Preparing a written inventory and valuation of your property is essential for thorough estate planning. After you have completed the inventory work sheet in Part I, you will have your approximate total gross estate value. Part II itemizes other deductions that will affect the calculation of your final estate value. Then you can determine the approximate value of your taxable estate in Part III.

Part I

Inventory Work Sheet
A. Assets
1.	Cash on hand, savings and checking accounts (current market value)
2.	Mutual funds, stocks, bonds, CDs, other investments (current market value)
3.	Your home (current market value)
4.	Other real estate (current market value)
5.	Individually owned personal property, vehicles, jewelry, collectibles (current market value)
6.	Your share of jointly held property (current market value)
7.	Net equity in your own business (current market value)
8.	Life insurance proceeds
9.	IRAs, retirement plans, annuities (current market value)
10.	Total assets
Current market value is the value of an investment at a certain point in time.
B. Debts
1.	Additional expenses (for example, credit cards, utility expenses)
2.	Mortgage loans
3.	Other consumer loans
4.	Income tax and property tax
5.	Total debts
C. Net value or total gross estate value
1.	Total assets (line A10)
2.	Total debts (line B5)
3.	Net value (line C1 minus line C2)

Part II

Deductions
A. Estate settlement costs
1.	Administrative expenses (attorney, accountant and executor fees, probate fee, appraisals)
2.	Funeral expenses
3.	Total estate settlement costs
B. Other deductions from your estate
1.	Marital deduction
2.	Charitable bequests
3.	Total other deductions
C. Total (add part II lines A3 and B3)

Part III

Value Of Your Taxable Estate
1.	Net value (part I C3)
2.	Total deductions (part II line C)
3.	Adjusted taxable estate (subtract line 2 from line 1)

* If this amount is greater than the amount at which the federal estate tax is imposed, you may wish to seek professional advice for ways to reduce your estate taxes.

Consult with an estate planner or financial planning professional to determine the value of your taxable estate.

Updated Wednesday, January 09, 2008