Quote:
Originally Posted by dewilson58
Not a significant problem in the USA.
In the United States, a very small percentage of people, likely less than 0.1%, possess a net worth of $5 million or more. |
Net Worth by Age: How Do You Compare to Your Peer Group? - Wealthtender
I know seniors in Newport Beach, CA where I lived for many years who are now easily worth more than $5M. In many cases their paid off homes alone are worth more than $5M. If one lives long enough, earns enough and invests wisely, over time net worth increases, eventually dramatically. At age 65 Warren Buffet's net worth was only about 5% of what it is today according what I have read.
At least a few dozen people I know or with whom I am acquainted will have to pay estate taxes based on current rules. Some retired businessmen, physicians and dentists in NM (a very poor state) who were classmates in school where I grew up now face estate tax issues. This is a more common problem than most people realize.