For your client(s) develop a risk management plan that addresses all the descriptors of their present life situation, keeping in mind that the cases are by no means exhaustive in the information provided.

Betty and Frank are both 70 years old and retired. They have 2 children who are now out of the house and completely self-sufficient. One of their grandchildren has a physical disability and Betty and Frank are quite active fundraising for research into the childs condition. It is a cause very important to them and whenever they have charitable donations to give, it goes to the research society.

Both Betty and Frank have considerable IRA assets that they have not yet accessed. They are invested in a variety of equity mutual funds for their IRAs and the funds have grown significantly but are still sitting in the same funds that they chose 25 years ago. Betty and Frank have found that they have enough to live on with the pension income Frank has from his job as a police officer. Both Betty and Frank have life insurance term policies ($250,000 face value) that will expire in 2 years. Frank drives a 2004 high mileage Honda Accord and Betty drives a 2017 Volvo. Both Betty and Frank are on Medicare, so their health insurance needs are taken care of. Frank and Betty live in a small patio home that is fully paid for, walking distance from a busy and vibrant downtown in the Midwest. There have been numerous break-ins to homes in their neighborhood and Frank is wondering what he can do to protect his home and possibly lower his homeowners premium especially since it keeps rising considering the neighborhood risks.

Frank is on the board of a boys home and works to counsel young boys who have been in trouble with the law and have been kicked out of their family home. He makes decisions regarding the staffing of the home and the boys that are permitted residency.

Betty had heard that IRA funds must be withdrawn or else they will suffer a large tax penalty and she looks to you for confirmation and explanation. She is confused and would just like to leave the funds fully invested where they are since they do not need the money yet.

Both Frank and Betty are happy to let their insurance policies expire. They dont see a reason for them since they are both in good health and have enough to live on. They would like to use the money they save from not paying a monthly premium to take a cruise next winter.