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Reply to "FYI: Don't include home equity in net worth"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Why is Net Worth value helpful? We’ve done financial planning with and now without a CFP and never once has net worth been brought up. [/quote] As you approach higher NW, it is important for estate planning. I live in a state with no state income taxes. That means our State estate taxes start at a much lower level than federal ($11M per person). So if we don't want our kids/the estate having to pay out 14-20% on everything over 1M (per person), it behooves us to plan. Same for federal (we are just over the current limits already, and those will sunset In 2025 or 2026). So it's essential to plan for avoiding 20-60%+ of the estate to go to "taxes". All of which is completely legally avoidable with some planning. [/quote] +1. There are also numerous ways to monetize illiquid assets. Presumably one would want to have an idea of what those assets are worth.[/quote]
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