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Wanda is 81 and insured under Medicare. She is admitted to a nursing home for...

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Accounting

Wanda is 81 and insured under Medicare. She is admitted to a nursing home for long-term care that is beyond what Medicare will cover. The cost of the nursing home is $400 per day. She and her husband Wilbur have the assets and liabilities noted below. Before Wanda entered the nursing home, they were considering making home improvements of $60,000 to their primary residence. They also need to make a number of repairs to their home that total $18,000. Although they have a car, it is run down and has very little value. Therefore, Wilber would like to purchase a new car that costs $35,000(after the trade in allowance for the old car) so he can visit Wanda and his children on a regular basis. In addition, they have been considering prepaying their funeral and burial costs of $26,000 so their children dont need to worry about the expense when they die.

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