| Cash
and savings |
Total you have in cash, checking accounts, savings accounts or other
accounts that can be used to help cover expenses. |
| Home
equity |
Total amount of equity in your home that you are willing to use
toward your living expenses. |
| Investments |
Total value of all investments that you are willing to use toward
your living expenses. |
| Other |
Any other assets that you may be willing to sell or liquidate. |
| Estate
or inheritance taxes on assets |
Percent taxes that are required to be paid on total assets. |
| Probate
costs |
Probate costs cover a state's legal fees for disbursing the assets
of the deceased. You may incur significant probate costs, depending
on your state of residence, even if you have a will. |
| Funeral
costs |
All costs required to cover the cost of the funeral. |
| Uninsured
medical costs |
Any medical costs that are not covered by your medical insurance.
Make sure to include any deductibles. |
| Debt
repayment |
Credit card debt, auto loans, home equity loans, mortgages or other
debt that you wish to repay. Providing the ability to repay these
loans if you were to die can significantly help your family meet
its monthly living expenses. |
| College
fund for children |
Amounts you wish to provide your surviving children to cover future
college expenses. |
| Spouse
income from work |
Income expected from your spouse after your death. If your spouse
needs education or retraining, make sure that the starting year
for this income provides adequate time to complete. |
| Social
Security survivor benefits |
Depending on your work history, your family may qualify for Social
Security benefits. |
| Living
expenses with children at home |
Total monthly expenses while your children are living at home. This
should include all monthly expenses except child care. |
| Living
expenses with children gone |
Total monthly expenses after your children have left home. This
should include all monthly expenses. |
| Children's
college expenses |
Monthly expenses for your children's college expenses. If your children
have not yet entered college, leave this amount at zero and enter
an amount in the college fund entry fields in the "Total Expenses
at Death" section. |
| Retraining
and education for spouse |
Monthly expenses expected to cover any cost of education or retraining
for your spouse to re-enter the workforce. |
| Other
expenses |
Any other monthly expenses not included above. |
| Combined
federal and state tax rate |
This is your effective tax rate. To calculate this rate take your
total income for last year divided by your total federal and state
taxes paid. |
