Insurance

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Note: The Key Assignment encompasses components from Week 4 and Week 5.

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 (Week 4)

  • 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 (Week 4)

Complete a chart with recommended coverage and amounts of coverage.

Part 3 (Week 5)

  • 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.

Please submit your assignment. 4–5 pages

    • Posted: 3 days ago
    • Due: 
    • Budget: $15
    Answers 1

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    • Task Type: Individual Project Deliverable Length: 4–5 pages
      Due Date: 3/21/2014 11:59:59 PM CT [removed] - NEED MINUM OF 3 APA REFERENCES- …

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      4-5 pages

      Key Assignment

      Note:The Key Assignment encompasses components from Week 4 and Week 5.

      Scenario

      Bob and Barbara Parker are in their 30s and have been married for 7 years. They have 2 children. They …

    • 1500 words

      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 …

    • Not rated

      Insurance

      Must be 4-5 pages long, No plagarism, A quality

      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 …

    • 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 …