In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Kate worked as a software engineer, but her knowledge and skills are now somewhat outdated. Therefore, they include $40,000 for Kate to go back to school. Additionally, Jon and Kate want to create a college fund of $60,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $18,000. Finally, they have taken out a loan for home improvements of $150,000 and a credit card balance of $1,800. They own their home but still have an outstanding mortgage of $400,000. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. 2. Special needs a. Spouse's education fund $ b. Child's college fund $ C. Other needs 3. Final expenses (funeral costs and estate taxes) 4. Debt liquidation a. House mortgage b. Other loans C. Total debt (4a + 4b) 5. Other financial needs $0 Total financial resources needed (add right-hand column plus the Total Living Expenses you calculated): 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 ins policy the Aldens should purchase, they need to factor in additional information. True or False: The value of Jon and Kate's other savings and investments should be accounted for in the remaining portion of the form. O True O False $0 $ $ |$ $