Estate Planning
How Large Is Your Estate?
Our worksheet will help you identify your assets and liabilities, and sort out who owns what.
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Although you don't have to pay any federal estate taxes until your taxable estate exceeds $2 million, you might be surprised by all the things the government counts in getting there. ($2 million is the threshold for 2007 and 2008. It will rise to $3.5 million in 2009. It's scheduled to disappear in 2010, but will reappear in 2011 unless the legislation is renewed.)
In the worksheet below, the ownership column is included because how you own property is pivotal to how much of its value will be included in your estate when you die. In the "value" column, include the following:
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The full value of property of which you are the sole owner
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Half the value of property you own jointly with your spouse with right of survivorship
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Your share of property owned with others
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Half the value of community property if you live in a community-property state
Also include the value of the proceeds of an insurance policy on your life if you own the policy, your vested interest in pension and profit-sharing plans, and the value of property in revocable trusts.
[The worksheet is located at the end of this page. Please scroll to the bottom.]
| ASSETS | VALUE | WHO OWNS IT |
| Cash in checking, savings, money-market accounts | ||
| Stocks | ||
| Bonds | ||
| Mutual funds | ||
| Other investments | ||
| Real estate | ||
| Personal property (including furniture, cars, clothing, etc.) | ||
| Art, antiques, collectibles | ||
| Proceeds of life insurance policies you own on your life | ||
| Pension and profit-sharing benefits, IRAs, etc. | ||
| Business interests | ||
| Money owed to you | ||
| Other | ||
| TOTAL ASSETS |
| LIABILITIES | ||
| Mortgages | ||
| Loans and notes | ||
| Taxes | ||
| Consumer debt | ||
| Other | ||
| TOTAL LIABILITIES |
NET ESTATE (total assets minus total liabilities):
Adapted from Kiplinger's Practical Guide to Your Money, by the editors of Kiplinger's Personal Finance magazine (Kaplan Publishing. Copyright 2005 The Kiplinger Washington Editors, Inc.) Available wherever books are sold or direct at kiplinger.com/store/books.