2003 - ips ques - ins and trust

ques 9. the trust needs to provide for his university edu in 6 years … don’t we take out the PV of the university expenses from today’s asset base ? I did a search and there are so many opinions. i like the PV method but then i thought that if i remove the PV from the asset base - it doesn’t make much sense. bec cash allocation is also part of overall asset allocation. maybe it makes more sense to allocate the PV of that expense in a zero coupon bond ??? ques 1 this is more of a general ques - the life insurance co’s debt is rated AA but it is financed with a portfolio with bonds ranging from AAA to BB … is there any other effect of this except that it increases the riskiness of the port ?