Insurance, estate and deferred compensation

These three screens cover protection and specialist planning. Estate and Deferred compensation are paid features.

Insurance

The Insurance screen has four tabs:

• Policies. Life, disability and long-term care policies you have. Choose Add a policy to enter one.
• How much do we need? An estimate of the coverage your household would need if someone died or couldn't work.
• Would we be OK? How your plan holds up if those events happen, with the coverage you have.
• Next steps. What to review.

It's an estimate to help you plan, not insurance advice.

Estate

The Estate screen has five tabs:

• Where it goes. Who receives each asset, based on beneficiaries, titling, trusts and your will. For couples, it shows both orders of death.
• People. Heirs and other people named in your plan.
• Beneficiaries & titling. Each account's beneficiaries and how property is owned.
• Wills & trusts. Your will and any trusts. The app models revocable trusts, credit shelter trusts, QTIP trusts and life insurance trusts.
• Documents. Which estate documents you have and when you last reviewed them.

The screen estimates federal estate tax, state estate and inheritance taxes, the step-up in basis, and the income tax heirs may owe on inherited pre-tax accounts at rates you enter. It's an illustration, not legal or tax advice. Bring the summary to an estate attorney.

See estate basics.

Deferred compensation

The Deferred compensation screen is for non-qualified deferred compensation plans from an employer. Choose Add an account to set one up.

Its cards:

• Balances by plan year. Each year's deferrals and their growth.
• Compare payout choices. Lump sum and installment options side by side.
• Taxes by year for each payout choice. How each choice spreads taxable income.
• Deferral elections. How much to defer from salary and bonus.
• Payroll tax (FICA) timing. When Social Security and Medicare taxes apply to deferred pay.
• Moving to another state. How a move before payouts changes state tax.
• What if the employer can't pay? Deferred pay is an unsecured promise. You can Include a loss in my plan or Save a total-loss scenario instead.

Your plan document controls which elections and payouts are allowed. Check it before you elect.