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.
The ELCA Foundation exists to develop a culture of intentional generosity and financial stewardship to support and sustain ELCA ministries. The above examples may reference making a gift to the ELCA Foundation when providing sample language or in describing how a gift works for illustrative purposes. The ELCA Foundation processes gifts according to donor wishes defined in a distribution agreement or to fund a named endowment. It's important to discuss your gift with a Regional Gift Planner who can help document your gift intentions or explore how you may make a direct gift to any ELCA-related ministry. Alternatively, a gift may be made directly to a ministry of your choice simply by replacing the name "ELCA Foundation" or "Endowment Fund of the ELCA" with the appropriate name, address, and tax id of the ministry you wish to support.
The ELCA Foundation exists to develop a culture of intentional generosity and financial stewardship to support and sustain ELCA ministries. The above examples may reference making a gift to the ELCA Foundation when providing sample language or in describing how a gift works for illustrative purposes. The ELCA Foundation processes gifts according to donor wishes defined in a distribution agreement or to fund a named endowment. It's important to discuss your gift with a Regional Gift Planner who can help document your gift intentions or explore how you may make a direct gift to any ELCA-related ministry. Alternatively, a gift may be made directly to a ministry of your choice simply by replacing the name "ELCA Foundation" or "Endowment Fund of the ELCA" with the appropriate name, address, and tax id of the ministry you wish to support.
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.