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 | Â $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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