2) If Mr Wang doesn't have Trust nor life insurance, the family should "abandon" those "under water" properties to the banks; and may sell those "abpve water" properties (his wife may have some knowlege and experience to make the decision). The kid in college should be able to get financial aids from school; wife and kids should apply for survivor benefits from social security if needed. Some IRA $$ can become eligible right the way .......
I have dealing with multiple families with deceased clients. Qiaoshe, please feel free to QQH me if I can be further help.
What family needs the most now is love and care.......
RIP, Mr Wang!