need calculations for protect assets from

future creditors and stretch retirement distributions and explanation

Chase and Janet Fisher Chase Fisher (Age 53) is a small business owner. He and his wife Janet, (Age 52) have given you a listing of their assets. The Fishers have determined that because of the uncertainty of Congress right now, they would like to freeze assets at $12,060,0002=$24,120,000 and are concerned that lifetime estate and gift exemptions will be lowered. Assume for this case that the 2022 estate and gift exemptions and exclusion amounts will remain unchanged in 2023. The Fishers have three children (Travis - Age 34, Dana - Age 32 and Philip - Age 30) and nine grandchildren, 3 from each child varying in ages from 1 to 6 years old. The children are educated, healthy, happily married and are of moderate economic means. The Fishers have done NO estate planning and do not have any estate planning documents. Financial Goals Their primary goal is to prepare a basic, but adequate estate plan. Their other goals and concerns are as follows: - Retire at 67 and maintain control of the company until retirement. - Protect Assets from future creditors. - Avoid Probate - Stretch Retirement Distributions - Minimize estate tax Financial Goals Their primary goal is to prepare a basic, but adequate estate plan. Their other goals and concerns are as follows: - Retire at 67 and maintain control of the company until retirement. - Protect Assets from future creditors. - Avoid Probate - Stretch Retirement Distributions - Minimize estate tax - Avoid costly involvement of courts - Provide for the education of all grandchildren - Benefit Children - Freeze their combined estates at \$24.12 million Estate Planning Case FPLN 443 Estate and Insurance Planning After your interview with them, you made the following notes about Assets held: - The Residence is titled in sole ownership (fee simple) - One brokerage account is in her name only. The other is in his name only. - The life insurance is owned by Chase and is a permanent policy with a cash value of \$0. He just purchased the policy, and the beneficiary is his estate. - His retirement account (IRA) has no named beneficiary. - His business is an LLC and he is the manager member with a 90% interest. Janet has the other 10%. - Chase is the named beneficiary for Janet's retirement plan. - The family farm is owned in sole ownership by Janet. - Her miscellaneous assets include art valued at $150,000