Your clients Betty (62) and lan (64) Shannon have asked for your advice concerning estate planning. Unfortunately, lan has liver cancer and only has six to nine months to live. Betty and lan have two children, Louise (38) and Nigel (34). Louise is married to James (42), and they have two children: Tim (11) and Jack (9). Nigel has just separated from Sarah, to whom he was married for eight years. Sarah and Nigel's divorce has been bitter, and they are fighting over the custody arrangements for their children, Andrew (7) and Gina (3). Betty and lan's assets are: Detail Owner Value ($) Home Joint 1,300,000 Share Portfolio (bought in 1981 for ($63,000) lan 800,000 Superannuateon lan - Tax Free Component $200,000 - Taxable Component $600,000 1,000,000 - Untaxed Component $200,000 Superannuateon - Tax Free Component $700,000 Betty 1,100,000 Taxable Component $400,000 lan wants to leave his share portfolio to Betty and gift the children $500,000 each from his superannuateon fund. However, lan is conscious that Sarah and Nigel haven't reached a financial settlement and is keen to keep the family assets within the family. REQUIRED: a. Advise lan on whether it is appropriate to document his wishes in his will. Analyse and suggest strategies that can provide asset protection for the family. (5 marks) b. Assume that lan dies with appropriate and proper arrangements to distribute his assets according to his wishes. Consequently, lan's superannuateon is paid in full, equally to his two children. Furthermore, the executor of his estate sells his short portfolio and distributes the proceeds to Betty. Based on the market values as shown in the question, calculate the after-tax cash benefit available to Betty, Louise and Nigel. Ignore the effects of the Medicare levy in your calculations