Question

GOALS: PREPARE A PROPER ESTATE PLAN 1. Minimize estate taxes. 2. Fund college education for the five grandchildren. 3. Set up a special needs trust for Ivan's future needs. 4. Ensure that the vacation home is a permanent family home for children and grandchil- dren. 5. Keep 100 percent of business interests in the family. 6. Maintain control of the business until retirement at which time James and Joe will take over. 7. Transfer an additional $2 million to the Wounded Warrior Project some time in the future. FINANCIAL STATEMENTS Balance Sheet ASSETS Cash/Cash Equivalents JT Checking and Savings $1,000,000 Total Cash/Cash Equiv. $1,000,000 Invested Assets JT Marketable Securities $6,000,000 JT Business Interests 6,000,000 H 401(k) Plan 1,250,000 JT Investment Real Estate 3,000,000 Total Investments $16,250,000 Personal Use Assets JT Primary Residence $2,000,000 JT Vacation Home 1,500,000 JT Autos 100,000 JT Household Furnishings 500,000 H Life Insurance 200,000 Total Personal Use $4,300,000 Total Assets $21,550,000 LIABILITIES AND NET WORTH Liabilities Current Liabilities JT Credit Card $100,000 Total Current Liabilities $100,000 Long-Term Liabilities JT Mortgage - Primary $1,000,000 Total Long-Term Liabilities $1,000,000 Total Liabilities $1,100,000 Net Worth $20,450,000 Total Liabilities and Net Worth $21,550,000

          GOALS: PREPARE A PROPER ESTATE PLAN
1. Minimize estate taxes.
2. Fund college education for the five grandchildren.
3. Set up a special needs trust for Ivan's future needs.
4. Ensure that the vacation home is a permanent family home for children and grandchil-
dren.
5. Keep 100 percent of business interests in the family.
6. Maintain control of the business until retirement at which time James and Joe will take
over.
7. Transfer an additional $2 million to the Wounded Warrior Project some time in the
future.
FINANCIAL STATEMENTS
Balance Sheet
ASSETS
Cash/Cash Equivalents
JT Checking and Savings	$1,000,000
Total Cash/Cash Equiv.	$1,000,000

Invested Assets
JT Marketable Securities	$6,000,000
JT Business Interests	6,000,000
H 401(k) Plan	1,250,000
JT Investment Real Estate	3,000,000
Total Investments	$16,250,000

Personal Use Assets
JT Primary Residence	$2,000,000
JT Vacation Home	1,500,000
JT Autos	100,000
JT Household Furnishings	500,000
H Life Insurance	200,000
Total Personal Use	$4,300,000

Total Assets	$21,550,000

LIABILITIES AND NET WORTH
Liabilities
Current Liabilities
JT Credit Card	$100,000
Total Current Liabilities	$100,000

Long-Term Liabilities
JT Mortgage - Primary	$1,000,000
Total Long-Term Liabilities	$1,000,000

Total Liabilities	$1,100,000

Net Worth	$20,450,000

Total Liabilities and Net Worth	$21,550,000

GOALS: PREPARE A PROPER ESTATE PLAN
1. Minimize estate taxes.
2. Fund college education for the five grandchildren.
3. Set up a special needs trust for Ivan's future needs.
4. Ensure that the vacation home is a permanent family home for children and grandchil-
dren.
5. Keep 100 percent of business interests in the family.
6. Maintain control of the business until retirement at which time James and Joe will take
over.
7. Transfer an additional 2 million to the Wounded Warrior Project some time in the
future.
FINANCIAL STATEMENTS
Balance Sheet
ASSETS
Cash/Cash Equivalents
JT Checking and Savings1,000,000
Total Cash/Cash Equiv. 1,000,000

Invested Assets
JT Marketable Securities6,000,000
JT Business Interests 6,000,000
H 401(k) Plan 1,250,000
JT Investment Real Estate 3,000,000
Total Investments 16,250,000

Personal Use Assets
JT Primary Residence2,000,000
JT Vacation Home 1,500,000
JT Autos 100,000
JT Household Furnishings 500,000
H Life Insurance 200,000
Total Personal Use 4,300,000

Total Assets21,550,000

LIABILITIES AND NET WORTH
Liabilities
Current Liabilities
JT Credit Card 100,000
Total Current Liabilities100,000

Long-Term Liabilities
JT Mortgage - Primary 1,000,000
Total Long-Term Liabilities1,000,000

Total Liabilities 1,100,000

Net Worth20,450,000

Total Liabilities and Net Worth 21,550,000

Added by Brittany C.

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