Getting It All Together

Jacqueline & Kim Jackson are squashed between their family's finances

father’s wealth, which she can inherit. In order to avoid probate and its inherent financial costs (court costs, legal fees, travel expenses, and time off from work), Laylock suggests that the following legal documents be prepared by an attorney: a Pour-Over Will, which identifies any assets outside of your Trust; a Living Will, which outlines your wishes should you be placed on life support; as well as a Durable Power of Attorney for Healthcare and a Durable Power of Attorney for Assets, which designate medical and financial decisions for you. BE

Winner No. 36 Jacqueline & Kim Jackson
Financial Snapshot:
HOUSEHOLD INCOME

HOUSEHOLD INCOME

Gross Income  $85,000

ASSETS

1st home $145,000
2nd home 125,000 (Market value after improvements are completed)
Personal items 29,000
Retirement plans 27,611
Autos 25,000
Stocks 5,915
Savings 2,900
Total $360,426

LIABILITIES

1st Mortgage $124,009
Home equity line 39,000
Student loan 16,000
2nd home repair costs 12,000
Auto loan 7,000
Total $198,009
Net Worth $162,420

 

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