MEL'S STATEMENT OF FINANCIAL POSITION (AFTER THE GIFT TO OKSANA LIABILITIES AND NET WORTH Cash & Cash Equivalents Primary Residence Total CashI Cash Equiv Total Current Liabilities Invested Assets The Bungalow Investment Portfolio Qualified Plan Total Investments $1,500,000 800,000 $2,800,000 Personal Use Assets Primary Residence Vacation P Auto 1 Boat Total Personal Use Net Worth 400,000 $100,000 Total Assets Total Liabilities and Net 3500,000] Notes to Financial Statements 1. 2. 3. Assets are stated at fair market value (rounded to even dollars). Liabilities are stated at principal only (rounded to even dollars). The Bungalow was valued last week for insurance purposes. The valuation includes $100,000 for the land and $1.400,000 for the business. 4. The qualified plan has Robyn listed as the designated beneficiary. The Investment Portfolio is a Transfer on Death (TOD) account with Kati and Karli as the listed beneficiaries. 5. The adjusted basis of the personal residence is $200,000 8. Mel received the vacation property as a gift from his grandfather, Grover. Grover purchased the vacation property for $10,000 and the FMV of the property at the date of transfer was $30,000. The FMV when Grover died was $80,000. The annual exclusion did not apply to the transfer and the gift tax paid was $14,700 7. The boat is owned joint tenancy with rights of survivorship with Robyn. They each contributed 8. Mel's state does not have any statutes that invalidate bequests or beneficiary designations to 9. This statement is prepared after all the gifts were made, including the one to Oksana, and the gift 50% of the purchase price. The Statement of Financial Position only reflects Mel's interest pior spouses tax has been paid for the 2015 gifts. MEL'S STATEMENT OF FINANCIAL POSITION (AFTER THE GIFT TO OKSANA LIABILITIES AND NET WORTH Cash & Cash Equivalents Primary Residence Total CashI Cash Equiv Total Current Liabilities Invested Assets The Bungalow Investment Portfolio Qualified Plan Total Investments $1,500,000 800,000 $2,800,000 Personal Use Assets Primary Residence Vacation P Auto 1 Boat Total Personal Use Net Worth 400,000 $100,000 Total Assets Total Liabilities and Net 3500,000] Notes to Financial Statements 1. 2. 3. Assets are stated at fair market value (rounded to even dollars). Liabilities are stated at principal only (rounded to even dollars). The Bungalow was valued last week for insurance purposes. The valuation includes $100,000 for the land and $1.400,000 for the business. 4. The qualified plan has Robyn listed as the designated beneficiary. The Investment Portfolio is a Transfer on Death (TOD) account with Kati and Karli as the listed beneficiaries. 5. The adjusted basis of the personal residence is $200,000 8. Mel received the vacation property as a gift from his grandfather, Grover. Grover purchased the vacation property for $10,000 and the FMV of the property at the date of transfer was $30,000. The FMV when Grover died was $80,000. The annual exclusion did not apply to the transfer and the gift tax paid was $14,700 7. The boat is owned joint tenancy with rights of survivorship with Robyn. They each contributed 8. Mel's state does not have any statutes that invalidate bequests or beneficiary designations to 9. This statement is prepared after all the gifts were made, including the one to Oksana, and the gift 50% of the purchase price. The Statement of Financial Position only reflects Mel's interest pior spouses tax has been paid for the 2015 gifts