Sharon and Mark have been married for many years and have two children Shai and Michael. Sharon recently died in a car accident caused by a drunk driver. She is an Arizona resident at the time of her death. When she dies she and Mark had the following property. Assume that the primary beneficiary in her will is her husband Mark.Personal residence valued at $$1,000,000$ held tenancy by the entirety with Mark. The house has a $$200,000$ outstanding mortgage.

Honda Accord owned by Sharon and Mark JTWROS valued at $$20,000.$

Ford F$150$ owned by Mark valued at $$60,000$ held fee simple by Mark.

Her wedding ring valued at $$10,000$ held fee simple by Sharon.

Boat valued at $$70,000$ held tenancy in common by Sharon and Mark with equal contributions from both of them.

Life insurance policy on Mark's life is owned by Sharon. The fair market value is $$100,000$ and the death benefit is $$300,000.$

Life insurance policy on Sharon's life owned by Sharon. The fair market value is $$100,000$ and the death benefit was $$625,000.$ Mark is the beneficiary.

Sharon's IRA with an account value of $$2,000,000$ with Shai and Michael as $50/50$ beneficiaries.

Irrevocable trust with a current value of $$75,000$ with Sharon as the grantor and Shai and Michael as the beneficiaries. There were no taxable gifts on the initial or subsequent transfers to the trust.

Sharon's last medical expenses were $$30,000,$ her funeral expenses were $$15,000$

The administration of the estate was $$85,000$

Sharon's outstanding debts were $$200,000$

Sharon left $$70,000$ for charity

Sharon's will states that debts and expenses will reduce the assets that will transfer to Mark.