can you create a finacial plan only do rhee life insurance part for there a family the Carters Only the life insurance for them thank you

Establish and implement plan for continued care for Ryan and Gloria with eventual independence from Kevin and Christine.

Evaluate and adjust current and needed insurance protection.

Plan for retirement that keeps a similar lifestyle while adding a budget for travel.

Explore option for buying a $$400k$ condo or second home in Hawaii.

Access and allocate assets and liabilities to provide for flexibility and long term assurance throughout the plan.

Determine and establish an estate plan.

Assure proper protection is in place for potential concerns after retirement.

Leverage and utilize current tax law.

After reviewing the overall plan, a number of risks were identified when evaluating each of the goals and objectives. Each goal and objective was built upon each other to come to a final set of analysis and recommendations that will be the basis for a plan of implementation.

Plan for Ryan Smith: Given Ryan's background and current situation, Kevin & Christine should talk with him about the importance of managing your money well. Given his income is fairly low at this point, I would suggest starting small with what he is expected to contribute and then build upon this foundation. Kevin should put him on his work health insurance plan to ensure medical coverage while working part time until at least age $26.$ Once Ryan's income starts to increase, then you will begin having him increase his contribution towards rent, basic necessities, and savings. The end goal would be for him to find a full time position sometime within the next $6$ months and be fully on his own sometime in the next $12$ years.

Plan for Gloria Gutierrez: Given Gloria's current situation and asset base, hiring in home health care to help out at least $3$ days a week would be recommended. This would begin to deplete Gloria's asset base. Medical needs would also more than likely increase beyond the capabilities of Kevin & Christine where more help or full time facility care would be needed. The asset drain for Gloria could further accelerate depending on level of care. Within both scenarios, Gloria could end up on Medicaid coverage possibly within the next $5$ to $10$ years. Currently as the laws stand today, there is a five year look back on assets for Medicaid purposes. Consider visiting an elder law attorney to look into options for protecting some of Gloria's assets and to help her

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qualify for Medicaid sooner. Some of the options to consider would be a Medicaid qualifying irrevocable trust or potentially even charging some money for rent as Gloria continues to live with you. An elder law attorney would certainly be needed to complete this step of the plan.

Insurance Needs Analysis: A number of different insurance needs were considered and narrowed down into $6$ main categories within the financial analysis of the plan.

Home Insurance: Current coverage seems to be suffice given some of the unique features within the home. Replacement value endorse would be recommended with a reasonable deductible which both are currently in place.

Auto Insurance: Current coverage at the state minimum could leave both Kevin & Christine susceptible to large liabilities if medical costs were over the limits$.$ Recommendation would be to increase coverage significantly for added protection to a $$100\frac{k}{\text{\$}}300\frac{k}{\text{\$}}50k$ plan.

Liability Insurance: Given your net worth and potential costs from a significant liability, a Liability Umbrella Policy would be recommended to cover at least $$1$ million in liabilities given the current protections in place to protect $401k$ and IRA assets. These policies also require a minimum coverage of auto insurance of the suggested policy above $($$$100$k$/$$$300$k$/$$$50$k$){?}^7.$

Medical$/$Health Insurance: Current coverage seems to be suffice given the low monthly cost. As mentioned for Ryan, add him Kevin's insurance plan to reduce risk of something happening to him and you having to cover the cost for him. Kevin's employer can provide more details about when Ryan can be added and what the cost would be$.$

Disability Insurance: Current long term disability coverage carries Kevin to his expected retirement date so continued coverage under this plan is recommended. Adding the short term disability coverage would also be recommended given that the long term disability insurance has a six month waiting period. Short term disability costs about $$\frac{22}{?}$ month through Kevin's employer and should be added during the next open enrollment period.

Life Insurance: Kevin's current coverage would carry Christine close to the expected retirement date so more coverage is most likely not needed. As for Christine, current coverage is good but may not truly be ne