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Back to Forms for 'Estates'.


ESTATE ANALYSIS

ESTATE ANALYSIS

 

FAMILY AND PERSONAL INFORMATION

 

Your occupation:  _______________________________________________________

 

Name and address of employer:  ____________________________________________

 

Your date of birth; place of birth; domicile; citizenship:  _________________________

______________________________________________________________________

 

Spouses name; date of birth; place of birth; domicile; citizenship:  _________________

______________________________________________________________________

 

Names of children and dates of birth (include deceased and adopted children and so indicate):

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

 

Names of grandchildren and dates of birth (show name of grandchild's parent and whether any grandchild is adopted):

______________________________________________________________________

______________________________________________________________________

 

Names and relationship of persons who might take in intestacy (other than spouse, children, and grandchildren):

______________________________________________________________________

______________________________________________________________________

Other pertinent facts about family relationships (e.g., previous marriages, and which above named children are issue of previous marriages):

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

 

Your income from employment:                                                     ________________________

 

Spouses income from employment:                                                              ________________________

 

Your investment income:                                                                                ________________________

 

Spouses investment income          :                                                               ________________________

 

Expected retirement income:                                                           ________________________

 

Pension:                                                                                                             ________________________

 

Other employment benefits:                                                           ________________________

 

Investments:                                                                                                     ________________________

 

Total retirement income:                                                                 ________________________

 

List all other personal factors bearing on estate planning decisions, e.g., ability of spouse and children to manage large sums of money.

______________________________________________________________________

______________________________________________________________________

 

AIMS

 

Who are your primary beneficiaries?  What amount or share of the estate do you wish to leave to each?

______________________________________________________________________

______________________________________________________________________

 

Who are your secondary beneficiaries?  What amount do you wish to leave to each?

______________________________________________________________________

______________________________________________________________________

 

What are the personal financial resources of the beneficiaries?

______________________________________________________________________

______________________________________________________________________

 

Do any of the beneficiaries suffer from any physical, mental, or emotional disabilities?

______________________________________________________________________

______________________________________________________________________

 

Do you wish to protect any beneficiaries by the use of a living or testamentary trust?

______________________________________________________________________

______________________________________________________________________

 

Do you wish a legatee to hold particular stock for long-term growth?

______________________________________________________________________

______________________________________________________________________

 

What disposition do you wish to make of residence property?

______________________________________________________________________

 

Should investment realty be sold or retained?  If retained, who shall own it and in what form?

______________________________________________________________________

 

To whom and under what options should insurance proceeds be paid in order to carry out your overall plan for the distribution of your estate?

______________________________________________________________________

______________________________________________________________________

 

What are your wishes with regard to your business interests in view of the facts elicited in the Asset Inventory?  Do you want an existing agreement changed?  Do you want to enter into an agreement if one does not exist?  Do you want to put the business interest into a living trust?  Do you want to give the business interest away outright during your lifetime?  Do you want to leave the business interest under your will outright?  or in trust?

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

 

What are your wishes with regard to your retirement and employee benefit plans in view of the facts elicited in the Asset Inventory?

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

 

What are your wishes with regard to rights and interests you have retained in trusts set up by yourself as shown in the Asset Inventory?

______________________________________________________________________

______________________________________________________________________

 

What are your  wishes with regard to rights and interests you hold under trusts set up by others as shown in the Asset Inventory?

______________________________________________________________________

______________________________________________________________________

 

What are your wishes with regard to the miscellaneous assets shown in the Asset Inventory?

______________________________________________________________________

______________________________________________________________________

 

Other aims:

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

 

PROPERTY DISTRIBUTION UNDER PRESENT PLAN

 

List the amounts that the beneficiaries have already received by inter vivo transfer and will receive upon your death under the existing situation:

 

     Name of                           Survivor-        Living                                       Lifetime      Total

  Beneficiary       Will               ship           Intestacy  Insurance    Trust          Gift        Amount

___________   _______   ___________   _______   _______   _______   _______   _________

___________   _______   ___________   _______   _______   _______   _______   _________

___________   _______   ___________   _______   _______   _______   _______   _________

___________   _______   ___________   _______   _______   _______   _______   _________

___________   _______   ___________   _______   _______   _______   _______   _________

___________   _______   ___________   _______   _______   _______   _______   _________

 

ESTIMATED FEDEARL* ESTATE TAX UNDER PRESENT SITUATION

*Show amounts separately for each year.

 

(1).  Estimated gross estate from Summary Sheet Asset Inventory (add gift tax on lifetime gifts made in three preceding years):                                          $_____________

 

Liabilities (debts, etc.):                                                                                    $_____________

 

Administration expenses:                                                                                               $_____________

 

Funeral expenses:                                                                                                            $_____________

 

(2).  Marital deduction:                                                                                    $_____________

 

(3).  Charitable deductions:                                                                                            $_____________

 

(4).  Total:                                                                                                                          $_____________

 

(5).  Taxable estate (1)-(4):                                                                                              $_____________

 

(6).  Taxable lifetime gifts made after 1976:                                   $_____________

 

(7).  Total (5)+(6):                                                                                                             $_____________

 

(8).  Tentative tax on (7):                                                                                                 $_____________

 

(9).  Aggregate gift taxes payable after 1976:                                              $_____________

 

(10).  Gross estate tax (8)-(9):                                                                          $_____________

 

(11).  Unified and other credits:                                                                     $_____________

 

(12).  Net estate tax (10)-(11):                                                                          $_____________

 

*also estimate state death taxes payable under present plan.

(1).  Taxable gifts made after 1976 and not included I the gross estate.

(2).  Other allowable credits include:  credit for state death taxes, credit for foreign death taxes and credit for tax on prior transfers.  Since state death taxes could exceed credit, they should be estimated.

 

BURDEN OF ESTATE TAXES ON BENEFICIARIES UNDER PRESENT PLAN

 

Taxes, debts and expenses amounting to:                                                   $_____________

                                                                                                                                            (taxes)

 

                                                                                                                                            $_____________

                                                                                                                                            (debts & expenses)

 

                                                                                                                            Total:  $_____________

 

will be paid from the following sources:

 

Source:                                                                                                                               Amount:

____________________________________                                        $_____________

____________________________________                                        $_____________

____________________________________                                        $_____________

____________________________________                                        $_____________

____________________________________                                        $_____________

____________________________________                                        $_____________

____________________________________                                        $_____________

Effect of estate taxes on beneficial shares:

 

Are taxes to be charged against non marital property to safeguard the marital deduction?

 

______________________________________________________________________

 

Liquidity problems under present plan:

 

______________________________________________________________________

 

EVALUATION OF PRESENT SITUATION

 

The foregoing forms show the distribution of the estate under the present plan, the estimated estate tax, its effect on the beneficial interest, and special liquidity problems.  They reveal aspects of the your present situation that require close examination and proposed changes in the light of your stated aims and tax considerations.

 

Typical problem areas are:

 

The property will not go to your primary beneficiaries in the proportions and manner desired.  You may have to change the options that you have selected under your insurance policies and employee benefit plans; you may have to split your joint tenancy holdings, you may want to establish a living trust or a testamentary trust, etc.

 

Your estate tax may be unnecessarily large, or the combines estate taxes of your wife and yourself may be unnecessarily large.  Your present setup does not take advantage of the benefits provided by the tax law.  You may not have enough qualifying for the marital deduction or may have too much qualifying for the marital deduction.  You have not used trusts and powers of appointment to reduce estate taxes I the estates of your wife and children.  Your business interests raise serious valuation problems, etc.

 

Will there be sufficient liquid funds to pay the estate tax?  This is an especially serious problem when the estate consists of closely held business interests.  Where does the burden of death taxes fall-what is its effect of the beneficial shares or interests of your primary beneficiaries?

______________________________________________________________________

______________________________________________________________________

 

Are there any generation-skipping transfer tax problems?

______________________________________________________________________

 

Enter the problems revealed by an examination of the estate analysis forms and then use additional pages to develop proposed methods of solving the problems.

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

 

The Estate Analysis Form needs to be used with the Asset Inventory Form found in the Financial Planning Category

 



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