Getting a handle on your estate plan gives you peace of mind and ensures that your loved ones are able to follow your wishes.
Thinking about how much your estate is worth can raise all kinds of questions: Is there enough to retire on? Can I provide for my family? Fortunately, most people have more in their estate than they thought.
1. Make an inventory of your assets. Writing down what you have will help you estimate your net worth. If you are married, be sure to include your spouse’s assets and all jointly owned or community property. Use the current market value for everything you own and the face value (not cash value) for any life insurance. The chart on the next page is an easy way to list your figures.
Get your inventory worksheet by clicking the button on this page. It will download a simple page that you can complete on your device or print out and fill in by hand. Don’t worry about exact value amounts; your best estimate is a helpful start.
2. Decide who gets what. Once you’ve made an inventory of your property, you’re ready to decide where you want it to go. An advisor can help you understand which assets can be passed tax-free, depending on who they’re left to.
3. Meet with an estate planning attorney. After you complete the asset list and consider additional assets and circumstances, you are ready to meet with your attorney, who will draft your documents.
A good estate plan can also include tools that benefit you and the people and causes you care about most. Contact us for ways you can use your estate to support San Francisco Opera and get the most out of your hard-earned assets.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.