Jim and Jean are the parents of two small daughters, Diane, age 5 and Debbie, age 7. While they plan no additional children, Jim is still holding out hope for a son.

They are also the sole shareholders of their manufacturing business, Maildrop, Inc. Maildrop is an Iowa corporation engaged in the manufacture of drop boxes for Federal Express and United Parcel Services. The company has been in existence in Birdsong, Iowa since 1995 and has annual sales of $22.5 million with an after-tax income of $2.8 million in 2013. The couple has a home and a farm in Birdsong, valued at $750,000 and a vacation home in the Ozarks valued at $850,000. The total value of all of their personal assets in 2013 is $6 million, including their stock portfolio and their insurance policy.

They come to you for advice about creating a logical life plan for the distribution of their assets and the safety and welfare of their children.

Develop a plan based on your research and your discussions with area professionals.