A Life Pursuing Real Estate - Page 3 of 3
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A Life Pursuing Real Estate

needs to look at estate planning to pass his assets onto the right family members in the event of his death. He won’t have to worry about estate taxes because his estate is just under half a million dollars. At some point, Young will also need to add life insurance as a part of his estate plan. However, it makes more sense for him to develop a living trust to hold and manage his property and assets. Dunagan notes that assets transferred in a trust are immediately available to his heirs, saving them the time and expense of probate court. Unlike a will, a trust cannot be contested.

Financial Snapshot: John Young

HOUSEHOLD INCOME

Gross Income $51,000

ASSETS

Market Value of Apt. Bldg. $350,000
Savings 40,000
401(k) Retirement Plan 40,000
Emergency Fund for Apt. Bldg. 23,000
Mutual Fund 21,000
Checking Account 12,000
IRA 2,000
Total $488,000

LIABILITIES

Mortgage $58,000
NET WORTH $430,000

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