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Before entering any other data on Step 2 (Assets & Liabilities), enter the Valuation Year. This year is the first year of the analysis. The values of the assets and liabilities that you enter are all assumed to be correct as of the Valuation Year.
Step 2 is divided into three columns: Assets, Liabilities, and Estate Value.
Column 1: Assets
When you add an asset, you can select which type of asset to add:
The Assets lists let you add edit and delete assets. Use the buttons below the list to perform each of these functions.
Column 2: Liabilities
The Liabilities list functions in the same manner as the Assets list. Click Add, Edit, or Delete to add edit or delete liabilities.
Column 3: Estate Value
The Estate Value column is simply a quick summary of where the client stands. It shows you the taxable estate, taxes, and net estate for each spouse.Expenses – The expense feature allows you to enter outstanding expenses which are paid from the assets following the liquidation order.
If you wish to divide an asset into two smaller assets, click the Split Asset button located on the bottom right-hand corner of the screen.
Quick Asset Reference allows for a snapshot of all the assets and how they are assigned to techniques.
When you’ve finished this step, proceed to Step 3: Techniques.
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