Please answer maybe first few $($not all necessary$)$: Samantha and Sam Spartan are in their mid$-30$s and have two young children. They live in a modest home and they have few investments. They have just started to save for retirement after paying off student loans and cutting up their credit cards. Samantha has a salary of $$90,000$ and Sam has a salary of $$65,000.$ Because of their two young children, Steve $(9)$ and Stacy $(3),$ they purchased life insurance, but that is all they have done to date. Samantha and Sam have decided they should do some estate planning just in case. Samantha$$s sister, Sally Smith, would be a good person to take care of the kids if something happened to Samantha and Sam. They haven$$t talked to her about her willingness to take care of the kids. Samantha is worried if something happens to her, Sam won$$t be able to handle her estate. He isn$$t very good with paperwork. Sam is quite comfortable with healthcare decisions as well as daily financial management.

Their assets are as follows:

House $($Entireties$,$ net of mortgage$)$ $$50,000$

Cash and Investments $($JTWROS$)$ $$35,000$

Samantha$$s IRA$3$ $$12,000$

Sam$$s Roth IRA$4$ $$10,000$

Samantha$$s Life Insurance$1$ $$150,000$

Sam$$s Life Insurance$2$ $$100,000$

Sam$$s Car $$15,000$

Samantha$$s Car $$7,000$

$1$ Sam is designated beneficiary. Steve is the contingent.

$2$ No beneficiary designation

$3$ Sam is designated beneficiary. No contingent. IRA provider establishes default beneficiary as the estate.

$4$ Samantha is designated beneficiary. No contingent. IRA provider establishes default beneficiary as the spouse if surviving and children if not.

Laws of intestacy provide that if no living children $100\%$ of the estate will go to the spouse. If there are children, $50\%$ to the surviving spouse and remainder to be split evenly between surviving children. If no surviving spouse $100\%$ to surviving children.

$1.$ What are the basic estate planning documents that Sam & Samantha could use?

$2.$ What is the purpose of each document $($see slides$)?$

$3.$ What are the factors to consider when choosing an executor or other fiduciary $($see slide$)?$

$4.$ Who should be the executor, successor executor, healthcare power of attorney, power of attorney, guardian, and trustee for each person and why?

$5.$ What are the advantages of probate $($see slide$)?$

$6.$ What are the advantages of a trust $($see slide$)?$

$7.$ Should Sam & Samantha create a trust?

$8.$ Do Sam and Samantha have enough life insurance using the easy method, if not how much extra do they need $($show calculation$)?$

Easy Method is $7$ years x $70\%$ of salary

$9.$ Where should Sam and Samantha have primary and contingent beneficiary designations or use POD$/$TOD$?$

$10.$ What are the consequences of naming the children, a potential trust, Sally, a charity, or the estate beneficiary?

$11.$ What would happen to their assets and children if Sam died right now $($be specific$)?$

$12.$ What would happen to their assets and children if Samantha died right now $($be specific$)?5$ points

$13.$ What would happen to their assets and children if they both died right now $($be specific$)?10$ points