Financial Plan. George J Jones. Marianne P Jones. for. and 4/4/2011

Transcription

1 Financial Plan for George J Jones and Marianne P Jones Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 1

2 Financial Plan Husband: George J Jones Wife: Marianne P Jones Date: 04/04/ :20am Case: Harold J Jones vs. Marianne P Jones Judge: Marion Winslet, phone: Court: Family Court 333 Monroe St Court address 222 Newtown, PA Phone: Fax: Prepared by: Carrie D. Wilson, CFP, CDFA TX Phone: carrie@clarkwatershardy.com Contact & Background Information George J Jones SSN: Birth Date: 4/5/1971 State where George J Jones lives: TX Address: 17 Merion Ln, Merion, TX Phone: hjones@merrybuilders.com Marianne P Jones SSN: Birth Date: 11/20/1974 State where Marianne P Jones lives: TX Address: 40 Winding Way, Berwyn, TX Phone: marianne55@hotmail.com Children Tiffany Amber Birth Date: 4/5/1999 Tiffany is a child of this relationship. Tiffany is young enough to be eligible for child support. George J Jones will claim the tax exemption. Tiffany will be a tax exemption until 21. Birth Date: 12/2/2003 Amber is a child of this relationship. Amber is young enough to be eligible for child support. George J Jones will claim the tax exemption. Amber will be a tax exemption until 21. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 2

3 Table Of Contents Key Reports (1) One-Page Summary (2) Division of Marital Property (3) Projected After-Tax Cash Flow (4) Projected Net Worth (5) Summary Totals Spreadsheet (6) Budget Report (7) View/Edit Taxes (8) After-Tax Cash Flow Spreadsheet (9) Liquidations to Cover Negative Cash Flow (10) Accumulated Savings (11) Net Worth Spreadsheet (12) Key Entries and Assumptions (13) Observations General Backup (14) Total Property Division (Marital plus Separate) (15) Marital and Separate Property (16) Marital Property Division on an After-Tax Basis (17) Tax Calculation (18) Five Year Projection (19) Property Statement (20) Property Valuations (21) Combined Income (22) Budget Report for Children (23) Sale of Real Estate (24) Pension Valuation (25) Pension Audit Trail (26) Child Support & Spousal Maintenance Summary Backup Reports for Liquidations (27) Financial Investment Liquidation (28) IRA / 401(k) Liquidation Backup Reports for Tax Calculations (29) Tax Detail (part 1 - AGI) (30) Tax Detail (part 2 - Deductions) (31) Tax Detail (part 3 - Bottom Line) (32) Taxable Investment Income Report (33) Alternative Minimum Tax Audit Trail (34) State Taxes (35) FICA, Medicare and Self-Employment Taxes (36) Unearned Income Medicare Contribution Tax Backup Reports for Income Line Items (37) Wages and Salary (38) Non-Wage Income (39) Business Income (40) Business Income and Expense Detail (41) Financial Investment Income (42) Real Estate Income (43) Social Security Income (44) IRA/401(k) Payouts (45) Defined Benefit Plan Payouts (46) Child Support Received Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 3

4 Table of Contents (cont.) (47) Spousal Maintenance Received Backup Reports for Expense Line Items (48) Income on Accumulated Savings (49) Living Expenses (50) Life Insurance Premiums (51) Major Expenses (52) Spousal Maintenance Paid (53) Child Support Paid (54) Debt Payments Backup Reports for Net Worth / Property Line Items (55) Investment Assets (56) Cars and Personal Effects (57) Equity in Real Estate (58) Life Insurance Assets (59) Business Assets (60) IRA / 401(k) Assets (61) Defined Benefit Pension (62) Note (Debt) Between Spouses Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 4

5 One-Page Summary Monthly totals for George J Jones or Marianne P Jones. Total Income George Marianne Wages and Salary $14,583 $4,117 Child Support Received 0 1,875 Spousal Maintenance Received 0 1,000 All Other Income TOTAL INCOME 15,250 7,200 Total Expenses Child Support Paid 1,875 0 Spousal Maintenance Paid 1,000 0 All Other Expenses 6,539 6,869 TOTAL EXPENSES 9,414 6,869 Taxes Federal Income Tax 3, State Income Tax 0 0 Local Tax on Wages 0 0 FICA/Medicare Tax TOTAL TAXES 4, Budget Net Income BUDGET NET INCOME 1, Property Marital Property 130,402 72,426 Separate Property 0 83,644 TOTAL PROPERTY $130,402 $156,070 Miscellaneous Number of Dependents 2 0 Filing Status Filing Separate Head Hsld Spousal Maintenance paid, % of gross income 7 0 Child Support paid, % of gross income 12 0 Combined pmts, % of gross income 19 0 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 5

6 Division of Marital Property Property division report for George J Jones and Marianne P Jones. George Marianne Total Amount Pct Amount Pct Amount Real Estate Equity 40 Winding Way (1) $40,000 $40,000 $80,000 Total Value $450,000 1st Mortgage $320,000 Equity $130,000 Vacation Home $81,250 $0 $81,250 Total Value $100,000 1st Mortgage $18,750 Equity $81,250 Total Real Estate Equity $121,250 75% $40,000 25% $161,250 Cash & Investments Cash-Equivalent Investments: First Union $1,875 Bank of America (2) $0 Bank of America $3,292 Total Cash-Equivalent $0 0% $0 0% $5,167 Other Investments: Vanguard Index $12,755 Nuveen Bond Fund $10,000 Municipal Bonds $20,000 Total Other Investments $0 0% $0 0% $42,755 Total Investments $0 0% $0 0% $47,922 Businesses Mary Kay franchise $0 $0 $0 Total Businesses $0 0% $0 0% $0 Cars and Personal Effects Jewelry $1,500 $0 $1,500 Paintings (3) $700 $0 $700 Honda civic $21,000 Toyota Corolla $24,000 Total Personal Items $2, % $0 0% $47,200 Subtotal Non-Retirement $123,450 76% $40,000 24% $256,372 IRAs and 401(k)s Vanguard IRA $12,555 $0 $12,555 Total IRAs and 401(k)s $12, % $0 0% $12,555 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 6

7 Division of Marital Property (cont.) Property division report for George J Jones and Marianne P Jones. George Marianne Total Amount Pct Amount Pct Amount Defined Benefit Pensions School district $0 $38,029 $38,029 Total Pensions $0 0% $38, % $38,029 Subtotal Retirement $12,555 25% $38,029 75% $50,584 Total Assets $136,005 64% $78,029 36% $306,956 Debts MasterCard Bank Two ($1,728) ($1,728) ($3,456) VISA Country Card ($3,875) ($3,875) ($7,750) Total Debt ($5,603) 50% ($5,603) 50% ($11,206) Total Debts ($5,603) 50% ($5,603) 50% ($11,206) Total Assets $136,005 64% $78,029 36% $306,956 Total Debts ($5,603) 50% ($5,603) 50% ($11,206) Total Marital Property $130,402 64% $72,426 36% $295,750 Equalization Payment ($28,988) $28,988 Total Marital After Equalization $101,414 50% $101,414 50% Note: $92,922 is unallocated. Also, "Total Amount" column may not add due to rounding. Footnotes: (1) 40 Winding Way - Marianne will remain in the marital home. (2) Bank of America - Funds from Inheritance, kept separate. Value is as of most recent bank statement. (3) Paintings - Paintings have sentimental value to Marianne Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 7

8 Division of Marital Property (cont.) Division of Marital Property: George property after payment $101,414 - (50.0%). Equalization Payment George Marianneproperty before payment $72,426 - (35.7%). Marianne Equalization Payment $28,988 - (14.3%). Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 8

9 Projected After-Tax Cash Flow Projected After-Tax Cash Flow for George J Jones or Marianne P Jones for 10 years. George Marianne George Marianne 2011 $ 19,946 ($ 2,305) 2016 $ 31,366 ($ 10,366) 2012 $ 25,421 ($ 3,427) 2017 $ 35,635 ($ 48,015) 2013 $ 22,512 ($ 4,961) 2018 $ 38,428 ($ 55,220) 2014 $ 23,975 ($ 5,158) 2019 $ 43,850 ($ 66,500) 2015 $ 25,404 ($ 5,390) 2020 $ 45,473 ($ 73,308) George Marianne $60,000 $40,000 $20,000 $ $-20,000 $-40,000 $-60,000 $-80,000 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 9

10 Projected Net Worth Projected Net Worth for George J Jones or Marianne P Jones for 10 years. George Marianne George Marianne 2011 $ 160,180 $ 170, $ 385,743 $ 292, $ 201,177 $ 194, $ 446,967 $ 280, $ 241,149 $ 218, $ 513,788 $ 262, $ 284,451 $ 243, $ 589,091 $ 234, $ 331,210 $ 270, $ 669,379 $ 202,912 George Marianne $800,000 $600,000 $400,000 $200,000 $ Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 10

11 Summary Totals Spreadsheet George Summary Totals Spreadsheet INCOME ASSETS & DEBT Year Age Total Total Total After Tax Accum. Fin Equity in IRA / Other Net Income Expenses Taxes Cash Savings Assets Real Est. 401(k) Assets/Debt Worth , ,962 50,092 19,946 19, ,009 13,183 (2,958) 160, , ,432 47,069 25,421 46, ,621 13,842 (2,451) 201, , ,925 52,662 22,512 70, ,966 14,534 (1,875) 241, , ,451 53,855 23,975 97, ,091 15,261 (1,221) 284, , ,006 55,193 25, , ,046 16,024 (477) 331, , ,217 58,484 31, , ,891 16,825 (21) 385, , ,753 60,424 35, , ,680 17, , , ,895 62,478 38, , ,480 18, , , ,577 66,565 43, , ,356 19,476 1, , , ,281 68,723 45, , ,303 20,450 2, ,379 Marianne Summary Totals Spreadsheet INCOME ASSETS & DEBT Year Age Total Total Total After Tax Accum. Fin Equity in IRA / Other Net Income Expenses Taxes Cash Savings Assets Real Est. 401(k) Assets/Debt Worth ,400 82,428 6,277 (2,305) 0 23, , , , ,405 83,073 7,759 (3,427) 0 20, , , , ,406 83,727 9,640 (4,961) 0 15, , , , ,395 84,396 10,157 (5,158) 0 10, , , , ,399 85,076 10,713 (5,390) 0 4, , , , ,420 85,397 10,389 (10,366) (6,101) 0 233, , , , ,017 11,484 (48,015) (54,116) 0 264, , , , ,253 12,138 (55,220) (109,336) 0 296, , , , ,167 11,716 (66,500) (175,836) 0 331, , , , ,825 12,105 (73,308) (249,144) 0 367, , ,912 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 11

12 Budget Report for 2011 Budget Report for George J Jones and Marianne P Jones for 2011 This report shows George's and Marianne's income, taxes, expenses, including spousal maintenance income and child support income, including spousal maintenance expenses and child support expenses. George Marianne Monthly Monthly Income Red Rock, LLC $14, $0.00 School district , Bonuses Total Wage and Non-Wage Income $15, $4, Investment Income Bank of America $0.00 $41.67 Total Investment Income $0.00 $41.67 Business Income Mary Kay franchise $0.00 $ Total Business Income $0.00 $ Support Received Child Support Received $0.00 $1, Spousal Maintenance Received $0.00 $1, Total Support Received $0.00 $2, TOTAL INCOME $15, $7, Mortgage Payments 40 Winding Way $0.00 (1) $3, (1) Vacation Home Total Mortgage Payments $0.00 $3, Living Expenses Union Dues $0.00 $20.00 Rent 1, Homeowners' Insurance Real Estate Tax Cable TV Internet Access Painting/Wallpapering Household Supplies Maid/Cleaning Service Lawn Service Utilities - Electricity Utilities - Oil Heat Car Payments Car Insurance 1, Car Gasoline/Oil Car Maintenance and Repair Car License/Stickers Parking Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 12

13 Budget Report (cont.) George Marianne Monthly Monthly Public/Alt. Transportation Child Care - Day Care Child Education Lunches Bank Fees Cell Phone Clothes Charitable Church/Synagogue/Mosque etc Dues/Clubs Entertainment Food/Groceries Gifts Hair Laundry Legal and Accounting Previous Relship Child Support Restaurants Subscriptions, Books Toiletries/Grooming/Drug Store Vacations Health Insurance Medical/Doctor Dental Drug & Prescription Total Living Expenses $6, $2, Payments on Debt MasterCard Bank Two $37.58 $37.42 VISA Country Card Total Payments on Debt $97.67 $97.33 Support Paid Child Support Paid $1, $0.00 Spousal Maintenance Paid 1, Total Support Paid $2, $0.00 TOTAL EXPENSES $9, $6, Taxes Federal Taxes $3, $ FICA & Medicare $ $ State Taxes (estimate only) $0.00 $0.00 Local Wage Tax $0.00 $0.00 TOTAL TAXES $4, $ Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 13

14 Budget Report (cont.) George Marianne Monthly Monthly Total Income $15, $7, Minus Total Expenses (9,413.50) (6,869.00) Minus Total Taxes (4,174.33) (523.08) BUDGET NET INCOME $1, $(192.08) Footnotes: (1) 40 Winding Way - Marianne will remain in the marital home. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 14

15 View/Edit Taxes for 2013 George Marianne Single Head Hsld Filing Status in Number of exemptions Income: 181,713 51,295 Wages and salary. 462 Taxable interest income Taxable dividend income. 12,000 Spousal Maintenance income. 2,205 Business and farm income. 462 Capital gain taxable. Other gains and losses. Taxable IRA and pension income. Rent, royalty, partnership, S corporation. Social Security taxable. 8,000 Other income. 191,099 65,906 Taxable gross income. Adjustments: Payroll deductions for health, etc. IRA/401k deduction. Moving expenses. 156 Deduction of 1/2 of self-employment tax. Part of health insurance for self-employed people. 12,000 Spousal Maintenance paid. Interest on education loans. Other deductions. 12, Total adjustments. 179,099 65,750 Adjusted Gross Income ("AGI") = gross income - total adjustments). Itemized Deductions: 3, Total medical expenditures Info only: Medical expense threshold % (7.5% or 10.0%, depending on year and age). 17,910 6,575 Info only: Medical expense threshold = Medical expense threshold % * AGI Deductible medical (= medical expenses in excess of threshold). 0 0 State income taxes. Local income taxes. 3,115 Real estate taxes. 19,612 Mortgage interest. 2,076 Charitable contributions Miscellaneous, subject to 2% AGI threshold. miscellaneous, after 2% AGI threshold. Miscellaneous, not subject to 2% AGI threshold. 2,076 22,727 Itemized deductions before phase-out. 2,036 22,727 Itemized deductions after phase-out. 6,000 8,800 Compare: standard deduction. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 15

16 View/Edit Taxes (cont.) George Marianne Exemptions: 11,400 3,800 Deduction for exemptions before phase-out. 11,172 3,800 Deduction for exemptions after phase-out. Tax Before Credits and Other Taxes: 161,927 39,223 Taxable Income = AGI - greater of itemized or standard deductions - exemptions. 43,035 5,884 Tax before credits and other taxes (from tax table or formula) Marginal federal tax bracket (%) Non-refundable Credits: 480 Child care credit. Hope education credit. Lifetime learning credit. Child credit, after phase-out, non-refundable portion. 480 Total non-refundable credits (reduce tax, but not below zero). Refundable Credits: Child credit, after phase-out, refundable portion. Earned income credit. Making work pay credit. Hope credit, refundable portion. Total refundable credits (can reduce tax below zero and generate a payment from the IRS). Other Taxes on Form 1040: Tax on retirement plan premature distribution. 0 0 Alternative minimum tax. Lump-sum distribution 5- or 10- year averaging. 312 Self-employment tax. 0 Unearned Income Medicare Contribution. Total Federal Income Tax: = tax before credits and other taxes - total nonrefundable credits (down to zero) - total refundable credits + other taxes on Form ,035 5,716 Total Federal Income Tax Average federal tax rate (= Fed Tax / Gross Income) (%) Taxes Not on Form 1040: 6,876 3,180 FICA Taxes. 2, Medicare Taxes. 0 0 State Income Tax (estimate only) Local Wage Tax. Total Taxes: 52,662 9,640 Total taxes. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 16

17 View/Edit Taxes (cont.) Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 17

18 After-Tax Cash Flow Spreadsheet George After-Tax Cash Flow Spreadsheet Year Age Wages & Non-Wage Income on Total Living Spousal Child Payments Total Pre-tax Salary Income Accum Svg Income Expenses Maint. Pd. Supt Pd on Debt Expenses Cash flow ,000 8, ,000 77,290 12,000 22,500 1, ,962 70, ,325 8, ,922 78,761 12,000 22,500 1, ,432 72, ,713 8,000 1, ,099 80,254 12,000 22,500 1, ,925 75, ,166 8,000 2, ,281 81,780 12,000 22,500 1, ,451 77, ,684 8,000 2, ,603 83,334 12,000 22,500 1, ,006 80, ,269 8,000 3, ,067 84,919 6,000 22, ,217 89, ,922 8,000 4, ,812 86,532 6,000 19, ,753 96, ,645 8,000 6, ,801 88,174 6,000 18, , , ,438 8,000 7, ,992 89, , , , ,303 8,000 9, ,477 91, , , ,196 George After-Tax Cash Flow Spreadsheet Year Age Federal FICA / Total After-tax Inc Tax Soc Sec Taxes Cash ,952 7,140 50,092 19, ,620 9,449 47,069 25, ,035 9,627 52,662 22, ,048 9,807 53,855 23, ,202 9,991 55,193 25, ,303 10,181 58,484 31, ,019 10,405 60,424 35, ,844 10,634 62,478 38, ,698 10,867 66,565 43, ,619 11,104 68,723 45,473 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 18

19 After-Tax Cash Flow Spreadsheet (cont.) Marianne After-Tax Cash Flow Spreadsheet Year Age Wages & Business Fin. Child Spousal Total Living Major Mortgage Payments Salary Income Invest. Support Maint. Income Expenses Expenses Payments on Debt ,400 2, ,500 12,000 86,400 33, ,400 1, ,339 2, ,500 12,000 87,405 34, ,400 1, ,295 2, ,500 12,000 88,406 35, ,400 1, ,270 2, ,500 12,000 89,395 35, ,400 1, ,263 2, ,500 12,000 90,399 36, ,400 1, ,275 2, ,500 6,000 85,420 37, , ,306 2, ,500 6,000 83,486 37,908 33,502 47, ,357 2, ,000 6,000 83,171 38,627 35,178 47, ,428 2, , ,383 39,365 36,936 47, ,519 3, , ,622 40,112 38,783 47, Marianne After-Tax Cash Flow Spreadsheet Year Age Accum Debt Total Pre-tax Federal FICA / Total After-tax Interest Expenses Cash flow Inc Tax Soc Sec Taxes Cash ,428 3,972 3,486 2,791 6,277 (2,305) ,073 4,332 3,908 3,851 7,759 (3,427) ,727 4,679 5,716 3,924 9,640 (4,961) ,396 4,999 6,158 3,999 10,157 (5,158) ,076 5,323 6,639 4,074 10,713 (5,390) , ,237 4,152 10,389 (10,366) ,017 (36,531) 7,253 4,231 11,484 (48,015) , ,253 (43,082) 7,827 4,311 12,138 (55,220) , ,167 (54,784) 7,322 4,394 11,716 (66,500) , ,825 (61,203) 7,628 4,477 12,105 (73,308) Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 19

20 Liquidations to Cover Negative Cash Flow Liquidations to Cover Negative Cash Flow report for George J Jones or Marianne P Jones. The "liquidation" amount is the amount of investments and IRA/401(k) that is used to cover negative cash flow (expenses in excess of income) and downpayments on homes to be purchased in the future. The software first sells securities, then distributes from the IRA/401(k) plan(s). Upon each liquidation sale, the software sells a bit extra to pay for taxes on the sales. Data Entries: YES YES YES YES YES Distribute accumulated savings to cover downpayment? Sell securities to cover downpayment? Distribute accumulated savings to cover negative cash flow? Sell securities to cover negative cash flow? Distribute from IRA/401(k) to cover negative cash flow? Liquidations of Securities and IRA/401(k): Year Accumulated savings distributed Plus: Securities sold Marianne 2,459 3,666 5,453 5,689 5,966 4, Plus: IRA/401(k) distributed Equals: Total Liquidations Marianne 2,459 3,666 5,453 5,689 5,966 4, Less: Incremental federal and state tax (including penalties) Marianne Equals: Liquidation Available for Negative Cash Flow Marianne 2,305 3,427 4,961 5,158 5,390 4, Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 20

21 Liquidations to Cover Negative Cash Flow (cont.) Assets Used to Cover Negative Cash Flow George Marianne $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 21

22 Accumulated Savings Accumulated Savings report for George J Jones or Marianne P Jones. Accumulated Savings is the account for reinvested earnings that are not spent, and also for deficits (negative Accumulated Savings), which reflect borrowing to cover expenses and taxes. Real Estate sale and refinance proceeds and downpayments affect Net Worth through additions to or subtractions from the Accumulated Savings account. Liquidations of assets increase the Accumulated Savings account by offsetting deficits which would otherwise have to be covered by borrowing. Accumulated Savings are also appreciating at 4.00% (George) / 4.00% (Marianne). Accumulated Savings: Accumulated savings at end of the previous year George 0 19,946 46,165 70,524 97, , , , , ,765 Marianne (6,101) (54,116) (109,336) (175,836) Plus: Appreciation on previous accumulated savings at (4.00% (George) and 4.00% (Marianne)). George ,847 2,821 3,893 5,065 6,522 8,208 10,074 12,231 Plus or Minus: Current year after-tax cash George 19,946 25,421 22,512 23,975 25,404 31,366 35,635 38,428 43,850 45,473 Marianne (2,305) (3,427) (4,961) (5,158) (5,390) (10,366) (48,015) (55,220) (66,500) (73,308) Plus: Real estate sale or refinance proceeds Minus: Current year down payment on real estate Minus: Tax paid when accumulated savings are liquidated to cover negative cash flow and downpayments Plus: Investment assets transferred in to cover negative cash flow (net of tax on sale of investments) Marianne 2,305 3,427 4,961 5,158 5,390 4, Plus: IRA assets transferred in to cover negative cash flow (net of tax on IRA distribution) Equals: End of year accumulated savings George 19,946 46,165 70,524 97, , , , , , ,469 Marianne (6,101) (54,116) (109,336) (175,836) (249,144) Calculating Untaxed Appreciation on Accumulated Savings at End Of Year Before Liquidations: Untaxed appreciation at end of prior year, after liquidations (see below) Plus: Appreciation on previous accumulated savings at 4.00% (George) and 4.00% (Marianne)). George ,847 2,821 3,893 5,065 6,522 8,208 10,074 12,231 Equals: Untaxed appreciation at the end of the current year, before liquidations George ,847 2,821 3,893 5,065 6,522 8,208 10,074 12,231 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 22

23 Accumulated Savings (cont.) Calculating Untaxed Appreciation at End of Year After Liquidations, and Tax Paid: (a) Accumulated savings at end of the previous year (see above) George 0 19,946 46,165 70,524 97, , , , , ,765 Marianne (6,101) (54,116) (109,336) (175,836) (b) Untaxed appreciation at the end of the current year, before liquidations (see above) George ,847 2,821 3,893 5,065 6,522 8,208 10,074 12,231 (c) Accumulated savings liquidated to cover after-tax cash deficit and downpayments (d) Percent of accumulated savings liquidated: (c) / (a) (rounded here) (e) Untaxed appreciation used (sold) in the liquidation: (d)*(b) (f) Untaxed appreciation at end of year, after liquidations: (b)-(e) (g) Tax paid on liquidation: (e) * (KG rate + state tax rate) = (e) * (e.g., 15.00% (George) and 15.00% (Marianne) in 2011) Figuring Amount of Accumulated Savings Used to Cover Negative Cash Flow: (a) Amount liquidated (b) Less: Tax paid on liquidation of accumulated savings (see above) (c) Equals: Amount of accumulated savings used to cover negative cash flow and downpayments Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 23

24 Net Worth Spreadsheet George Net Worth Spreadsheet Year Age Fin. Cars / Equity in IRA / Defined Accum. Net Assets Furn. Real Est. 401(k) Benefit Debt Savings Worth , ,009 13,183 0 (5,158) 19, , , ,621 13,842 0 (4,651) 46, , , ,966 14,534 0 (4,075) 70, , , ,091 15,261 0 (3,421) 97, , , ,046 16,024 0 (2,677) 126, , , ,891 16,825 0 (2,221) 163, , , ,680 17,666 0 (1,784) 205, , , ,480 18,549 0 (1,282) 251, , , ,356 19,476 0 (706) 305, , , ,303 20,450 0 (43) 363, ,379 Note: Numbers are all as of "end of year." Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 24

25 Net Worth Spreadsheet (cont.) Marianne Net Worth Spreadsheet Year Age Fin. Cars / Equity in IRA / Defined Accum. Net Assets Furn. Real Est. 401(k) Benefit Debt Savings Worth , , ,673 (5,156) 0 170, , , ,852 (4,650) 0 194, , , ,031 (4,075) 0 218, , , ,210 (3,420) 0 243, , , ,389 (2,676) 0 270, , ,568 (2,220) (6,101) 292, , ,747 (1,784) (54,116) 280, , ,926 (1,282) (109,336) 262, , ,105 (705) (175,836) 234, , ,284 (43) (249,144) 202,912 Note: Numbers are all as of "end of year." Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 25

26 Key Entries and Assumptions This report presents the key assumptions behind the income and asset projections for George J Jones and Marianne P Jones. Key Rates 1. Inflation % 2. George - Interest rate of return on accumulated (re-invested) savings % 3. George - Dividend rate of return on accumulated (re-invested) savings % 4. George - Capital Gain income rate on accumulated (re-invested) savings % 5. George - Tax-free income rate of return on accumulated (re-invested) savings % 6. George - Appreciation on accumulated (re-invested) savings % 7. George - Interest rate on borrowing to cover excess spending % 8. Marianne - Interest rate of return on accumulated (re-invested) savings % 9. Marianne - Dividend rate of return on accumulated (re-invested) savings % 10. Marianne - Capital Gain income rate on accumulated (re-invested) savings % 11. Marianne - Tax-free income rate of return on accumulated (re-invested) savings % 12. Marianne - Appreciation on accumulated (re-invested) savings % 13. Marianne - Interest rate on borrowing to cover excess spending % Taxes 1. Federal taxes are calculated on a detailed basis using the tax laws for each year, including Earned Income Credit, Alternative Minimum tax, and phase-outs currently enacted. 2. Taxes for George J Jones Federal and state filing status for Married Filing Separately Filing status for subsequent years Single State taxes are estimated by applying the current tax table to gross income. 3. Taxes for Marianne P Jones Federal and state filing status for Head of Household Filing status for subsequent years Head of Household State taxes are estimated by applying the current tax table to gross income. Assumptions Relating to Children Custody Tax Exemption 1. Tiffany Marianne George 2. Amber Marianne George Assumptions Relating to Child Support 1. George paying child support through 4/ $ 1,875 per month 2. Then, child support through 12/ $ 1,500 per month Assumptions Relating to Spousal Maintenance 1. George paying spousal maintenance through 12/ $ 1,000 per month 2. Then, spousal maintenance through 12/ $ 500 per month Real Estate Assumptions - 40 Winding Way 1. Market Value $450, Rate of appreciation of property With Inflation 3. This property will not be sold in the time frame under consideration. 4. There is a first mortgage with a current mortgage balance of $320, This mortgage will be paid by Marianne. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 26

27 Key Entries and Assumptions (cont.) Real Estate Assumptions - Vacation Home 1. Market Value $100, Rate of appreciation of property With Inflation 3. This property will not be sold in the time frame under consideration. 4. There is a first mortgage with a current mortgage balance of $18, This mortgage will be paid by Marianne. Assumptions Relating to Wages George Red Rock, LLC: 1. Wage amount and period $175,000 / year 2. Rate of increase of wages With Inflation 3. Retirement age Marianne School district: 1. Wage amount and period $950 / week 2. Rate of increase of wages With Inflation 3. Retirement age Assumptions Relating to Major Expenses 1. Tiffany's college expense will start on 1/1/2017, run for 4 years. The annual cost is $25,000 in present dollars, and will increase at a rate of 5.0%. Marianne P Jones will pay 100% of this expense. 2. Amber's college expense will start on 1/1/2021, run for 4 years. The annual cost is $25,000 in present dollars, and will increase at a rate of 5.0%. Marianne P Jones will pay 100% of this expense. Assumptions Relating to Cash & Investments 1. First Union [Checking]: The current market value is $1,875. The annual income from this asset is $0. The annual rate of appreciation is 0.0%. 2. Vanguard Index 500 [Mutual fund]: The current market value is $12,755. The annual income from this asset is $1,000. The annual rate of appreciation is 8.0%. 3. Bank of America [Checking]: The current market value is $25,000. The annual rate of return is 2.0%. The annual rate of appreciation is 3.0%. 4. Nuveen Bond Fund [Bond fund]: The current market value is $10,000. The annual rate of return is 4.6%. The annual rate of appreciation is 0.0%. 5. Municipal Bonds [Tax-exempt]: The current market value is $20,000. The annual rate of return is 2.2%. The annual rate of appreciation is 0.0%. 6. Bank of America [Checking]: The current market value is $3,292. Assumptions Relating to IRAs and 401(k) Plans 1. Vanguard IRA. The current value is $12,555, and the growth rate is 5.0%. The age at which distributions will start for George J Jones is 65. George J Jones will take minimum distributions at retirement. Assumptions Relating to Defined Benefit Pensions 1. School district. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 27

28 Key Entries and Assumptions (cont.) The plan is owned by Marianne P Jones. The monthly benefit is $945. This assumes the participant works until the cut-off date and begins receiving payments at age 65. The discount rate is 4.32%. We are using mortality table RP Assumptions Relating to Debts 1. MasterCard Bank Two. The current balance is $3,456. The current rate is %. The monthly payment is $ VISA Country Card. The current balance is $7,750. The current rate is %. The monthly payment is $ Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 28

29 Observations ** High Priority Issues Tax Alternative Minimum Tax The Alternative Minimum Tax (AMT) applies for George in The software is using the statutory AMT threshold, which calls for a jump up in AMT this year and in future years. Every year, though, in December, Congress has lowered the tax -- but just for the year then ending. On the "View/Edit Taxes" Report, at the Alternative Minimum Tax line, you may "X" a box to indicate that you think Congress will continue to lower the tax each year. This may dramatically affect the Alternative Minimum Tax computation. This is a hard call: you are predicting the future. We have no recommendation either way. ** Other Observations Tax Exemptions May Not Benefit Party The Alternative Minimum Tax (AMT) applies for George in One effect of the Alternative Minimum Tax may be to offset the tax benefit of claiming the exemption for children. If you see that a party's tax does not change when you give that party the exemption for a child, the AMT may be the reason. The same thing applies also to state taxes, property taxes, medical deductions, and the standard deduction. Cash Flow / Budget Report Accumulated Debt Interest Expense Marianne has "Accumulated Debt Interest Expense" in at least one year in the cash flow projections. This note explains what that is and, if you wish, how to remove it. In a nutshell, "Accumulated Debt Interest Expense" is borrowing to cover negative cash flow. When expenses and taxes are more than income, a party has negative cash flow. In the software, as in real life, when there is negative cash flow, we first spend down prior Accumulated Savings (if any), then we sell Cash & Investments, then we liquidate IRAs and 401ks. If we have exhausted those assets, we borrow. This borrowing results in negative Accumulated Savings. The interest on this borrowing results in "Accumulated Debt Interest Expense." You may change the rate of this interest on the Assumptions screen. If you change the rate of this interest to zero, there will be no interest on the borrowing, and this column will disappear. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 29

30 Total Property Division (Marital plus Separate) Property division report for George J Jones and Marianne P Jones. George Marianne Total Amount Pct Amount Pct Amount Real Estate Equity 40 Winding Way (1) $40,000 $90,000 $130,000 Total Value $450,000 1st Mortgage $320,000 Equity $130,000 Vacation Home $81,250 $0 $81,250 Total Value $100,000 1st Mortgage $18,750 Equity $81,250 Total Real Estate Equity $121,250 57% $90,000 43% $211,250 Cash & Investments Cash-Equivalent Investments: First Union $1,875 Bank of America (2) -- $25,000 $25,000 Bank of America $3,292 Total Cash-Equivalent $0 0% $25, % $30,167 Other Investments: Vanguard Index $12,755 Nuveen Bond Fund $10,000 Municipal Bonds $20,000 Total Other Investments $0 0% $0 0% $42,755 Total Investments $0 0% $25, % $72,922 Businesses Mary Kay franchise $0 $0 $0 Total Businesses $0 0% $0 0% $0 Personal Items Jewelry $1,500 $0 $1,500 Paintings (3) $700 $0 $700 Honda civic $21,000 Toyota Corolla $24,000 Total Personal Items $2, % $0 0% $47,200 Subtotal Non-Retirement $123,450 52% $115,000 48% $331,372 IRAs and 401(k)s Vanguard IRA $12,555 $0 $12,555 Total IRAs and 401(k)s $12, % $0 0% $12,555 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 30

31 Total Property Division (Marital plus Separate) (cont.) Property Statement report for George J Jones and Marianne P Jones. George Marianne Total Amount Pct Amount Pct Amount Defined Benefit Pensions School district $0 $46,673 $46,673 Total Pensions $0 0% $46, % $46,673 Subtotal Retirement $12,555 21% $46,673 79% $59,228 Total Assets $136,005 46% $161,673 54% $390,600 Debts MasterCard Bank Two ($1,728) ($1,728) ($3,456) VISA Country Card ($3,875) ($3,875) ($7,750) Total Debt ($5,603) 50% ($5,603) 50% ($11,206) Total Debts ($5,603) 50% ($5,603) 50% ($11,206) Total Assets $136,005 46% $161,673 54% $390,600 Total Debts ($5,603) 50% ($5,603) 50% ($11,206) Total Property $130,402 46% $156,070 54% $379,394 Note: $92,922 is unallocated. Also, "Total Amount" column may not add due to rounding. Footnotes: (1) 40 Winding Way - Marianne will remain in the marital home. (2) Bank of America - Funds from Inheritance, kept separate. Value is as of most recent bank statement. (3) Paintings - Paintings have sentimental value to Marianne Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 31

32 Total Property Division (Marital plus Separate) (cont.) Property Division: George - $130,402 - (45.5%). George Marianne Marianne - $156,070 - (54.5%). Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 32

33 Marital and Separate Property This report shows for George J Jones and Marianne P Jones, each item of property, its current value, allocation between marital and separate, and who is keeping it. It also shows totals for each property type. Total Total Total George Marianne Equity Marital Separate Total Total Real Estate Equity (*) 40 Winding Way (1) $130,000 $80,000 $50,000 $40,000 $90,000 Vacation Home $81,250 $81,250 $0 $81,250 $0 Real Estate Equity (*) $211,250 $161,250 $50,000 $121,250 $90,000 Investments First Union $1,875 $1, Vanguard Index 500 $12,755 $12, Bank of America (2) $25,000 $0 $25, $25,000 Nuveen Bond Fund $10,000 $10, Municipal Bonds $20,000 $20, Bank of America $3,292 $3, Investments $72,922 $47,922 $25,000 $0 $25,000 Businesses Mary Kay franchise $0 $0 $0 $0 $0 Personal Items Jewelry $1,500 $1,500 $0 $1,500 $0 Paintings (3) $700 $700 $0 $700 $0 Honda civic $21,000 $21, Toyota Corolla $24,000 $24, Personal Items $47,200 $47,200 $0 $2,200 $0 IRA/401(k) Vanguard IRA $12,555 $12,555 $0 $12,555 $0 Defined Benefit Pension School district $46,673 $38,029 $8,644 $0 $46,673 Debts MasterCard Bank Two ($3,456) ($3,456) $0 ($1,728) ($1,728) VISA Country Card ($7,750) ($7,750) $0 ($3,875) ($3,875) Debts ($11,206) ($11,206) $0 ($5,603) ($5,603) Totals Totals $379,394 $295,750 $83,644 $130,402 $156,070 % of Total Equity 100% 78% 22% 34% 41% % of Total Allocated 132% 103% 29% 46% 54% % of Marital Equity 100% Total allocated (George J Jones total plus Marianne P Jones total): $286,472. Total unallocated: $92,922. Total equity (Total allocated + Total unallocated): $379,394. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 33

34 Marital and Separate Property (cont.) Sep Prop Sep Prop George George To + / From - Marianne Marianne To + / From - Marital Separate George Marital Separate Marianne Real Estate Equity (*) 40 Winding Way (1) $40,000 $0 $0 $40,000 $50,000 $0 Vacation Home $81,250 $0 $0 $0 $0 $0 Real Estate Equity (*) $121,250 $0 $0 $40,000 $50,000 $0 Investments First Union Vanguard Index Bank of America (2) $25, Nuveen Bond Fund Municipal Bonds Bank of America Investments $0 $0 $0 $0 $25,000 $0 Businesses Mary Kay franchise $0 $0 $0 $0 $0 $0 Personal Items Jewelry $1,500 $0 $0 $0 $0 $0 Paintings (3) $700 $0 $0 $0 $0 $0 Honda civic Toyota Corolla Personal Items $2,200 $0 $0 $0 $0 $0 IRA/401(k) Vanguard IRA $12,555 $0 $0 $0 $0 $0 Defined Benefit Pension School district $0 $0 $0 $38,029 $8,644 $0 Debts MasterCard Bank Two ($1,728) $0 $0 ($1,728) $0 $0 VISA Country Card ($3,875) $0 $0 ($3,875) $0 $0 Debts ($5,603) $0 $0 ($5,603) $0 $0 Totals Totals $130,402 $0 $0 $72,426 $83,644 $0 % of Total Equity 34% 0% 0% 19% 22% 0% % of Total Allocated 46% 0% 0% 25% 29% 0% % of Marital Equity 44% 24% Total allocated (George J Jones total plus Marianne P Jones total): $286,472. Total unallocated: $92,922. Total equity (Total allocated + Total unallocated): $379,394. (*) Real Estate Footnotes: (1) 40 Winding Way: Equity of $130,000 equals: current value of $450,000, less first mortgage of $320,000. (2) Vacation Home: Equity of $81,250 equals: current value of $100,000, less first mortgage of $18,750. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 34

35 Marital and Separate Property (cont.) Footnotes: (1) 40 Winding Way - Marianne will remain in the marital home. (2) Bank of America - Funds from Inheritance, kept separate. Value is as of most recent bank statement. (3) Paintings - Paintings have sentimental value to Marianne Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 35

36 Marital Property Division on an After-Tax Basis Total Marital Property After Tax: George $ 125,882 (67.1%) Marianne $ 61,778 (32.9%) (a) (b) (c) (d) (e) (f) (g) Pre-tax George Marianne Marital % % After Tax % % After Tax Description Equity Kept Paid Equity Kept Paid Equity In Tax (a*b*(1-c)) In Tax (a*e*(1-f)) Real Estate 40 Winding Way 80, , ,000 Vacation Home 81, , Total Real Estate 121,250 40,000 Cash & Investments First Union 1, Vanguard Index , Bank of America Nuveen Bond Fund 10, Municipal Bonds 20, Bank of America 3, Total Cash & Investments 0 0 Businesses Mary Kay franchise Total Businesses 0 0 Personal Items Jewelry 1, , Paintings Honda civic 21, Toyota Corolla 24, Total Personal Items 2,200 0 IRAs and 401(k)s Vanguard IRA 12, , Total IRAs and 401(k)s 8,035 0 Defined Benefit Pension School district 38, ,381 Total Defined Benefit Pension 0 27,381 Debts MasterCard Bank Two 3, , ,728 VISA Country Card 7, , ,875 Total Debts 5,603 5,603 Total Marital Property After Tax 125,882 61,778 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 36

37 Tax Calculation Taxes for George J Jones in 2011 are $50,092, and taxes for Marianne P Jones are $6,277. George Marianne Filing Separate Head Hsld Filing Status in Number of exemptions Income: 175,000 49,400 Wages and salary. 0 0 Taxable interest income Taxable dividend income. 0 12,000 Spousal Maintenance income. 0 2,000 Business and farm income. 0 0 Capital gain taxable. 0 0 Other gains and losses. 0 0 Taxable IRA and pension income. 0 0 Rent, royalty, partnership, S corporation. 0 0 Social Security taxable. 8,000 0 Other income. 183,000 63,900 Taxable gross income. Adjustments: 0 0 Payroll deductions for health, etc. 0 0 IRA/401k deduction. 0 0 Moving expenses Deduction of 1/2 of self-employment tax. 0 0 Part of health insurance for self-employed people. 12,000 0 Spousal Maintenance paid. 0 0 Interest on education loans. 0 0 Other deductions. 12, Total adjustments. 171,000 63,777 Adjusted Gross Income ("AGI") = gross income - total adjustments). Itemized Deductions: 3, Total medical expenditures Info only: Medical expense threshold % (7.5% or 10.0%, depending on year and age). 12,825 4,783 Info only: Medical expense threshold = Medical expense threshold % * AGI 0 0 Deductible medical (= medical expenses in excess of threshold). 0 0 State income taxes. 0 0 Local income taxes. 0 3,000 Real estate taxes. 0 23,279 Mortgage interest. 2,000 0 Charitable contributions Miscellaneous, subject to 2% AGI threshold. 0 0 miscellaneous, after 2% AGI threshold. 0 0 Miscellaneous, not subject to 2% AGI threshold. 2,000 26,279 Itemized deductions before phase-out. 2,000 26,279 Itemized deductions after phase-out. 5,800 8,500 Compare: standard deduction. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 37

38 Tax Calculation (cont.) George Marianne Exemptions: 11,100 3,700 Deduction for exemptions before phase-out. 11,100 3,700 Deduction for exemptions after phase-out. Tax Before Credits and Other Taxes: 154,100 33,798 Taxable Income = AGI - greater of itemized or standard deductions - exemptions. 39,580 4,384 Tax before credits and other taxes (from tax table or formula) Marginal federal tax bracket (%) Non-refundable Credits: 0 1,144 Child care credit. 0 0 Hope education credit. 0 0 Lifetime learning credit. 0 0 Child credit, after phase-out, non-refundable portion. 0 1,144 Total non-refundable credits (reduce tax, but not below zero). Refundable Credits: 0 0 Child credit, after phase-out, refundable portion. 0 0 Earned income credit. 0 0 Making work pay credit. 0 0 Hope credit, refundable portion. 0 0 Total refundable credits (can reduce tax below zero and generate a payment from the IRS). Other Taxes on Form 1040: 0 0 Tax on retirement plan premature distribution. 3,372 0 Alternative minimum tax. 0 0 Lump-sum distribution 5- or 10- year averaging Self-employment tax. 0 0 Unearned Income Medicare Contribution. Total Federal Income Tax: = tax before credits and other taxes - total nonrefundable credits (down to zero) - total refundable credits + other taxes on Form ,952 3,486 Total Federal Income Tax Average federal tax rate (= Fed Tax / Gross Income) (%) Taxes Not on Form 1040: 4,486 2,075 FICA Taxes. 2, Medicare Taxes. 0 0 State Income Tax (estimate only) 0 0 Local Wage Tax. Total Taxes: Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 38

39 Tax Calculation (cont.) 50,092 6,277 Total taxes. Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 39

40 Five Year Projection Projections for George J Jones or Marianne P Jones. This table shows key income, expense and tax results projected for years, 1, 2, 3, 4, and 5. The graph below shows net worth projected for 10 years. # Years Year Total Income George $183,000 $186,922 $191,099 $195,281 $199,603 Marianne $86,400 $87,405 $88,406 $89,395 $90,399 Total Expenses George $112,962 $114,432 $115,925 $117,451 $119,006 Marianne $82,428 $83,073 $83,727 $84,396 $85,076 Total Taxes George $50,092 $47,069 $52,662 $53,855 $55,193 Marianne $6,277 $7,759 $9,640 $10,157 $10,713 After-Tax Cash Flow George $19,946 $25,421 $22,512 $23,975 $25,404 Marianne ($2,305) ($3,427) ($4,961) ($5,158) ($5,390) Year-End Net Worth George $160,180 $201,177 $241,149 $284,451 $331,210 Marianne $170,170 $194,616 $218,619 $243,780 $270,160 Net Worth Projected 10 Years George Marianne $800,000 $600,000 $400,000 $200,000 $ Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 40

41 Property Statement Property Statement report for George J Jones and Marianne P Jones. This report shows the combined assets and debts for George J Jones and Marianne P Jones, without any division of property. Amount Real Estate Equity 40 Winding Way (1) $130,000 Total Value $450,000 1st Mortgage $320,000 Equity $130,000 Vacation Home $81,250 Total Value $100,000 1st Mortgage $18,750 Equity $81,250 Total Real Estate Equity $211,250 Cash & Investments Cash-Equivalent Investments: First Union $1,875 Bank of America (2) $25,000 Bank of America $3,292 Total Cash-Equivalent $30,167 Other Investments: Vanguard Index 500 $12,755 Nuveen Bond Fund $10,000 Municipal Bonds $20,000 Total Other Investments $42,755 Total Investments $72,922 Businesses Mary Kay franchise $0 Total Businesses $0 Personal Items Jewelry $1,500 Paintings (3) $700 Honda civic $21,000 Toyota Corolla $24,000 Total Personal Items $47,200 Subtotal Non-Retirement $331,372 Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 41

42 Property Statement (cont.) Property Statement report for George J Jones and Marianne P Jones. Amount IRAs and 401(k)s Vanguard IRA $12,555 Total IRAs and 401(k)s $12,555 Defined Benefit Pensions School district $46,673 Total Pensions $46,673 Subtotal Retirement $59,228 Total Assets $390,600 Debts MasterCard Bank Two ($3,456) VISA Country Card ($7,750) Total Debt ($11,206) Total Debts ($11,206) Total Assets $390,600 Total Debts ($11,206) Total Property $379,394 Footnotes: (1) 40 Winding Way - Marianne will remain in the marital home. (2) Bank of America - Funds from Inheritance, kept separate. Value is as of most recent bank statement. (3) Paintings - Paintings have sentimental value to Marianne Prepared by Carrie D. Wilson, CFP, CDFA George J Jones & Marianne P Jones Page 42