Continuing Case 48 Property Insurance Newlyweds Jamie Lee a.pdf

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Continuing Case 48. Property Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their first home, and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. With a family, a home, and now babies on the way, they are working on developing a risk management plan to help them should an unexpected event arise. Jamie Lee and Ross created a Household Inventory (see Addendum C), excluding the $2,000 diamond wedding band set. They have elected not to get any further liability or other specialized coverage at this time. Currently, their home has increased in value by $12,000 since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebuild their home using the most current costs. Use this information to complete the table below and determine the total amount of property insurance coverage they will need. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.Estimated value of appliances, furniture, clothing, and other household items (conduct an inventory) Type of coverage for personal property Additional coverage for items with limits on standard personal coverage such as jewelry, firearms, silverware, and photographic, electronic, and computer equipment Diamond wedding band setSurprise! 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 $8,000.00 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 bakery for half days. His mom will have a hired nanny to assist, which will cost them $1,200 a month. Use the table below to determine the amount Jamie Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.Use the "family need" method to complete 1. Yearly income x5 [1] 2. Total approximate expenses above and beyond your daily living costs for you and your dependents (e.g. tutition, care [2] for disabled child or parent) 3. Emergency fund needed (6 months of living expenses) [3] 4. Expected funeral exp.

You are a financial planner with a specialty in risk management. Youve completed the insurance in financial planning course at GBC and have obtained your license to sell insurance products. You love your career and have built a successful practice based mainly on referrals from your satisfied clients. Dave, aged 42, and Adela, aged 41, are new clients. Dave works in sales for a large pharmaceutical company earning a base salary of $170,000 a year with annual commissions of $50,000 a year. Adele, is a real estate agent. Adele works from home, typically earning $140,000 a year (approximately $100,000 after she pays realtor expenses). Both Dave and Adele are happy with their careers and believe they could find employment easily, if something should happen. They feel pretty comfortable financially but have asked you to flag any gaps that you can see in their risk management strategy. They also have specific questions that theyd like you to address. Dave and Adele married and they have two children: Harvey, aged 17, and Carol, aged 16. Adeles mother, Carrie, lives with them. Carrie is 79 years old and widowed. Carrie moved in with Dave and Adele to help with their children, however her health has started to deteriorate. Adele, thinks her mother will live until she is 85 years-old. When their daughter Carol was born, Dave and Adele purchased a new home. The house cost $650,000, at the time, and they have an outstanding mortgage of $290,000. Although Dave and Adele do not plan on moving, the house, based on its location, was appraised at $2.3 million. The mortgage on their home is the only long-term debt they have and the mortgage is insured with the lender (bank), should Dave or Adele die (joint first-to-die policy). When they bought their home, they bought a comprehensive homeowners insurance policy with an 80% coinsurance factor. The amount of coverage they have hasnt changed and its equal to the cost of the home at time of purchase. The current replacement cost of the house is estimated at $1.2 million. Harvey is in his final year of high school and will go to college in the fall. Hes been accepted into the automotive program at a community college close to his home and plans on living with his parents until he finishes his studies. Carol, in grade 11, has indicated that she would like to study law. Although there are many great law schools in Canada, Carol would like to study in the US or the UK. Dave and Adele set-up RESPs for both Harvey and Carol. The market value of Harveys RESP is $48,357 and Carols RESP is $32,400. Although working in sales has been hard, both Dave and Adele have done well. Daves employer provides all employees with group benefits, which Adele and the children are enrolled in. Here is a summary of their insurance coverage. 3 Copyright 2023 Giulio Iacobelli. All rights reserved. Current Insurance Coverage Daves group benefits from his employer include the following: Life Insurance: Two times base salary (excludes bonuses a.

I need this in 9hrs max, from now +- 30 minsLength 5 pages-.docx

florriezhamphrey3065

- Jack and Jill need a financial plan to ensure adequate funds for their children Tracey and Travis as well as their retirement. - Their current life insurance may not be sufficient to meet their goals. Additional insurance is likely needed and the type of insurance should be analyzed. - Their risks related to disability, health costs, and investments need to be reviewed and recommendations provided to optimize their protection and savings.

PLEASE USE APA INTEXT CITATIONS AND REFERENCECase Questions .docx

LacieKlineeb

PLEASE USE APA INTEXT CITATIONS AND REFERENCE Case Questions In the context of the below examples: 1. How does adverse selection and/or moral hazard impact borrowers’ decisions to stick by the terms of the loan when the reverse loan balance exceeds the market value of the house (due to sharp declines in housing prices)? 2. Explore the moral hazard resulting from potential hesitancy of lenders to foreclose because of reputational risk. 3. Explore the consequences of asymmetric information that the lender has regarding the longevity of the borrower. 4. Explore the consequences of adverse selection and/or moral hazard on the borrower resulting from high initial expenses. 5. Explore the nature of adverse selection and/or moral hazard resulting from tenure loan, versus cash out? 6. How do the requirements of reverse mortgages mitigate adverse selection and moral hazard risks for the lender? MORAL HAZARD & ADVERSE SELECTION IN THE MARKET FOR REVERSE MORTGAGES Ittoop, V. (January 2021). Moral Hazard & Adverse Selection In The Market For Reverse Mortgages. (Unpublished.) As the baby boomers approach retirement, there is growing concern that many have not adequately prepared for their retirement. Efforts are underway to promote higher savings and adopt appropriate investment strategies for building retirement income. Another approach is to find ways to provide for retirement income from the assets retirees already have. At a basic level, a reverse mortgage is a mortgage loan (from a finance company) that allows to the homeowner (the borrower) to access income tied up in their home equity. There are several requirements for acquiring a reverse mortgage: 1. The borrower must be 62 years of age or older 2. The house must be the primary residence of the borrower. 3. The borrower must own the house outright, or have substantial equity. 4. Borrower’s income, assets and monthly living expenses are evaluated in order to determine the ability of the borrower to maintain property, pay taxes and home insurance premiums. 5. The maximum that can be borrowed against the house is based on the appraised value of the property, the age of the borrower and limits set by law. 6. Borrowers may choose to receive a lump sum payment (cash out), or monthly payments for a fixed period (line of credit), or payments as long as they live in the house, sell the house or die (tenure). 7. Borrowers must commit to maintaining the property and paying property taxes and home insurance. Violations can result in foreclosure. 8. Heavy upfront fees are charged for acquiring a reverse mortgage and the borrower receives reduced payments in the initial years. With this basic knowledge, let’s consider the following examples. Example 1 Profile: Ms. Jones 63 years old and currently working. She estimates that her house would be appraised at $250,000. Ms. Jones has total savings of $30,000 in her.

Gordon and Colleen Howe� Mini CaseToday is January 1, 2023.pdf

fmac5

Gordon and Colleen Howe Mini Case Today is January 1, 2023 Gordon and Colleen Howe both 36 years old. Mr Howe recently accepted a job making $93K a year, Mrs. Howe is currently unemployed. They have one child who is 4 years old, an English Setter and Maine Coon Cat. Both are licensed lawyers and have been married for eight years The Extended Family Mr. Howe has a mother in her 60s who is living far away and is modestly self-sufficient. Mr. Howe has two siblings both married and self-sufficient. Mr Howe inherited $400K from his late Uncle Stan who was 100 years old when he died and had worked every day of his life. He has spent the inheritance down to $200K. Mrs Howe has one brother who is married, wealthy and has two children. Mrs Howes mother is a pharma distributor and lives in another state she is 60 and self-sufficient. Mrs Howes father lives in the same town as the Howes and her father is self- sufficient and healthy. Mrs Howes Father (Trust 1) Mrs Howes father set up a trust for the benefit of Mrs Howe. Her brother is trustee, but it is really controlled by the father. The trust distributes $30K/year to Mrs Howe. The basis is $700K and it has an average earnings rate of about 8.5% per year for the last 10 years. There is no plan to increase distributions. Economic Info Inflation averages 3% for last 20 years and expected to continue at 3% Bank lending rates: 15 year 5.25%; 30 year 6.75%; Any closing costs associated with refinance are 3% and included in refinanced mortgage. Expected rate of return 8.5% Residence Current value $550K; Balance on 30-year mortgage at 5.5% $260,514; Land value $150K; Monthly payment (P&I) $1703.37; Owned home for 8 years; Will not qualify for refinance until Mr. Howe has been with his current employer for one year. Life - No life insurance; Mr Howe expects $50K group term from new employer Health Covered under Mr Howe employer plan; Cost $1K/month for family Disability No disability; Mr Howe will be covered for LTD provided by employer at 65% of gross pay. Homeowner HO3 with open perils and replacement value; $250 deductible; Dwelling covered$300K with 80/20 coinsurance clause; Premium $2400/year. Auto - $250 deductible; 100/300/50; Premium $1800/year Assets JT Bank account $28K JT Inherited portfolio $200K C Brokerage account $127K G401K $32K with brokerage account JT Residence $550K JT Auto 1 $40K G Auto 2 $25K JTHH Items $150K JT Liabilities Mortgage $260514 Other Financial Annual Expenses Annual contributions to 401K $17500 SS Taxes $7115 Federal WH $10384 State WH $3715 Property tax $3000 Tuition to preschool $15K Utilities $2400 Entertainment $1200 Clothing $2000 Auto maint/gas $3000 Food $9600 Investments Investment portfolio $327K Brokerage account includes gifts from Mrs Howes father invested in money market account at 0% earnings 401K from Mr Howes prior job invested in index fund Asset Current $ Expected Returns Portfolio Percentage Cash $28,000 0% 7% T Bonds $0 4% Corp Bonds $0 6% International B.

Life Insurance Guide

Juan M Alvarez

This document discusses the importance of life insurance and provides guidance on determining how much coverage is needed. It explains that life insurance pays cash to a person's family after they die, allowing loved ones to remain financially secure by covering living expenses, debts, education costs, and other obligations. The document then outlines a process for calculating an individual's specific life insurance needs by estimating a family's income requirements and expenses if the primary income earner dies, and determining how much existing assets and future income can cover versus what additional life insurance is still required.

Life Insurance and Business Risk Insurance

Stefan Goodall

The Johnson family consists of Alex, age 41, Krystal, age 40, Jasmine, age 17, and David, age 5. Alex earns $75,000 per year as a tax specialist and Krystal earns $25,000 per year running her web design business. They own a home valued at $250,000 with a $200,000 mortgage. The Johnsons need to determine appropriate life insurance coverage in the event that one or both parents pass away. Alex would need at least $1.6 million in term life insurance to provide for the family's needs. Krystal would need a smaller policy of around $500,000 since Alex is the primary breadwinner.

Read the information and the questions that follow. Identify the leg.docx

tawnan2hsurra

Read the information and the questions that follow. Identify the legal issue(s) and apply legal concepts and possible arguments for each question, using laws, cases, examples, and other relevant scholarly materials. Identify potential ethical issues. Finally, provide suggestions to help the company prevent future occurrences of the legal and ethical issues encountered. Support your answers with information from the textbook and at least two outside scholarly sources. By Tuesday, August 11, 2015 , prepare a 5 to 8 page paper that identifies the legal issues and potential solutions and answers all questions presented, supported by relevant legal authority. Properly cite all sources using APA format. This assignment requires application of the concepts learned in Weeks 1–5 and is worth significantly more than previous assignments. Scenario In Part I of the assignment, Chuck House and Ben Holmes created a business they called House & Holmes Facilities Management. At the time, Chuck and Ben were the only employees. By the end of the second year, House & Holmes hired two additional full-time employees and paid a few temporary laborers as needed for certain maintenance jobs. Chuck and one of the temporary laborers, Steve, were carrying an old cast iron bathtub through a customer’s house when the homeowner’s dog ran under Steve’s feet, causing him to lose his balance and drop his end of the tub. Unable to control the tub, Steve dropped his end of the tub causing it to knock over a flat screen television that shattered on the floor. The tub left scratches in the wood floors. Steve tore his rotator cuff in the fall and was unable to work for two months. Ryan, the customer, was upset about his television. House & Holmes owns three trucks and one van, each registered to the business. The vehicles advertise the company’s name, phone number and website. Jason, one of the full-time employees, drives one of the trucks home at night when he is on call for emergency repairs. One night Jason stopped off at Hillside Tavern to have a couple of beers before going home. On the way home, Jason swerved to avoid hitting a deer and hit a car driven by Charmaine Wilson. Charmaine’s car sustained $4,500 in damages and she missed three days of work recovering from her injuries. Regions Bank loaned $20,000 to House & Holmes. Chuck, Ben and their friend Phil agreed to be co-sureties for the loan. The handyman business defaulted on the loan and Regions Bank plans to sue Phil for payment of the loan. House & Holmes agreed to install a new air conditioning unit and an outdoor kitchen in a luxury home on the beach. The parties agreed to a price of $9,500 for the purchase and installation of the air conditioning unit and outdoor kitchen. Chuck agreed to let the homeowner pay for the work in installments of $2000 a month. Two months later, the homeowner filed for bankruptcy. Chuck demanded payment of the remaining amount due or threatened to repos.

A RETIREMENT PLANNING MINI-CASE / TUTORIALOUTLET DOT COM

albert0256

This document provides information on two options for using a home to generate retirement income: downsizing to a less expensive home or taking out a reverse mortgage. Downsizing would allow adding $6,250 more yearly income by investing sale proceeds and cutting housing expenses. A reverse mortgage could provide $8,600 in yearly lifetime payments or lump sums/credit lines up to $139,000, depending on the home value and borrower's age, allowing remaining in the current home. Both options have tradeoffs to consider around costs, future needs, and preferences to stay in the current home.

Top Ten Elder Law Tips to Protect Your Home

P. Haans Mulder, JD, MST, CFP®

This document provides 10 tips for protecting your home, including avoiding probate and estate recovery from the state of Michigan. It recommends using a ladybird deed to avoid probate and name a beneficiary to receive the home upon death without it being subject to Medicaid claims. A ladybird deed achieves Medicaid eligibility by not placing the home in a trust, which would count it as an asset. The document also discusses tax implications of gifting a home, options for single Medicaid recipients to pay home expenses, and how renting a home could impact benefits.

Lesson 6 Feb 25 2010

ingroy

The document discusses how to calculate how much home one can afford based on their monthly income. It lists the major monthly home expenses as mortgage, property taxes, and heating costs. It provides the general rule that total home expenses should not exceed 32% of gross monthly income. An example is given for a couple with $5680 monthly income to calculate their total affordable household expenses and maximum allowable mortgage payment amounts based on expected property taxes and heating costs. Formulas are provided to calculate maximum home price affordability based on down payment and mortgage amounts.

Scent of change

Nicolas Schriver

The document discusses how to optimize the use of a mortgage for building wealth. It argues that traditional advice to pay off a mortgage quickly is outdated, as people are more mobile and financial planning has changed. Instead, wealthy individuals treat mortgages as an integral part of overall financial planning by keeping balances high and interest costs low, freeing up capital for other investments. The document illustrates this approach through a story of two brothers, showing that integrating a mortgage into a broader financial strategy can significantly increase savings and net worth over time.

Vf Rm

Affordable Funding

This document provides information about federally insured cash accounts and reverse mortgages. It summarizes that these programs allow homeowners age 62 or older to tap into their home equity for cash without making monthly payments. The cash can be used for various expenses and is only repaid when the homeowner passes away or sells the home, with no liability for heirs. It encourages contacting Ginny Cooper at 800-554-4325 to learn more about qualifying and applying.

David and Ariel Olson are married taxpayers, ages 44 and 42 , respect.pdf

gauravfabulousdeals

David and Ariel Olson are married taxpayers, ages 44 and 42 , respectively, who file a joint return for 201. David is an assistant manager at Martinsville Motor Inn, and Ariel is a teacher at Martinsville Elementary School. They present you with W-2 forms that reflect the following information: Ariel is the custodial parent of two children from a previous marriage who reside with the Olsons throughout the school year. The children, Thomas and Tara Parker, reside with their father, Bob, during the summer. Ariel and Bob divorced 12 years ago. Relevant information for the children follows: Under the divorce decree, Bob pays child support of $150 per month per child during the nine months the children live with the Olsons. Bob says that he spends $200 per month per child during the three summer months they reside with him. Ariel and David can document that they provide $2,000 support per child per year. In August, David and Ariel added a suite to their home to provide more comfortable accommodations for Doris, Ariel's mother, who had moved in with them in February 20x0 after the death of Ariel's father. Not wanting to borrow money for this addition, David sold 210 shares of Fillmore Corporation stock on May 3, 20x1, and used the proceeds of $22,000 to cover construction costs. The Olsons had purchased the stock six months ago for $50 per share. They received dividends of $750 on the jointly owned stock a month before the sale. The Olsons also have a ($4,000) long term capital loss carryforward from year 20x0. Doris, who is 66 years old, received $7,500 in Social Security benefits during the year, of which she gave the Olsons $2,000 to use toward household expenses and deposited the remainder in her personal savings account. The Olsons determine that they have spent $2,500 of their own money for food, clothing, entertainment, and other items for Doris. They do not know what the rental value of Doris's suite would be, but they estimate it would be at least $300 per month. Doris does not file her own tax return. Interest paid by the Olsons during the year included the following: Home mortgage interest (paid to Martinsville Federal Savings \& Loan) \$7,890 Interest on an automobile loan (paid to Martinsville National Bank) 1,660 In July, David hit a submerged rock while boating. Fortunately, he was uninjured after being thrown from the boat and landing in deep water. However, the boat, which was uninsured, was destroyed. David had paid $25,000 for the boat in June 20x0, and its value was appraised at $18,000 on the date of the accident. In December, David contributed $3,000 into his traditional IRA, and Ariel contributed $1,000 into her traditional IRA. The Olsons paid doctor and hospital bills of $8,200 and were reimbursed $2,000 by their insurance company. They have filed additional claims of $1,200 with their insurance company and have been told they should expect to receive payment for that amount in January 202. They spent $640 for prescription .

Property Protection Trust

IWC Probate Services

The Stein Case DetailsBenny and Jenny Stein have been referred t.docx

ssusera34210

The Stein Case Details Benny and Jenny Stein have been referred to you by a friend for comprehensive financial planning. The Steins have a number of issues and concerns to resolve. Personal Data Benny Stein is 50. Jenny is 47. Both the Steins are professionals. Benny is a principal in a medium-size consulting firm, a professional corporation, and earns $100,000 in annual salary plus around $50,000 in bonuses each year. He anticipates remaining with the firm until retirement at age 67. Jenny is a seasoned associate in a large law firm, earning $100,000 per year. She wants to stay with the firm and retire around the same time as Benny, but there are internal issues with her firm and rumors persist that some attorneys may be offered severance packages and the firm may close. If Jenny is terminated, she plans to establish her own independent law practice. The Steins have 3 children: Sally is 24 and has one more year to complete medical school. Her education has been financed by her parents. Betty is 20 and a junior at Homestate University. She does not plan to study beyond her baccalaureate. Jason, age 10, has severe mental and physical impairments. There is no chance of him to live a normal and productive life. His life expectancy is another 20 years at most. Financial Goals and Objectives The Steins have discussed their financial goals and objectives with you. They are as follows: · Provide for an adequate retirement. · Optimize their investment portfolio. · Revise their estate plan to ensure proper care for Jason. · Evaluate their existing insurance program. · Evaluate their current disability coverage. The Steins have the following investment objectives and risk tolerance levels. Their priorities are listed in order as: · Safety of principal · Long-term growth · Tax advantage · Liquidity · Future income Economic Assumptions used in this case Assumption Data Long-term inflation 3% Education inflation 5% Economic environment Normal yield curve; moderate growth expected; Federal Reserve willing to maintain current rates Refinancing costs 1% added to loan amount; 15-year rate is 4.5%; 30-year rate is 5.0% New auto loans 5.6% Medical school costs $50,000 per year (current dollars) Undergrad school costs $30,000 per year (current dollars) State income tax 4% of federal AGI Federal income tax Use rates supplied in class Investment returns 6% Assets Asset Ownership Amount Checking JT $6,000 Money Market Mutual Funds JT $19,000 U.S. Equity Mutual Funds JT 360,000 Foreign Equity Mutual Funds JT $40,000 Balanced Mutual Funds JT $35,000 Apartment Complex H 250,000 Limited Partnership H $12,500 401(k)1 H $83,000 401(k) 1 W $176,000 IRA1 H $44,000 IRA1 W $48,000 Consulting Practice H $100,000 Residence T by E $350,000 Personal Property JT $100,000 Automobile – Lexus H $30,000 Automobile – Honda W $10,000 Cash value of Life Insurance H $40,000 Cash value of Life Insurance W $5,000 H=Husband W=Wife JT=Joi ...

Don't Lose Everything to a Nursing Home

David Corman

ACC 547 Education Organization -- snaptutorial.com

DavisMurphyB91

For more classes visit www.snaptutorial.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.

ACC 547 OUTLET Inspiring Innovation--acc547outlet.com

williamwordsworth33

This document provides information and questions related to the ACC 547 final exam, including: 1. Details about gift tax exclusions and due dates for filing gift tax returns. 2. Questions related to gift and estate tax calculations and exclusions. 3. A comprehensive accounting problem calculating depreciation expenses for a machine shop over multiple years. 4. Details of a sample tax return including income, deductions, and credits for a married couple.

Borrowing Options: Benefits and Dangers of Borrowing

katiesmith11010

Death Planning Solution for Single / Widowed People

Simon Howitt

House Spouse

Sustainable Finances

ACC 547 MASTER Become Exceptional--acc547master.com

agathachristie64

- Jordan and Diana Diego are married and file a joint return with their daughter Emily as a dependent. - Jordan earned $68,000 in wages and Diana earned $40,000 in wages. They paid mortgage interest, property taxes, and sales taxes. - They owned a vacation home that was rented out for 120 days, generating $12,000 in rental income. They incurred expenses related to maintaining the rental property. - They contributed $3,000 to their church and Jordan had $2,000 in unreimbursed employee expenses related to using his personal vehicle for work prior to his employer providing a vehicle.

1 Total annual income your family would need if you died today.docx

honey725342

1 Total annual income your family would need if you died today $ What your family needs, before taxes, to maintain its current standard of living (Typically between 60% - 75% of total income) 2 Annual income your family would receive from other sources $ Spouse's earnings, fixed pension, etc. (Do not include earned income on assets) 3 Income to be replaced - Subtract line 2 from line 1 $ 4 Capital needed for income - Multiply line 3 by appropriate factor in Table A $ Expenses: 5 Funeral and other final expenses $ Typically the greater of $15,000 or 4% of the estate value 6 Mortgage and other outstanding debts $ Include mortgage balance, credit card debt, car loans, etc. 7 College costs for children, in today's dollars $ Average 4-year cost per child: State college - $80,360 * (in-state resident) Private college - $181,480 * * Includes tuition, fees, room and board 8 Capital needed for college - Multiply line 7 by the appropriate factor in Table B $ 9 Total capital required - Add lines 4, 5, 6 and 8 $ Assets: 10 Savings and investments $ Bank accounts, money market accounts, CDs, stocks, bonds, mutual funds, etc. 11 Retirement savings $ IRAs, 401(k)s, Keoghs, pension and profit sharing plans 12 Present amount of life insurance $ 13 Total income producing assets - Add lines 10, 11 and 12 $ 14 Life insurance needed - Subtract line 13 from line 9 $ Years income needed Factor Years before college Factor 10 8.8 5 0.95 15 12.4 10 0.91 20 15.4 15 0.86 25 18.1 20 0.82 30 20.4 35 22.4 40 24.1 LIFE INSURANCE NEEDS ASSESSMENT Table A Table B Income Replacement Calculation 2017 Income Replacement and Estate Tax Analysis Income: 1 Residence $ Full approximate fair market value of residence 2 Other real estate $ Investment property, vacation homes, etc. (For jointly owned property with a non-spouse, list only your portion) 3 Value of all Motor Vehicles $ Includes automobiles, motor homes, motorcycles, trailers, boats, etc. 4 Tangible Personal Property $ Fair market value of all furniture, jewelry, art, collections, etc. 5 Non-Qualified Investments $ Includes all stocks, bonds, mutual funds, etc. (Do not include 401ks and IRAs) 6 Qualified Investments $ Includes all 401ks, IRAs, Roth IRAs, etc. 7 Cash $ Checking accounts, savings accounts, money market accounts, etc. 8 Life Insurance Policies $ List total life insurance policy death benefit 9 Business Interests $ Includes stock in S corporations and C corporations, partnership interests, limited liability membership interests and sole proprieterships 10 Other Assets Any assets not included in the previous nine line items $ 11 Total Gross Estate Value - Add all values in lines 1 through 10 together $ 12 Home Mortgage $ Includes primary mortgage plus line(s) of credit 13 Other Mortgages $ Includes primary mortgage plus any line(s) of credit 14 Auto Loans $ 15 Student Loans $ 16 Credit Card Debt $ 17 Other Debt $ 18 Total Debt - Add all values ...

Gdsr Oct 15

ingroy

This document discusses how to calculate the maximum amount a household can afford for housing expenses. It provides that total housing costs should not exceed 32% of gross monthly income. It then calculates that for a household with a $5,680 monthly income, total affordable housing expenses are $1,817.60. Given property taxes of $173 and heating costs of $217, it finds the maximum allowable mortgage payment is $1,427.60. Using a 6.5% interest rate over 25 years, it determines the largest mortgage the household can qualify for. It finally calculates the maximum home price the household can afford given a $30,000 down payment.

ACC 547 Expect Success/newtonhelp.com

myblue008

Assignment Draft a Divorce DecreeUsing the scenario below, you ar.docx

faithxdunce63732

Assignment: Draft a Divorce Decree Using the scenario below, you are to draft a divorce decree, which is the final order of the court and dissolves the marriage and any and all outstanding issues of the marriage; this would include property, debt, children custody, support (alimony and child support), and miscellaneous issues. In this scenario, Patty filed divorce. Therefore, Patty is the Plaintiff and David is the Defendant. In some jurisdictions, the Plaintiff will be called the Petitioner, while the Defendant will be referred to as the Respondent. Additionally, a divorce decree may be referred to as a judgment of divorce. Remember, your textbook can be a great resource for your assignment. Fact Scenario Through years of marital problems, Patty has filed for divorce from David. Both Patty (38 years old) and David (40 years old) have legally separated and are residing in different homes. Patty resides at 123 W. Golf Road, Boston, Massachusetts 12345. David resides at 456 E. Lark St., Boston, Massachusetts 12345. The couple has two children: David, Jr., 8 years old and Patricia, 5 years old. David has a successful career as an architect making $125, 000 per year. Patty currently resides in the marital home with the children, while David has relocated to a relative’s home. Patty has accepted a job offer to be a high school principal at a local high school in Westerly, Rhode Island. Her salary will be $75,000 per year and benefits that include a pension plan, short term and long term disability, medical and dental insurance for her and her family. She will need to certify as a teacher in the state of Rhode Island but she can prepare for certification examination as she settles into her new role as a principal. Westerly is over 100 miles away from their current residence. David fears that this distance would not benefit the children’s relationship with both parents. David files a motion for custody during the pendency of the divorce proceedings. Instructions Using the sample in Chapter 14 as a guide draft a divorce decree (judgment of divorce), which details the above facts. Your facts and expansion of same should be consistent with the factual scenario. Please do not add any facts. However, you can use effective words to better articulate the points. Remember, Patty is the Plaintiff and David is the Defendant. The decree should resolve all issues of the marriage, including custody, alimony, child support, debts, property, miscellaneous such as life insurance, health insurance, relocation, payment of attorney fees, etc. Be sure to include the following portions of the decree based on Massachusetts law: (1) child custody and visitation (parenting time) and all issues incidental and necessary; (2) property rights; (3) insurance provisions (health and life); (4) child support; (5) spousal support; and (6) miscellaneous issues incidental and necessary to the decree. Of course, the standard caption and introductory paragraph and signature lines of t.

ACC 547 Enhance teaching - tutorialrank.com

LeoTolstoy08

For more course tutorials visit www.tutorialrank.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.

Thirty years ago Clarkin was a small city about 70000 res.pdf

Continuing Case 48 Property Insurance Newlyweds Jamie Lee a.pdf

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