STATEMENT OF FINANCIAL POSITION Mary and Robert Trenticosta As of January 1, 2022 Assets Cash and...

Transcribed Image Text:

STATEMENT OF FINANCIAL POSITION Mary and Robert Trenticosta As of January 1, 2022 Assets Cash and cash equivalents JT Checking Liabilities and Net Worth Liabilities $ 16,000 $1 Automobile loans S2 Checking 10,000 S2 Credit cards $ 38,000 7,000 JT Savings5,7 50,950 JT Mortgage on residence Total cash and cash equivalents $ 76,950 S1 Mortgage on ski condo $ 277,011 209,283 Invested assets Total liabilities S1 Stock in Crescent City Publications $ 320,000 Net worth $ 531,294 $ 2,948,594 S1 Equity brokerage account 116,242 S1 Bond mutual fund 272,000 S1 Bond brokerage account 200,000 S1 High-Tech Stock 40,000 S2 Brown Foreman Stock 10 10,000 S1 Pension plan #111 569,188 S1 Pension plan #211 697,352 S1 IRA rollover S1 Traditional IRA" S2 Traditional IRA" S1 Cash surrender value life insurance JT Total invested assets Personal use assets Personal residence S1 Ski condo JT Personal property 130,156 29,300 34,700 10,000 $ 2,428,938 $ 360,000 240,000 200,000 S1 Automobiles (3) 174,000 Total personal use assets Total assets $ 974,000 $3,479,888 Total liabilities and net worth $3,479,888 Notes Assets are stated at fair market value with exception of Crescent City Publications stock. 2 Liabilities are stated at principal only. All liabilities go with the associated asset for title purposes. *This is joint tenancy with right of survivorship with son, Dominic. Checking account does not earn interest. Mary contributed 100%. Robert has a POD on the checking account naming Mary as the beneficiary. Joint tenancy with right of survivorship with spouse. 7 The current interest rate for savings accounts is 1%. *This is Mary's guess for the FMV of Crescent City Publications. Her basis is $50,000. *2,000 shares at $20 per share. The current dividend is $0.80 per share and is expected to grow at 3% per year. 10 200 shares. "The named beneficiary is the spouse of the participant. Title Designations S1=Mary (sole owner) S2 = Robert (sole owner) JT = Joint tenancy with right of survivorship STATEMENT OF FINANCIAL POSITION Mary and Robert Trenticosta As of January 1, 2022 Assets Cash and cash equivalents JT Checking Liabilities and Net Worth Liabilities $ 16,000 $1 Automobile loans S2 Checking 10,000 S2 Credit cards $ 38,000 7,000 JT Savings5,7 50,950 JT Mortgage on residence Total cash and cash equivalents $ 76,950 S1 Mortgage on ski condo $ 277,011 209,283 Invested assets Total liabilities S1 Stock in Crescent City Publications $ 320,000 Net worth $ 531,294 $ 2,948,594 S1 Equity brokerage account 116,242 S1 Bond mutual fund 272,000 S1 Bond brokerage account 200,000 S1 High-Tech Stock 40,000 S2 Brown Foreman Stock 10 10,000 S1 Pension plan #111 569,188 S1 Pension plan #211 697,352 S1 IRA rollover S1 Traditional IRA" S2 Traditional IRA" S1 Cash surrender value life insurance JT Total invested assets Personal use assets Personal residence S1 Ski condo JT Personal property 130,156 29,300 34,700 10,000 $ 2,428,938 $ 360,000 240,000 200,000 S1 Automobiles (3) 174,000 Total personal use assets Total assets $ 974,000 $3,479,888 Total liabilities and net worth $3,479,888 Notes Assets are stated at fair market value with exception of Crescent City Publications stock. 2 Liabilities are stated at principal only. All liabilities go with the associated asset for title purposes. *This is joint tenancy with right of survivorship with son, Dominic. Checking account does not earn interest. Mary contributed 100%. Robert has a POD on the checking account naming Mary as the beneficiary. Joint tenancy with right of survivorship with spouse. 7 The current interest rate for savings accounts is 1%. *This is Mary's guess for the FMV of Crescent City Publications. Her basis is $50,000. *2,000 shares at $20 per share. The current dividend is $0.80 per share and is expected to grow at 3% per year. 10 200 shares. "The named beneficiary is the spouse of the participant. Title Designations S1=Mary (sole owner) S2 = Robert (sole owner) JT = Joint tenancy with right of survivorship