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 Human Sciences). She would like to endow a chair in the College of 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