Many people that attend our workshops come with the thinking that their estate isn't big enough for making an estate plan. Why is this a misconception?
To answer that question, we must first think about what an Estate is. An Estate is everything that you own; your house, cars, investments, stocks, bonds, retirement accounts, life insurance policies, etc. Now if you sit back and add up how much all of those items are, it may come to a very substantial amount!
Really everyone has an estate. But how can you determine what your Net Worth of your Estate really is?
A simple equation can give you the answer.
ASSETS - LIABILITIES = NET WORTH
Assets:
Cash (CD's, bank accounts, cash on hand, etc.)
Personal Property (Jewlery, vehicles, collections, etc.)
Cash value of insurance policies
Securities (Stocks, bonds, mutual funds, brokerage accounts, etc.)
IRA's, pension plans, etc.
Partnerships or business interest
Real Property (residence, time share, lot, condo, etc.)
TOTAL ASSETS
LIABILITIES:
Private loans
Mortgage Balance
Credit card debt
Car loan
TOTAL LIABILITIES
After calculating your estate, you will soon realize that you have more to safeguard and pass down than you initially thought!
But how can you choose the best estate plan for your circumstances? We can help assist you with that choice. Contact us to find out how to begin your estate plan today!
