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Homer and Marge have approached you for financial planning advice. They are in their late sixties and have sold their small business to their son

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Homer and Marge have approached you for financial planning advice. They are in their late sixties and have sold their small business to their son Bart and plan to fully retire, They plan to top up their Superannuation funds with the sale proceeds, from which they will draw a regular income. They also have a small investment property in which they will receive some supplementary rental income and wish to keep. They have three children, Bart, aged 35, whose relationship with his own wife is deteriorating and Maggie, aged 32. Maggie is mentally disabled and is living in supported care. Their third child, Lisa, is independent but is an alcoholic and is seeking help with her gambling addiction. Maggie's needs are quite simple and inexpensive but Homer and Marge are anxious to ensure Maggie is adequately provided for after Homer and Marge die. Although Bart has a family of his own and runs a small plumbing business, he is a wonderful support to Homer and Marge and Maggie. Homer and Marge wish to distribute their assets evenly to the children. Answering from an Estate planning perspective, identify and advise Homer and Marge of the estate planning issues they need to consider for their overall financial situation and also their general assets and superannuation funds. Also provide guidance on how they can provide for Maggie, Bart and Lisa and protect their wealth in their estate plan. (8 marks)

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