Does the total amount of your parents’ asset net worth exceed the amount listed?
Asset net worth means current value of the assets minus what is owed on those assets.
- money in cash, savings, and checking accounts;
- investment farms; and
- other investments, such as real estate (other than the home in which your parents live), Uniform Gift to Minors Act (UGMA) and Uniform Transfer to Minors Act (UTMA) accounts for which your parents are the owner, stocks, bonds, certificates of deposit, etc.
Assets don’t include
- the home in which your parents live;
- UGMA and UTMA accounts for which your parents are the custodian, but not the owner;
- the value of life insurance;
- ABLE accounts; and
- retirement plans (e.g., 401[k] plans, pension funds, annuities, noneducation IRAs, Keogh plans, etc.)
Select “Yes” if your parents’ current asset net worth exceeds the amount listed as of today.
Select “No” if your parents’ current asset net worth doesn’t exceed the amount listed as of today.