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    With two children in college, the Brocks once again find their life situation changing. Compared to five years ago, their total assets have declined due to college expenses. The Brocks’ oldest child will graduate next year, but the youngest will enter college in a couple of years. The drain on the family’s finances will continue.

     

    While the family’s finances are adequate, both Pam and Josh are beginning to think more about retirement. Over the years, Josh has taken advantage of different career opportunities. Today his annual salary is higher than ever. However, his employment changes have resulted in a smaller pension fund than would have been available had he remained with the same organization.

     

    The current value of his pension plan is just over $115,000. The investment program Pam and he started almost 10 years ago is growing and is now worth about $62,000. But they still worry whether they will have enough money to finance their retirement when Josh retires in 15 years.

     

    Pam and Josh should also be concerned with various estate planning actions. They have talked about a will and investigated the benefits of several types of trusts. However, they have not taken any specific actions.

     

    Life Situation

     

    Pam, 48
    Josh, 50
    3 Children, ages 21, 19 and 16

     

    Financial Data

     

    Monthly income $6,700/ Living expenses $5,600/ Assets $242,500/ Liabilities $69,100 

     

     Q1. What are some important decisions they need to make regarding their estate planning? 

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