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Click here to order Family Law Software Planner - Professional Edition
Below is a list of features of the Family Law Software Planner - Professional Edition, keyed to the "chapters" in the product.
Wages and Salary Chapter
- Enter one wage and project an increase, or enter wages for any number of critical years (graduation, retirement, promotion) and say "fill the rest on a level basis" or "fill the rest and increase for inflation."
- Automatic FICA and Medicare calculations. Ability to omit FICA and Medicare or omit FICA only.
- Enter wages on weekly, bi-weekly, semi-monthly, monthly, or annual basis.
- Option to enter a retirement age at which wages will automatically drop to zero.
Children Chapter
- Set the age at which each child will cease to be a tax exemption.
Living Expenses Chapter
- Two methods of entering living expenses, "Summary" or "Detail."
- Summary method lets you specify bottom-line total expenses for each year. Good for quick data entry and to show expense drop-offs as specific dates are reached.
- Detail method lets you build a detailed budget for year one, then set it to increase by inflation. Good to help client create a budget and understand total living expenses.
- Option to fill in both expense charts and switch between methods with a single mouse click.
- For Summary Method, "Auto-fill" is available with option to "fill level amounts" and "fill inflation-adjusted amounts."
- For Detail Method, automatically sets living expenses for children to zero when last child turns age 18.
Schools, Etc. Chapter
- For school tuitions, indicate when they start, what starting tuition might be, and how many years they last.
- Divide the cost in any ratio between the parties.
- School tuitions automatically factor in the Hope Credit and Lifetime Learning Credit if appropriate.
- Option to have tuitions increase with inflation.
Homes Chapter
- Permit sale of home any time in next 30 years.
- Home Mortgage and Home equity debt lines automatically pay off when home is sold.
- Entries for rent or purchase of new home by either or both parties
- Enter mortgage information for fixed or adjustable rate mortgages.
- Calculates eligibility for exclusion from tax on sale of home.
- Allows one party to pay rent to the other for use of the home.
- Allows the home to be bought out with a note from one spouse to the other.
Financial and Real Estate Investments Chapter
- Enter as many investments as you like.
- Designate each investment as financial or real estate.
- For each investment, indicate basis, market value, and rate of return (which may be zero).
- For each investment, indicate type of income (ordinary, tax-free, capital gain).
- Divide each investment in any proportion between the parties.
Debts Chapter
- For each debt, indicate whether client will pay down debt simply pay interest charges.
- For "family debts," allow a bullet (all at once at the end) repayment option.
- Debts may be designated as "Qualified Education Loans" for tax purposes.
- Debts may be designated as "home equity" (for tax-deductible interest) or not.
Cars, Furniture, and Personal items Chapter
- Enter as many cars, pieces of furniture, and personal items as you like.
- Personal items may be sentimental (zero value) or valuable.
- Reports include a listing of who gets what, useful for organizing property division.
IRA/410(k) Plans Chapter
- Allows early distributions, penalties, and exemptions from penalties.
- Charts distributions on retirement at either legal-minimum or larger levels.
- Allows parties to split IRA/401(k) in any proportion.
- Allows any rate of investment growth.
Defined Benefit Pension Plans Chapter
(active in Deluxe and Office Pack Editions only)
- Can estimate benefit based on plan features and relevant years' salaries.
- Allows user-entered benefit (plan administrator estimate or actual) as well.
- Calculates value based on benefit and relevant dates
- Options to estimates benefit "as if" employee continues to work until cut-off date, or earliest retirement, or regular retirement dates.
- Estimates value for retired employees.
- Allows entry of any discount rate and points to Federal Reserve web site where appropriate discount rates are updated regularly.
- Calculates value using both so-called "GATT" (unisex) and "PBGC" (gender specific) tables, both from Group Annual Mortality (GAM-83)
tables.
- Includes a detailed audit report explaining line by line how the value is calculated.
Social Security Chapter
- Enter current or estimated future Social Security amounts
- Option to have Social Security increase with inflation or not.
Life Insurance Chapter
- Enter life insurance coverage premium amounts and, if appropriate, cash values.
Family Business Chapter
- For simple service or consulting businesses, automatically calculates self employment tax.
- Enter business value and the amount of cash the business generates.
- Enter a rate at which the business will grow.
- Handles buyouts of sole proprietorships, partnerships, and corporations.
- Allows for complete and partial buyouts.
- For sole proprietorships, allows buyouts to be financed by notes or receivables.
- For partnerships, allows buyouts to be financed by notes, 1-time payments, and regular partnership payments.
- For corporations, allows buyouts to be financed by notes, stock redemption, and preferred dividends.
- Allows entry of multiple businesses
Support and Alimony Chapter
- Allows entry of up to three different levels of child support, declining over time.
- Performs calculation of the amount of alimony needed to meet specified income criteria vis a vis either the payer or recipient.
- Option to have alimony increase with inflation.
Filing status Chapter
- Shows tax "as if" each possible filing status is selected in year of divorce. Makes selecting the best filing status straightforward.
- Allows selection of a different filing status for future years.
Taxes Chapter
- Detailed federal income tax calculations.
- Estimate of state taxes, based on income tax structure of each state
- Option to adjust state tax method and rates.
Assumptions Chapter
- Automatic re-investment of unspent net income; automatic calculation of cost of borrowing to cover cash shortfalls.
- Option to change assumptions for rate of inflation, rate of return on unspent net income, cost of borrowing to cover cash shortfalls.
What-If Worksheet Chapter
- View many key entries in one place.
- Change any entry, then click to see the impact on future years of that item or on the bottom line.
Data Entry Sheets Chapter
- Data entry sheets for any item in the program.
- Print your own - print as many copies of each sheet as each client needs
Reports, Charts, and Graphs Chapter
- Overall summary reports shows income, expenses, taxes, net income, and net worth for years 1, 5, 10, 20, and 30.
- Expanded income summary report shows each line item of income for up to 30 years out.
- Expanded expense summary report shows each line item of expense for up to 30 years out.
- Expanded tax summary report shows the calculation of federal, state, and social security taxes for up to 30 years out.
- Net worth summary report shows net worth for up to 30 years out.
- For complete audit detail, thirty more reports give detailed "drill down" coverage and explanations, one report for each line of the expanded summary reports.
- Preview all reports on screen. Reports appear on-screen and print in color.
- Select exactly which reports you wish to print each time you print - or set up the reports you want once for each client and print
that set each time.
- Reports will print with your name and firm name on each page.
- Option to include a logo from your firm on reports' cover page - just indicate where to find the logo image, in ".bmp" format, at a size up to 300 x 600 pixels.
- Option to show reports for 10, 20 or 30 years.
Click here to order Family Law Software Planner - Professional Edition
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