Personal Finance 1 Worksheet 12

Personal Finance 1 Worksheet 12 - W12 WORKSHEET FOR...

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W12 Total Needs Step 1: Immediate Needs - Cleanup Funds Final Illness Costs (assumed equal to your health insurance deductible) a. $2,000 Estate Administration Costs (assumed equal to 4% of your assets) + b. $9,612 Burial Costs + c. $10,000 Federal Estate Taxes (if any due) + d. $0 Not enough in assets State Estate Taxes + e. $0 None in FL Additional Legal Fees + f. $5,000 Other Immediate Needs + g. $0 Total Immediate Needs (add lines a through g) = h. $26,612 Step 2: Debt Elimination Funds Credit Card and Consumer/Installment Debt i. $4,500 Auto Debt Outstanding + j. $0 Desired Mortgage Reduction + k. $60,000 Other Debt to be Paid Off at Your Death + l. $25,000 Total Debt Elimination Funds (add lines I through L) = m. $89,500 Step 3: Immediate Transitional Funds Schooling Expenses for Surviving Spouse n. $0 Child Care and Housekeeping Expenses + o. $25,000 Other Transitional Needs + p. $10,000 Total Immediate Transitional Funds (add lines n through p) = q. $35,000 Step 4: Dependency Expenses (family needs while children are in school and dependent on family support) Current Household Expenses (estimated as
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