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. 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. They have some after-tax money but primarily they are interested in saving in their respective retirement plans. Their assets are as follows: House (entireties, net of mortgage) $350,000.00 Cash and 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 500,000.00 ' Will s Life Insurance 250,000.00 Total Assets $2,150,000.00 Who should be the beneficiaries of the IRAs? What about trusts for the children? How should they be structured for maximum tax deferral for each child?