Wendy and Will Wolverine are both age 45. They met in Ann Arbor and never left. They have three children, ages 19, 15, and 12. Wendy is a physician in private practice who works part-time but still has' generous benefits and an annual salary of 80,000. Will is a professor of economics at the University' of Michigan (he s a Wolverine, after all) and he has participated in the University s 403(b) program by maximizing his contributions which are generously matched by the University. His salary is 125,000/yr They have some after-tax money but primarily they are interested in saving in their respective retirement plans. Yet, they have come to you to update their estate plan. Their assets are as follows: House (entireties, net of the 50K left on the mortgage) $350,000.00 Cash a'nd Investments (JTWROS) 225,000.00 Wendy s 401(k)/Profit-Sharing Plan ' 350,000.00 Will s 403(b) Plan 475,000.00 ' Wendy s Life Insurance (term) 500,000.00 ' Will s Life Insurance (term) 250,000.00 Total Assets $2,150,000.00 Total effective tax rate is 30%. What are the basics of an estate plan for Wendy and Will? What documents must be prepared and updated? Define what special provisions they require in their will. AS part of their estate plan, review whether the Wolverine's have enough insurance. Is there an alternative to funding more life insurance for the surviving spouse if we consider IRA distribution options?