Page 87 - Mumme Booklet

DRAFT

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THE GOAL: Get Chandler through college w/o incurring loans/debt.
THE GAP: No dedicated education fund.

THE GOODS: Establish 529 account utilizing American Funds- the Balanced Fund C Shares.

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THE GOAL: In the event of Doug's premature death, pay off current debts (including any obligation to Doug's
dad) and provide annual spending of $150k for Marie's lifetime.
THE GAP: With PPP loan forgiven, there are more than enough resources to meet the goal. However,
informality of arrangement with dad needs to be considered. Better use of Doug's term policies need to be
implemented.

THE GOODS:

1. Develop formal or informal plan for paying off dad, but know and agree what it will be.

2. Consider options for converting Doug's Northwestern term life insurance from an expense into a multi-use,
creditor protected asset. Easiest to accomplish with us as agent.

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THE GOAL: Provide for purchase of land and deer lease for personal use at an approximate cost of $1.2M

THE GAP: Enough resources exist to allow for purchase and still meet other priority goals, but consideration
should be given for most efficient purchase option.

THE GOODS: Discuss with CPA & lender available purchase options.

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THE GOAL: Provide protection against retirement resources being depleted because of the 70% chance of
incurring a long term care event.

THE GAP: No long term care plan exists.

THE GOODS: Make your plan more financial secure with LTC protection for you both. Consider a traditional
stand alone policy and using ACB benefit within a permanent policy.

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THE GOAL: Have sufficient liquid assets for short term emergency needs equal to 6 months- 1yr of spending.

THE GAP: Too much cash on hand exists in current Edward Jones account.

THE GOODS: Move the current Edward Jones cash into the new partnership. Keep 6mo to 1yr worth of
spending and add the rest to investment strategy.

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THE GOAL: Protect primary assets from possible future creditor claims as the business is more at risk than
before.

THE GAP: Current joint Edward Jones account has no creditor protection.
THE GOODS: The new partnership should provide a layer of creditor protection (confirm with your CPA and
attorney). Other account strategies such as 401K, IRA, Annuities, Life Insurance and Roth IRA's have
automatic creditor protection. Wills and estate/trust planning documents can provide additional protection.

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This plan is not complete without the Assumptions and Disclosures pages appearing at the end.
3170326-1-4 January 29, 2021 Page 87 of 108