Comprehensive Estate Planning for John and Mary

John and Mary are a married couple in their late 60s with two adult children. They have accumulated a substantial estate worth approximately $4 million, which includes real estate, investment accounts, and personal property. John is concerned about the impact of estate taxes on their children’s inheritance and is seeking an effective estate plan. Furthermore, John and Mary wish to ensure that their assets are distributed according to their wishes while also providing for any potential long-term care needs.

As their financial advisor, develop a comprehensive estate plan for John and Mary that addresses the following components:

1. Strategies to minimize estate tax liabilities.
2. Distribution of assets to their children while considering any specific bequests they want to make.
3. Mechanisms for addressing potential long-term care requirements and protecting assets from that potential cost.