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What is an Estate Size and Tax Worksheet?
You should probably know what your assets and liabilities are and our Estate Planning Calculator can help you do just that. Maybe you're expecting some substantial growth in your assets and net worth, but do you know what that means for your federal estate taxes? Maybe you're unsure what your net worth is, it might be about time you figured that out. After all, that will directly impact how much you're going to owe in taxes and it could change your plans for how to further grow your assets. Find out exactly where you stand - and where you plan to go. An Estate Tax Calculator and Worksheet helps get you started on the right path.
When to use an Estate Size Worksheet and Tax Calculator:
- You need to determine your assets, liabilities, and future taxes.
- You want to estimate net worth and its growth.
- You want to calculate the federal estate taxes on your current and future net worth.
Sample Estate Size and Tax Worksheet
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ESTATE SIZE WORKSHEET
AND
TAX CALCULATOR
(SINGLE)
Part One - Personal Information:
| Name: |
| Marital Status: | Single |
| Effective Date for this Calculation: |
Part Two - The Value of Your Estate
| Cash Accounts |
| Investments |
| Retirement Accounts |
| Life Insurance |
| Personal Residence |
| Other Real Estate |
| Business Property |
| Personal Property |
| Other Assets |
| Personal Residence Mortgage |
| Credit Cards |
| Other Loans and Debts |
Part Three - Future Growth of Your Estate: The size of your estate can increase significantly, based on three factors: annual increases by you from earnings (or other sources), annual increases over a longer period of years, and an earnings growth rate that causes your investments and other assets to increase in value even if you do not add "new" savings.
Part Four - Estate Tax Calculation: Based on your current estate value and your expected future growth, your estate would be liable for federal estate taxes as follows. Note: this calculation ignores the state death tax credit, because this credit (available on your federal estate tax return) is offset in most states by a state estate tax that is equal to the credit given on the federal return. Thus, the federal tax shown below is equal to the combined federal and state estate taxes that are applicable in most states.
