What is Your Net Worth and Why You Need to Know

Many of our clients come in for estate planning advice and have no idea what their net worth is or how to determine their net worth.

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We ask all of our estate planning clients to determine their net worth as one of the first steps in discussing their estate plan.

So what is your net worth? Essentially, it is the sum of your assets less your debts and liabilities.

The simple formula is:

What you own – What you owe = Your net worth.

Among many other things, your assets can include:

  • Retirement accounts,
  • Investment accounts,
  • Homes,
  • Vehicles,
  • and more.

Among other liabilities, your liabilities can include:

  • Mortgage,
  • Loans,
  • Credit card debts,
  • and more.

We help our clients determine their net worth so that we can adequately plan for their future.

Depending on your net worth, we may recommend different estate planning documents and different styles of planning.

We want to make sure your assets are protected.

Knowing your net worth can help us minimize your estate taxes, avoid probate, protect inheritances, and help you to appoint the right trustee.

It is important to know your net worth for estate planning, but also for financial planning. We have many clients that are surprised by their net worth.

If you need help determining your net worth, contact Rickard & Associates today.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.   

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