In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child. Im worked as a financial consultant, but his knowledge and skills are now somewhat outdated. Therefore, they include $20,000 for Jim to go back to school. Additionally, Kim and Im want to create a college fund of $25,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $10,000. Finally, they have taken out a loan for a business venture of $32,200 and a credit card balance of $1,200. Because the cutters are renters, they have no outstanding mortgage. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. Ch 08: Assignment Insuring Your Life 2. Special Needs a 5 $ $0 3 S 4 Spouse education und Child's college lund Other needs Final expenses (funeral costs and estate taves) Debt liquidation House Mortgage Other loans Total debt (4a + 4b) Other linandal needs Total financial resources needed and right hand column plus the Total Ilving Expenses You calculated) 5 b. 5 $ $0 S The second half of the needs analysis worksheet is not shown on this page to complete the worksheet and determine the value of the life insurance policy the Cutters should purchase the coad to factor in additional information True or Falset The value of Jim and Kim's other savings and investments should be accounted for in the remaining portion of the True O False