Estate Planning
- Understanding the Basics
- Critical Decisions
- Important Legal Documents
- What Happens After You Die
- Estate and Gift Taxes
- Planning Steps for Your Estate
- Trusts
- Estate Planning Glossary
- Worksheet: What's Your Estate Worth?
- Worksheet: Your Estate Wishes
Worksheet: What's Your Estate Worth?
The major difference between your net worth when you are alive and your net worth when you die is the amount of the proceeds from life insurance you own. Since life insurance does not get paid until you die, you need to add the total proceeds from your life insurance to your net worth to determine what your estate is worth.
Determine what your estate is worth:
| 1. |
Place your Net Worth amount here (see calculation below). |
$ ________________________ |
| 2. |
If you included life insurance cash value in your net worth amount, enter this number here (with some exceptions for Universal Life insurance). |
$ ________________________ |
| 3. |
Subtract line 2 from line 1. |
$ ________________________ |
| 4. |
Add up proceeds you will receive from all of your life insurance:* |
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(a) Company-provided group life insurance |
$ ________________________ |
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(b) Term life insurance outside of work |
$ ________________________ |
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(c) All other life insurance |
$ ________________________ |
| 5. |
Total: add lines 4(a), 4(b) and 4(c). |
$ ________________________ |
| 6. |
What's Your Estate Worth? |
$ ________________________ |
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* Payable to your estate or in which you possess ownership benefits (e.g., the right to name beneficiaries of the policies). |
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Write the number from line 6 here: |
$ ________________________ |
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If this number is less than the applicable exclusion amount ($11.58 million in 2020 and $11.4 million in 2019), you may not be subject to the Estate Tax. |
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If this number is greater than the applicable exclusion amount ($11.58 million in 2020 and $11.4 million in 2019), you may be subject to the Estate Tax and should read the appropriate sections above for important tax savings planning techniques and consult with an estate planning professional. |
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Net Worth Calculation |
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Add up everything you own and subtract everything you owe. The amount left is your Net Worth. |
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| 1. |
Enter all the things you own |
$ ________________________ |
| 2. |
Enter all the money you owe to others |
$ ________________________ |
| 3. |
Subtract line 2 from line 1. This is your Net Worth. |
$ ________________________ |
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Securities and insurance products are offered through INFINEX INVESTMENTS INC. and its affiliates, member FINRA/SIPC. Infinex Investments Inc. and Exchange Investment Services, Inc. are independent entities.
Securities and insurance products are offered through INFINEX INVESTMENTS INC. and its affiliates, member FINRA/SIPC. Infinex Investments Inc. and Exchange Investment Services, Inc. are independent entities.
Not FDIC Insured | Not Bank Guaranteed | May Lose Value | Not Guaranteed by any Government Agency | Not a Bank Deposit
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