LO.7 Two years ago, after his wife Esther died, Frank took early retirement. He moved from New York to New Mexico to be near his only daughter, Pamela, and her family.

Although he still owns his personal residence in New York—it has been converted to rental property—he plans to buy a condo in New Mexico. Other information regarding Frank’s affairs is summarized below.

• Several policies on his life list Esther as the beneficiary.

• His § 401(k) plans and traditional IRAs do not name secondary beneficiaries.

• Ownership of numerous, sizable CDs is listed as joint tenancy with Esther.

• Frank and Esther executed New York wills naming the survivor as the sole heir.

• Title to the family hunting lodge in Idaho is in Frank’s name.

a. In terms of reducing Frank’s future probate estate, what changes can be made?

(Assume that Frank wants all of his property to pass to Pamela.)

b. Suppose Frank wants to retain the income stream from the New York rental property (i.e., his former residence). What do you suggest?