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- Home and Automobile Insurance Newlyweds Joanne and James have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Joanne and James have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise. Current Financial Situation: Assets (Joanne and James combined): Checking account $4,300 Savings Account $22,200 Emergency Fund savings account $20,500 Retirement Account balance $26,000 Car $10,000(JOANNE) $18,000(JAMES) Liabilities (Joanne and James combined): Student loan balance $0 Credit Card Balance $2,000 Car Loans $6,000 Income: · JOANNE : $50,000 gross income ($37,500 net income after taxes) · JAMES:$75,000 gross income ($64,000 net income after taxes) Monthly Expenses (Joanne and James combined):…Home and Automobile Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise. Current Financial Situation: Assets (Jamie Lee and Ross combined): Checking account: $6,300 Savings Account: $23,200 Emergency Fund savings account: $30,500 IRA balance: $36,000 Car: $10,000 (Jamie Lee) and $18,000 (Ross) Liabilities (Jamie Lee and Ross combined): Student loan balance: $0 Credit Card Balance: $4,000 Car Loans: $8,000 Income: Jamie Lee: $50,000 gross income ($37,500 net income after taxes) Ross: $75,000 gross income ($64,000 net income after taxes) Monthly Expenses (combined): Mortgage: $1,252 Property Taxes and Insurance: $500 Utilities: $195 Food: $600…Home and Automobile Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise. Current Financial Situation: Assets (Jamie Lee and Ross combined): Checking account: $6,300 Savings Account: $23,200 Emergency Fund savings account: $30,500 IRA balance: $36,000 Car: $10,000 (Jamie Lee) and $18,000 (Ross) Liabilities (Jamie Lee and Ross combined): Student loan balance: $0 Credit Card Balance: $4,000 Car Loans: $8,000 Income: Jamie Lee: $50,000 gross income ($37,500 net income after taxes) Ross: $75,000 gross income ($64,000 net income after taxes) Monthly Expenses (combined): Mortgage: $1,252 Property Taxes and Insurance: $500 Utilities: $195 Food: $600…
- Home and Automobile Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise. Current Financial Situation: Assets (Jamie Lee and Ross combined): Checking account: $6,300 Savings Account: $23,200 Emergency Fund savings account: $30,500 IRA balance: $36,000 Car: $10,000 (Jamie Lee) and $18,000 (Ross) Liabilities (Jamie Lee and Ross combined): Student loan balance: $0 Credit Card Balance: $4,000 Car Loans: $8,000 Income: Jamie Lee: $50,000 gross income ($37,500 net income after taxes) Ross: $75,000 gross income ($64,000 net income after taxes) Monthly Expenses (combined): Mortgage: $1,252 Property Taxes and Insurance: $500 Utilities: $195 Food: $600…Home and Automobile Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise. Current Financial Situation: Assets (Jamie Lee and Ross combined): Checking account: $6,300 Savings Account: $23,200 Emergency Fund savings account: $30,500 IRA balance: $36,000 Car: $10,000 (Jamie Lee) and $18,000 (Ross) Liabilities (Jamie Lee and Ross combined): Student loan balance: $0 Credit Card Balance: $4,000 Car Loans: $8,000 Income: Jamie Lee: $50,000 gross income ($37,500 net income after taxes) Ross: $75,000 gross income ($64,000 net income after taxes) Monthly Expenses (combined): Mortgage: $1,252 Property Taxes and Insurance: $500 Utilities: $195 Food: $600…The Jeffersons want to establish a trust to provide for their children in case of their premature deaths. Which of the following is most appropriate for the Jeffersons' overall situation and objectives (objectives are Capital accumulation is a primary concern in this stage of their lives. The protection of principal, income production, and reduction of taxes are of minor importance)? They have a net worth of $725,000 Provide a rationale for your answer. Choose one of the following an irrevocable life insurance trust granting Crummey powers to the children a grantor retained income trust (GRIT) with their children, Ashanti and Blake named as beneficiaries a revocable living trust naming a third party as successor trustee, with Avery and Jaylen as the primary beneficiaries while living and the children listed as remainder beneficiaries an irrevocable living trust naming the children as beneficiaries and Jaylen and Avery as the trustees
- Here is the word problem that I attempted: Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be more devastating if his income was lost due to his death. They have allowed $9,600 for funeral costs. Calculate their living expenses for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the…3. How much life insurance do you need? Calculating resources- Part 2 Dmitri and Frances Ivanov have completed Step 1 of their needs analysis worksheet and determined that they need $2,418,000 to maintain the projected lifestyle of Frances (age 41) and their two children (ages 7 and 11) in the event of Dmitri’s (the primary earner’s) death. The Ivanovs also have certain financial resources available after Dmitri’s death, however, so their life insurance needs are lower than this amount. If Dmitri dies, Frances will be eligible to receive Social Security survivors’ benefits—approximately $3,500 a month ($42,000 a year) until the youngest child graduates from high school in 9 years. After the children leave home, Frances will be able to work full-time and earn an estimated $52,000 a year (after taxes) until she retires at age 65. After Frances turns 65, she’ll receive approximately $3,100 a month ($37,200 a year) from her own Social Security and retirement benefits. The life…Help wanted! With the triplets now in high school, Jamie Lee and Ross have made good decisions so far concerning their financial and investment strategies. They budgeted throughout the years and are right on track to reaching their long-term investment goals of paying the triplets’ college tuition and accumulating enough to purchase a beach house to enjoy when Jamie Lee and Ross retire. The pair are still researching where to best invest the $50,000 that Ross had recently inherited from his uncle’s estate. Ross and Jamie Lee would like to invest in several varieties of stocks, bonds, or other investment instruments to supplement their retirement income goals. Jamie Lee and Ross have been researching stock investment opportunities that my offer lucrative returns, but they know there is plenty of risk involved. They are aware that they must develop a firm plan to assess the risk of the various investment types so they may have the proper balance between high, moderate, and low risk…
- Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be more devastating if his income was lost due to his death. They have allowed $9,600 for funeral costs. I really need help in calculate their living expenses for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half…Suppose you are 28 and married. You and your spouse file for income taxes jointly. You are in the 25% tax bracket. You are considering a few personal investment issues. Suppose you expect a significant career or family change in three years, which requires substantial initial capital commitment (e.g., starting your own business, relocating abroad, buying a house, children going to college, etc.). Which of the following seems to be the most appropriate investment strategy? a.Take a loan to buy an investment condo. b.Use your savings to buy a small number of stocks that you believe to rise in price. c.Use your savings to buy well-diversified stock mutual fund shares. d.Use your savings to buy well-diversified bond mutual fund shares.Tom and Tina are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. They have determined that their annual income is $70,000 and their net worth is now $150,000. What is the amount of life insurance they should carry using the easy method?
