Projects 1 Bobbie and Donald Black have been married for 25 years and have three children, Tina, age 23, Todd age 20, and Ted, age 18. Bobbie and Donald have a very lucrative printing business. The Bobbie's liv comfortable life, and through proper investment planning, will also have a comfortable retirement. They have come to your supervising attorney's office to update their estate plan, which they realize long overdue. Their current estate plan consists only of reciprocal wills leaving everything to each other and to their children in equal shares if the spouse predeceases. The Black's estate is currently valued at $4 million. Tina is pregnant with her rst child, and Todd is a junior in college with plans to continue on to medical school. Ted is just about to graduate from high school. Tina and her husband have just bought their first home. Bobbie and Donald have conded that Todd is a \"good kid,\" but they've had to bail him out of credit card debt more than once. Bobbie and Donald want to provide for their retirement years and for their children's and grandchildren's education, as well as other da today needs. They also want to save as much in taxes as possible.Your attorney has asked you to prepare a memo regarding all the possible issues that may arise with Bobbie and Donald. Assume th neither of them will die before 2016. Address the needs for their retirement and concerns for their children and grandchildren. Discuss the need for wills, advance directives, and trusts or trust provisions that may be advantageous to them. Would this answer be different if the Blacks had $12 million in assets