PERSONAL FINANCE

1 Total annual income your family would need if you died today $ What your family needs, before taxes, to maintain its current standard of living (Typically between 60% - 75% of total income)

2 Annual income your family would receive from other sources $ Spouse's earnings, fixed pension, etc. (Do not include earned income on assets)

3 Income to be replaced - Subtract line 2 from line 1 $

4 Capital needed for income - Multiply line 3 by appropriate factor in Table A $

Expenses:

5 Funeral and other final expenses $ Typically the greater of $15,000 or 4% of the estate value

6 Mortgage and other outstanding debts $ Include mortgage balance, credit card debt, car loans, etc.

7 College costs for children, in today's dollars $ Average 4-year cost per child: State college - $80,360 * (in-state resident)

Private college - $181,480 * * Includes tuition, fees, room and board

8 Capital needed for college - Multiply line 7 by the appropriate factor in Table B $

9 Total capital required - Add lines 4, 5, 6 and 8 $

Assets:

10 Savings and investments $ Bank accounts, money market accounts, CDs, stocks, bonds, mutual funds, etc.

11 Retirement savings $ IRAs, 401(k)s, Keoghs, pension and profit sharing plans

12 Present amount of life insurance $

13 Total income producing assets - Add lines 10, 11 and 12 $

14 Life insurance needed - Subtract line 13 from line 9 $

Years income needed Factor Years before college Factor 10 8.8 5 0.95 15 12.4 10 0.91 20 15.4 15 0.86 25 18.1 20 0.82 30 20.4 35 22.4 40 24.1

LIFE INSURANCE NEEDS ASSESSMENT

Table A Table B

Income Replacement Calculation

2017 Income Replacement and Estate Tax Analysis

Income:

1 Residence $ Full approximate fair market value of residence

2 Other real estate $ Investment property, vacation homes, etc. (For jointly owned property with a non-spouse, list only your portion)

3 Value of all Motor Vehicles $ Includes automobiles, motor homes, motorcycles, trailers, boats, etc.

4 Tangible Personal Property $ Fair market value of all furniture, jewelry, art, collections, etc.

5 Non-Qualified Investments $ Includes all stocks, bonds, mutual funds, etc. (Do not include 401ks and IRAs)

6 Qualified Investments $ Includes all 401ks, IRAs, Roth IRAs, etc.

7 Cash $ Checking accounts, savings accounts, money market accounts, etc.

8 Life Insurance Policies $ List total life insurance policy death benefit

9 Business Interests $ Includes stock in S corporations and C corporations, partnership interests, limited liability membership interests and sole proprieterships

10 Other Assets Any assets not included in the previous nine line items $

11 Total Gross Estate Value - Add all values in lines 1 through 10 together $

12 Home Mortgage $ Includes primary mortgage plus line(s) of credit

13 Other Mortgages $ Includes primary mortgage plus any line(s) of credit

14 Auto Loans $

15 Student Loans $

16 Credit Card Debt $

17 Other Debt $

18 Total Debt - Add all values in lines 12 through 17 $

19 Net Estate Value - Subtract line 18 from line 11

20 Estate Tax Exemption(s) *

21 Taxable Estate - Subtract line 20 from line 19 $ If result is less than zero, enter "0"

22 Estimated Estate Tax Liability $ Multiply line 21 by 40%

Liabilities:

Estate Tax Analysis:

$ 5,490,000

$

* A married couple may enter $10,980,000 instead of $5,490,000.

Estate Tax Calculation Assets:

1. 1:
1. total income:
2. 2:
1. Annual income:
3. 3:
1. Income to be replaced:
4. 4:
1. Capital needed:
5. 5:
1. funeral:
6. 6:
1. mortgage:
7. 7:
1. college costs:
8. 8:
1. capital needed:
9. 9:
1. total capital:
10. 10, savings:
11. 11:
1. retirement:
12. 12:
1. total income:
13. 13:
1. total:
14. 14 life insurance:
15. 15 residence:
16. 16 other real:
17. 17 motor vehicles:
18. 18 tangible:
19. 20 q investments:
20. 19 non-q investments:
21. 21 cash:
22. 22 life ins:
23. 23 business interest:
24. 24 other:
25. 25 total gross:
26. 26 home mortgage:
27. 28 auto loans:
28. 27 other mortgages:
29. 29 student loans:
30. 30 credit card debt:
31. 31 other debt:
32. 32 total debt:
33. 33 net estate value:
34. 34 taxable estate:
35. 35 estimated estate tax liability: