ASSUME FRANK DIES OF A HEART ATTACK, AND JULIE RECEIVES THE DEATH BENEFITS FROM HIS LIFE INSURANCE POLICIES IN ONE LUMP SUM. WHAT AMOUNT MUST SHE INCLUDE IN HER GROSS INCOME?

ASSUME FRANK DIES OF A HEART ATTACK, AND JULIE RECEIVES THE DEATH BENEFITS FROM HIS LIFE INSURANCE POLICIES IN ONE LUMP SUM. WHAT AMOUNT MUST SHE INCLUDE IN HER GROSS INCOME?
Any of irrelevant information to the question below, you can ignore from the description. This case will be updated and continued to the Second Case Study at the final.
Frank
■ Age 35
■ Attorney for International Shipping Co.
■ Earns $75,000 annually
■ In good health Julie
■ Age 32
■ Administrative assistant for Action Staffing Resources
■ Earns $35,000 annually
■ In good health Frank and
Julie
■ Have been married for four years
■ Have one child, Robert, age 4
■ Would like to have another child within two years
■ Medium-to-high risk tolerance
■ Are not confident that Social Security will provide them with an adequate income upon retirement
■ Contribute to their alma mater’s alumni fund
■ Travel annually on missionary trips to underprivileged countries Robert
Robert attends a day care center while his parents are at work. He has also done some television commercials for Fancy Pants, a high-end baby clothing company. Frank and Julie would like to send Robert to a state university upon graduation from high school. They would like to start saving for this expense within the next five years. Paul and Rose Golden Frank’s parents, Paul, age 58, and Rose, age 55, are both in good health. They plan to contribute to Robert’s education and the college education of any other children that Frank and Julie may have in the future. They are financially secure and have adequate insurance coverage.
Harry and Alice Rich Julie’s father, Harry, age 68, was diagnosed with Alzheimer’s disease two years ago. He is confined to a nursing home. Alice, Julie’s mother, is 60 years old and is in good health.

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