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Chester, aged 35, and Cupcake, aged 33, are married with two childran, ages 5 and 7. Chester works as an engineer and earns $100,000 annually. Cupcake is a stay-at-home parent. They purchased a home for $400,000 and are in year 5 of a 30 -year fixed mortgage. Questions 1. Assume Chester receives $100,000 in term life insurance coverage from this employer. a. Is this enough life insurance to cover Chester and Cupcake and their children? Why or why not? If they need more coverage, how much more? How did you determine this amount? Show your work. (5 points) b. How much of Chester's employer-provided term life insurance is taxable to Chester? How much will he owe in taxes for this benefit? (5 points) 2. Does Chester or Cupcake need to purchase long-term care insurance at this point? Why or why not? (2 points) 3. Assume Chester's employer offers a disability insurance policy that will pay 70% of his earnings after a 90 -day elimination period. Chester pays for this policy with after-tax income. Should Chester become disabled, how will the benefits received from the policy be taxed? ( 3 points) 4. After reviewing the results of a risk tolerance assessment for both Chester and Cupcake, you find that both have a moderate risk tolerance, but want to minimize taxes with any investing they do. a. What investments would you recommend for them and why? (5 points) b. What asset allocation would you recommend for them and why? (5 points) 5. Chester and Cupcake's house is valued at $400,000. a. What is the minimum amount of property insurance coverage they need? Show your work. ( 5 points) b. Compare the benefits of an HO-3 vs. HO-5 policy. Which type of policy is best for them? (5 points) 6. Chester's employer offers a 401(k) with 5% matching. Chester contributes 5% of his salary to his 401(k) and is interested in opening an IRA. a. Compare the benefits and drawbacks of a traditional IRA vs. Roth IRA for Chester. How much could he contribute to an IRA for himself this year? (5 points) b. Chester wants to establish an IRA for Cupcake. Can he do this? If so, how much could he contribute to the IRA on her behalf this year? ( 5 points) c. Chester and Cupcake are considering enrolling their children in a private boarding school that charges tuition when they are older. What investment product could you recommend that would help them pay for these future expenses? How much could they have saved by the time the oldest child turns 12, assuming an interest rate of 5\%? Show your work. (5 points) d. Given that Cupcake is a stay-at-home parent, how might this impact her Social Security Retirement benefits? Discuss both credits and earnings. ( 5 points) 7. Chester and Cupcake do not have any estate planning documents in place. Chester's Ife insurance policy and 401(k) assets will transfer to Cupcake via beneficiary designation. What estate planning documents do each of them need? Explain needed provisions within each needed estate planning document as appropriate. (10 points) Chester, aged 35, and Cupcake, aged 33, are married with two childran, ages 5 and 7. Chester works as an engineer and earns $100,000 annually. Cupcake is a stay-at-home parent. They purchased a home for $400,000 and are in year 5 of a 30 -year fixed mortgage. Questions 1. Assume Chester receives $100,000 in term life insurance coverage from this employer. a. Is this enough life insurance to cover Chester and Cupcake and their children? Why or why not? If they need more coverage, how much more? How did you determine this amount? Show your work. (5 points) b. How much of Chester's employer-provided term life insurance is taxable to Chester? How much will he owe in taxes for this benefit? (5 points) 2. Does Chester or Cupcake need to purchase long-term care insurance at this point? Why or why not? (2 points) 3. Assume Chester's employer offers a disability insurance policy that will pay 70% of his earnings after a 90 -day elimination period. Chester pays for this policy with after-tax income. Should Chester become disabled, how will the benefits received from the policy be taxed? ( 3 points) 4. After reviewing the results of a risk tolerance assessment for both Chester and Cupcake, you find that both have a moderate risk tolerance, but want to minimize taxes with any investing they do. a. What investments would you recommend for them and why? (5 points) b. What asset allocation would you recommend for them and why? (5 points) 5. Chester and Cupcake's house is valued at $400,000. a. What is the minimum amount of property insurance coverage they need? Show your work. ( 5 points) b. Compare the benefits of an HO-3 vs. HO-5 policy. Which type of policy is best for them? (5 points) 6. Chester's employer offers a 401(k) with 5% matching. Chester contributes 5% of his salary to his 401(k) and is interested in opening an IRA. a. Compare the benefits and drawbacks of a traditional IRA vs. Roth IRA for Chester. How much could he contribute to an IRA for himself this year? (5 points) b. Chester wants to establish an IRA for Cupcake. Can he do this? If so, how much could he contribute to the IRA on her behalf this year? ( 5 points) c. Chester and Cupcake are considering enrolling their children in a private boarding school that charges tuition when they are older. What investment product could you recommend that would help them pay for these future expenses? How much could they have saved by the time the oldest child turns 12, assuming an interest rate of 5\%? Show your work. (5 points) d. Given that Cupcake is a stay-at-home parent, how might this impact her Social Security Retirement benefits? Discuss both credits and earnings. ( 5 points) 7. Chester and Cupcake do not have any estate planning documents in place. Chester's Ife insurance policy and 401(k) assets will transfer to Cupcake via beneficiary designation. What estate planning documents do each of them need? Explain needed provisions within each needed estate planning document as appropriate. (10 points)