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Scenario
Bob and Barbara Parker are in their 30s and have been married for 7 years. They have 2 children. They own 2 cars and a home valued at $500,000. Bob owns 50% of a garage door installation company valued at $2,000,000. The business provides the Parkers with a gross annual income of $150,000 per year. The Parkers have $300,000 in their retirement account and $100,000 in their personal checking account. Bob’s partner, Rick Wilson, owns the other 50% of the business. Bob has a $250,000 term life insurance policy but no other insurance coverage.
Part 1
- What should the Parkers consider when deciding what insurance coverage they need?
- Do they have sufficient insurance coverage? If not, what type of insurance coverage do you recommend for them?
- How can they keep their insurance costs down?
Part 2
Complete a chart with recommended coverage and amounts of coverage.
Part 3
- Discuss taxation of life insurance proceeds and disability insurance payments.
- Assume that Bob’s 50% partner in the business is his old college friend Rick Wilson.
- Rick’s wife, Delores, has no interest in running the business. Do the Parkers need a buy-sell agreement? Describe the types of buy-sell agreements.
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Do you need help with this or a different assignment? Even when your task is complicated and the deadline is in less than 2 days, you still have every chance to get a good grade for it. How? By completing the order form, you will get the finest custom-written assignment at an affordable price. We also deliver a number of services for free (e.g., revisions, editing, checking the text for authenticity). Use our paper writing service to receive effective help with your homework.
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