Estate Planning Strategy for Daniel and Victoria

Daniel and Victoria are a married couple in their early 60s with a combined net worth of $6 million. They have one child, Emily, who is currently in graduate school. Daniel is a successful business executive planning to retire in the next few years, while Victoria is a part-time consultant.

In their estate planning discussions, they express concerns about potential estate taxes upon their death, particularly given their sizable investment portfolio and the real estate they own. They've also considered how to pass their assets to Emily, and they are curious about using trusts as a mechanism for this transfer.

To facilitate their wishes, Daniel and Victoria are investigating various estate planning strategies. They want to ensure that their estate plan is tax-efficient and that it also provides financial security for Emily without restricting her ability to earn an income in the future.