Sample Report: Estate Planning Lab
This is a complete sample Estate Planning Lab report generated by FP Alpha for the demo clients Henry E. & Mary Price.
Use this as a training resource to understand what the report contains, how each section is structured, and how to walk a client through the output. The report covers household composition, a detailed balance sheet with ownership breakdown, scenario modelling across today’s view, first death, and second death, asset transfer tables showing exactly who receives what, and full federal plus state (Oregon) estate tax calculations for both deaths.
[DOWNLOAD SAMPLE ESTATE LAB REPORT PDF]
11-page report with family flowcharts, balance sheet, scenario diagrams, asset transfer tables, and tax calculations
Report Type: Estate Planning Lab | Pages: 11 | State: Oregon | Audience: All Users. See what the Estate Lab report looks like and learn how to read each section
Case Overview: Henry E. & Mary Price
|
Client Profile |
Key Figures |
|
Clients: Henry E. Price & Mary Price State: Oregon (has state estate tax) Children: Josh, Sarah, Sally Grandchild: Eddy Other Family: Meghan (mother), Henry Sr. (father), Howard & Monica (siblings) |
Net Worth: $13,947,000 Henry’s assets: $6,517,000 (46.7%) Mary’s assets: $4,380,000 (31.4%) Joint assets: $3,050,000 (21.9%) Inside estate: 100% ($13,950,000) |
Section-by-Section Guide to the Report
The Estate Lab report has six distinct sections. Here’s what each one shows and how to use it in a client meeting:
Section 1: Household Summary (Page 1)
The opening page displays a visual family flowchart showing the client, co-client, children, grandchildren, and other relevant family members. In this case, Henry and Mary have three children (Josh, Sarah, Sally), one grandchild (Eddy), and extended family members who may serve as fiduciaries. This is the same family structure used in the webinar demonstrations. Start your client meeting here — confirm all relationships are current and ask if anything has changed since the documents were last updated.
Section 2: Balance Sheet — Today (Pages 2–4)
The balance sheet spans three pages and shows every asset and liability, broken down by Henry, Mary, and Joint ownership. This is the data that drives the entire simulation.
|
Asset |
Henry |
Mary |
Joint |
Total |
|
Main Home |
$0 |
$0 |
$700K |
$700,000 |
|
Really Great Business |
$3.0M |
$0 |
$0 |
$3,000,000 |
|
Henry Trad IRA |
$400K |
$0 |
$0 |
$400,000 |
|
Henry Roth IRA |
$20K |
$0 |
$0 |
$20,000 |
|
Mary Roth IRA |
$0 |
$70K |
$0 |
$70,000 |
|
Mary 401k |
$0 |
$90K |
$0 |
$90,000 |
|
Joint Savings |
$0 |
$0 |
$2.35M |
$2,350,000 |
|
Henry Brokerage |
$3.1M |
$0 |
$0 |
$3,100,000 |
|
Mary Brokerage |
$0 |
$4.22M |
$0 |
$4,220,000 |
|
Personal Loan |
($3K) |
$0 |
$0 |
($3,000) |
|
Net Worth |
$6,517K |
$4,380K |
$3,050K |
$13,947,000 |
Asset allocation: Real Estate 5% | Business 21.5% | Retirement 4.2% | Non-Retirement 69.3%
Section 3: Scenario 1 — Today View (Page 5)
This page shows the current estate structure as a visual flowchart. In the Price case, you can see: Henry holds $3.42M individually with an ILIT holding the $3M business asset. Joint assets total $13.37M. Mary holds $160K individually. The estate flows through beneficiary designations ($420K Henry / $160K Mary), the Price Family Trust ($12.67M), and pour-over wills for both spouses. Gifts include $2,000/year to Red Cross for 20 years and $18,000/year to grandchild Eddy for 18 years. The three children (Josh, Sarah, Sally) are the ultimate beneficiaries of the Price Family Trust.
Section 4: First Death Scenario (Pages 6–7)
This shows what happens when Henry dies first. The flowchart reveals the estate splitting into multiple trusts:
|
Recipient / Trust |
Amount |
Purpose |
|
Mary Price (directly) |
$2,435,223 |
Assets passing directly to surviving spouse |
|
Trust for the Children |
$3,000,000 |
ILIT assets transferred to children’s trust (outside estate) |
|
Bypass Trust of Henry E. Price |
$11,848,990 |
Credit shelter trust using Henry’s estate tax exemption |
|
Survivor’s Trust of Henry E. Price |
$12,195,117 |
Remaining assets for Mary’s benefit during her lifetime |
|
Total at First Death |
$29,479,330 |
Includes growth from today to projected first death |
Section 5: Second Death Scenario (Pages 8–9)
After Mary’s death, all remaining assets flow to the three children equally:
|
Beneficiary |
Relationship |
Assets Received |
|
Josh |
Child |
$8,560,283 |
|
Sarah |
Child |
$8,560,283 |
|
Sally |
Child |
$8,560,283 |
|
Total to Children |
$25,680,849 |
Note: The ILIT’s Trust for Mary ($3M) also exists at second death but is tracked separately from the children’s inheritance.
Section 6: Estate Tax Calculations (Page 10)
This is the most important page of the report for advisors. It shows the complete tax calculation for both deaths, including federal and Oregon state estate taxes:
Henry’s Taxable Estate (First Death — 2076)
|
Federal |
Oregon State |
|
Taxable Estate: $12,195,117 Federal Exemption: $7,500,000 Net Taxable: $4,129,203 Rate: 40% Federal Tax: $1,651,681 |
Taxable Estate: $12,195,117 Misc. Exclusions: $6,000,000 State Exemption: $1,000,000 Marginal Rate: 12% State Tax: $565,914 |
Mary’s Taxable Estate (Second Death — 2078)
|
Federal |
Oregon State |
|
Taxable Estate: $14,728,105 Gift Strategy: $364,000 Federal Exemption: $13,990,000 Net Taxable: $0 Federal Tax: $0 |
Taxable Estate: $14,728,105 Gift Strategy: $364,000 State Exemption: $1,000,000 Marginal Rate: 16% State Tax: $1,800,757 |
TOTAL ESTATE TAXES ACROSS BOTH DEATHS
Federal estate tax: $1,651,681 (Henry) + $0 (Mary) = $1,651,681
Oregon state tax: $565,914 (Henry) + $1,800,757 (Mary) = $2,366,671
Combined total: $4,018,352 in estate taxes
This is the baseline Scenario 1. The Estate Lab allows advisors to create additional scenarios (Scenario 2, 3) modelling strategies like ILITs, QPRTs, gifting, and trust restructuring to reduce this tax burden — exactly as Jesse Studeven demonstrated in the Bridging the Gap webinar.
How to Use This Report in Client Meetings
Start with the family flowchart to confirm relationships.
Ask: “Is everyone still in the right place? Has anything changed with your children or grandchildren?” This catches outdated beneficiaries and new family members.
Walk through the balance sheet to confirm asset values.
Ask: “Do these numbers still look right? Has anything changed significantly since we last met?” Pay special attention to business valuations and real estate.
Use the Today View to show how the estate is currently structured.
Point out the ILIT, the trust, and the beneficiary designations. Many clients have never seen their estate visualised this way.
Present the First Death scenario to show what happens when the first spouse dies.
Walk through the asset transfer table. Show how much goes to the surviving spouse, how much goes to trusts, and how the bypass trust uses the exemption.
Show the tax page last — it’s the conversation driver.
The $4M+ combined tax burden is the motivator. This is where you say: “This is Scenario 1 — what happens if we don’t make any changes. Would you like to see what we could do to reduce this?” Then build Scenario 2 in the Estate Lab.
Create Scenario 2 with strategies and compare.
As Jesse demonstrated, modelling an ILIT and QPRT in the Estate Lab can reduce taxes dramatically. Present both scenarios side by side.
Ready to build your first Estate Lab scenario?Upload estate documents, generate the Snapshot, then open the Estate Lab to model strategies. [LOG IN TO FP ALPHA] |
Disclaimer: Information provided is for educational purposes. Your advisor does not provide tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.