STEP THREE
Evaluating The Family’s Assets and Liabilities
You now need to look at your assets and liabilities. The following page will let you list your
assets. Pay close attention to where
your assets are invested. The asset and
liability sheets that will follow in Step Four are designed to calculate
your NET WORTH.
These sheets will demonstrate how much you own and
how much your owe.
There are several reasons why you want to know your
family’s net worth.
You are looking for assets that are not productive, (CD, Money Market Accounts, Cash in Life Insurance, Large Balance In
Checking Accounts, etc.). I will explain
how to use these items later.
You will find sample asset and liability sheets that I
use on the next few pages. If you have
one that you rather use that is O.K.
PARENTS’ ASSET WORKSHEET
Cash in Checking/Brokerage Accounts $ __________
Money Market Funds/Accounts $ __________
Fixed Income Investments
Savings $
__________
CDs $
__________
Government Securities/Funds $ __________
Mortgage-Backed Securities $ __________
Corporate Bond/Bond Funds $
__________
Municipal Bonds/Bond Funds $ __________
Other $
__________
Stock Investments
Common Stock $
__________
Stock Mutual Funds $
__________
Other $
__________
Real Estate Investments
Undeveloped Land $
__________
Rental Real Estate $
__________
Real Estate Limited Partnerships $ __________
Real Estate Investment Trusts (REITS) $ __________
Ownership Interest in Private Business $ __________
Cash Value of Life Insurance $ __________
Retirement-Oriented Assets
IRAs $
__________
401K Plans $
__________
Keogh Plans $
__________
Simplified Employee Pension Plan $ __________
Vested Interest in Corporate Pension
And profit-sharing Plan $
__________
Employee Thrift and Stock Purchases $ __________
Tax Deferred Annuities $
__________
Deferred Compensation Vested Value $ __________
Reverse Split
Other $
__________
Personal Assets
Residences $
__________
Second/Vacation Home $
__________
Boat $
__________
Recreational Vehicle $
__________
Automobiles $
__________
Jewelry $
__________
Personal Property
(Normally 40% of home value) $ __________
Other Assets
Trust Accounts $
__________
Other $
__________
Total Assets: $
__________
After you have completed these worksheets, make sure you
did not leave anything out that has any resale value.
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