Estate Planning Strategies for Robert's Wealth

Robert, a 62-year-old retiree, has spent his life accumulating wealth and is now focused on estate planning. He has a net worth of $3 million, which includes various investments, a primary residence, and a vacation home. Robert has two children, Alex and Lisa, both of whom are financially independent. He wishes to ensure that his estate is transferred smoothly upon his passing and wants to minimize the tax implications for his heirs. Additionally, Robert wants to provide for his grandchildren in a meaningful way while also maintaining flexibility in case of any unforeseen future expenses. Discuss the key components of an effective estate plan that Robert should consider, including strategies for property distribution, tax minimization, and provisions for his grandchildren.