Please analyze the following situation and make recommendations for the situations including amounts and types of insurance.

Simon is 49 years old and owns Simpson Consulting with his partners Sheila (age 54) and Wilma (age 57). Each owner owns 1/3 of the business. The business is worth $4.5 million. The partners want to set up a plan to make sure that the business continues if one or more partners die. They also want a benefit plan for themselves and their employees. And, Simon wants to do planning for his family.

Simpson Consulting has 28 employees in addition to the three partners. Two of the employees , Oscar (age 34) and Penny (age 32) are considered vital to the firms operation. They are considering offering health insurance, a retirement plan, and other benefits to their employees. What should they do?

Simon is married to Kelli (age 48), they have three kids Henry (16), Sue (age 14), and Pookie (age 9). They want the kids to go to college, to pay off their mortgage ($345,000), retire at age 65, and have the family live on $57,000 a year if anything happens to either of them. Kelli works as a teaching aide and makes $28,000 a year while Simon makes $147,000 at Simpson Consulting. What type of plan should they set up for the family?