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PERSONAL AND FINANCIAL OBJECTIVES Barbara wants to have suff

PERSONAL AND FINANCIAL OBJECTIVES Barbara wants to have sufficient income ($40,000 per year in today … Show more PERSONAL AND FINANCIAL OBJECTIVES Barbara wants to have sufficient income ($40,000 per year in today’s dollars including any Social Security benefits). Barbara will consider acquiring a smaller residence Barbara wants to explore long-term nursing home care alternatives (annual cost of a nursing home in today’s dollars $40,000). You will have to assume a cost of long term care premiums. Barbara wants to donate to the American Cancer Society. Barbara wants to provide for her children and grandchildren. Barbara wants to pay Sarah’s tuition ($15,000). Barbara wants to gift stock to Richard ($13,000) Barbara wants to pay for Richard’s orthodontic work ($6,000). Barbara wants to send Sarah to Europe ($3,000). ECONOMIC INFORMATION Inflation is expected to be 4% annually. There is no state income tax. A slow growth economy is expected, and stocks are expected to grow at 9.5%. Bank lending rates are as follows: 15-year mortgages 6.5% 30-year mortgages 7.5% Secured personal loan 10.0% Life Expectancies from MDIB Table: AGE LIFE EXPECTANCY FACTOR 7026.2 7125.3 7224.4 INSURANCE INFORMATION Life Insurance Irrevocable Life Insurance Trust (ILIT) Andrew created an ILIT 10 years ago. The only asset in the trust is a permanent life policy with a face value of $200,000. The income beneficiary of the ILIT is Barbara. She is also the trustee and has a general power of appointment over the trust assets. The remainder beneficiaries are the grandchildren. Health Insurance Andrew and Barbara were both covered under Medicare Part A. INVESTMENT INFORMATION Barbara’s investment risk tolerance is low. INCOME TAX INFORMATION The Lane’s filed as married filing jointly for 2011. Barbara and Andrew have always lived in a community property state. FINANCIAL DATA Credit card debt* $20,000 Cash 25,000 Primary residence** 400,000 Auto 18,000 Savings accounts 20,000 Stocks 20,000 IRA 50,000 Pension 150,000 Furniture 77,000 Vacation home*** 200,000 *All liabilities are community property **Primary residence originally purchased for $110,000 ***Inherited from Barbara’s mother. Adjusted taxable basis is $125,000 Question: Barbara is considering selling her personal residence. What is Barbara’s cost basis for the personal residence? • Show less

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