASS, DISCUSS THE PLANNING STRATEGIES AND DEVICES THAT

MIGHT BE APPROPRIATE FOR THE GLORIA TO ACCOMPLISH THE GOALS

DESCRIBED ABOVE AND WHY THOSE STRATEGIES MIGHT BE APPROPRIATE.

DO NOT PERFORM CALCULATIONS REGARDING THE TAX SAVINGS OR

REDUCTIONS IN VALUE OF THE ESTATE BY USING ANY SUGGESTED

STRATEGIES. I DO NOT EXPECT YOU TO DISCUSS EVERY PLANNING IDEA OR

TOOL THAT WAS DISCUSSED IN CLASS, JUST THOSE THAT APPROPRIATE IN