FIN 321 Personal Wealth Building Financial Plan Exercise using Financial Planning Software Attached, please find the case study of James Wilson and Harold Newton. James and Harold are a married same-sex couple that has been together for seven years; they both live in the house that Harold owns. Harold inherited money from his mother in a generation-skipping trust; the trust allows for distributions for health, education, maintenance, or support. For most years, Harold has not taken withdrawals from this account. However, the trust reverts to Harold's brother if he has no children at his death. Harold has a will that leaves everything to his parents; Harold has a power-of-attorney and health care power-of-attorney that names his father as attorney-in-fact. Harold runs a successful consulting practice out of his home. Harold states that he is relatively aggressive, and his investment account is almost entirely (90%) equity investments. James has no estate documents. James contributes $3,000/year to his 401(k), just enough to obtain the maximum matching contribution offered by his employer. In contrast, Harold contributes $10,000 / year to his SAR SEP IRA James and Harold live a relatively extravagant lifestyle of dining out and vacations, funded primarily by Harold's income and assets. However, James still provides primary support for his basic living needs. Neither James nor Harold has any life or disability insurance. James is the beneficiary of Harold's SAR SEP IRA. James' sister is the beneficiary of his 401(k) The primary residence mortgage is a 5/1 ARM 30-year loan and was taken out exactly two years ago. Harold has made 24 payments at a rate of 7.25%. James is currently paying a 16.99% annual interest rate on his credit card debt.