Jamie Lee and Ross are in their late fifties and enjoying planning for their next phase in life: retirement: The triplets are finishing their college educations and will be starting careers of their own in no time at all. As they prepare their children for the next chapter in their tives, Jamie Lee and Ross emphasize the importance of preparing for the future and drawing on their own experiences when offering advice to the three. They have always been candid with their children and have included them in most of their financial decisions over the years, hoping that their focus on saving for the future will also become a way of life for their children. Jamle Lee and Ross have aiso inctuded their children in their estate planning, realizing that they are an important part of the entire asset management process. Preparation is key, they all understand, as you nover can predict what lies in the future. Lately, Jamle Lee and Ross have been hearing many storles about acquaintances who have passed away without leaving a will or a plan for their estate, which made Jamie Lee and Ross anxious to review their own estate plan with an attorney. They do not want to think about eventually passing on, but they know it is an essential, as well as an inevitable, part to careful financial planning. As part of their estate planning. Jamie Lee and Ross need to calculate a scenario to determine the amount of tax, if any, that will be imposed on the estate when it is passed to their three children. In the scenario, they assume their mortgage is paid in full and one spouse has died with the surviving spouse recelving all of the assets under the unlimited marital deduction. They estimate that funeral and medical expenses for the surviving spouse will be $22,000. The real estate they own will have to be re-titled to the children and will need to go through probate ot a cost of 5% of its value. Jamie Lee and Ross have not made any taxable gifts in their lifetimes. Assume the estate can utitze the unified tax credit for both spouses using 2017 amount (\$5.49 miltion per individual). Use the information below to calculate their net estate tax. Each answer must have a value for the assignment to be complete. Enter " 0 " fo? any unused cotegorles. Current Financial Situation Assets: CheckingaccountSavingsaccountEmergencyfundsavingsaccountCupcakeCafeHouseIRAbalanceLifeinsurancecashvalueInvestments(stocks,bonds-jointownership)Car(JamieLee)$6,700$67,000$57,000$1,180,000$493,000$110,000$143,000$840,000$21,500$25,000 Liabilities: Mortgage balance $0 Credit card balance. $0 Car loans \$0 \begin{tabular}{l} Gross Estate Values \\ Personal property \\ Real estate \\ Joint ownership \\ Business interests \\ Life insurance \\ Employee benefits \\ Controlled gifts/trusts \\ Prior taxable gifts \\ Total estate values \\ Deductable Debts, Costs, Expenses \\ Mortgages and secured loans \\ Unsecured notes and loans \\ Bills and accounts payable \\ Funeral and medical expenses \\ Probate administration costs \\ Total deductions (-) \\ Marital deduction (-) \\ Taxable estate \\ Allowable Credits \\ Unified tax credit \\ Gift tax credit \\ State tax credit \\ \hline \end{tabular}