Quote:
Originally Posted by manaboutown
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.
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As things stand now, in 2025, you can transfer up to $13.99 million free of taxes during your lifetime and after your death ($27.98 million for married couples).Jan 13, 2025
Almost $30mil for a married couple.........................Not a significant number of people that will be polluting their children and impacting society.