Statement of Financial Position Client: Andrew & Lynn Assets (Current Market Value) J-Cash-JTWROS H - Cash W - Cash W - Home - Fee Simple W - 401K sssss H-401K W - Investment Acccount 1 $ $ W Investment Acccount 2 - TOD H-Term Life Insurance 1 (through Wo $ H-Term Life Insurance 2 $ W - Term Life insurance 3 $ Total Assets 65,000 2,500 6,000 416,000 460,000 90,000 45,000 115,000 500,000 40,000 40,000 1,779,500 Liabilities W - Home Mortgage J - Credit Card Total Liabilities Net Worth $ $ $ 37,000 4,000 41,000 $ 1,738,500 Total Liabilities & Net Worth $ 1,779,500 Notes to the Financial Statements 1. J Joint, H = Husband, W = Wife; assume equal contributions were made for joint property. 2. Term Life 1 names Andrew's deceased wife as the primary beneficiary and each of his children as 50% contingent beneficiaries. 3. Term life 2 names Lynn as the primary beneficiary. Term Life 3 names Andrew as the primary beneficiary. 4. Investment Account 2 has TOD titling. It currently names the local food pantry as the beneficiary. 5. Andrew's 401K names Lynn as the primary beneficary and his children as 50% contingent beneficiaries. 6. Lynn's 401k currently lists 4 separate charities as equal beneficiaries.

Please show all work! Within the memo, you will need to calculate the gross estate and probate estate for both the husband and the wife using the Statement of Financial Position given at the end of these instructions. to the Financial Statements Term Life 1 names Andrew's deceased wite as the prop Term life 2 names Lynn as the primary beneficiary. Term Life 3 names Andrew as the primary beneficiary. Investment Account 2 has TOD titling. It currently names the local food pantry as the beneficiary. Lynn's 401k currently lists 4 separate charities as equal beneficiaries