Anonymous
Post 10/12/2025 10:06     Subject: Re:What's your net worth?
$17m excluding home and business value
Mid 30s
Anonymous
Post 10/12/2025 08:59     Subject: What's your net worth?
Anonymous wrote:It is worth leaving DC to avoid the inheritance tax. We pay enough taxes in DC already.


You can avoid inheritance taxes by having an estate plan that gives whatsoever left over to charity. With gifting and lifetime exemptions you can give a lot away to family and once you’ve done that what remains gets donated.
Anonymous
Post 10/12/2025 07:51     Subject: What's your net worth?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Assets minus liabilities. Include home equity. Don't include value of expected pension. And don't lie or exaggerate. No reason to. This is an anonymous forum!


$9.5M; 60/55; Does not include home equity. Unless you live in a downsizeable home (i.e. live in a $5 mil house when you could get by in a 1.5 mil home) pointless to include, despite what all the "that's what the definition says" pedantic idiots say.


Most people can/could "downsize" if they truly needed to. Also, when you are 75-80+, you might prefer to rent rather than have to deal with maintenance/repairs/shoveling snow/etc. And even in expensive areas, you can rent a 1 bedroom place for ~$2-3K/month. When you factor in taxes/repairs/maintenance/etc, it most often is more expensive to own than rent. If you are out of money, then you downsize and live more affordably.


To that point, we have millions tied up in home equity, and we're not going to die in this house, as it has multiple levels and is a pain to maintain, so ignoring it would be bad planning.


Yup!!! You must have a plan for where you can live once mobility becomes an issue. Maintaining a home is a pain, unless you can afford to outsource it all, it's nicer to live in a condo/TH where maintenance is someone else's responsibility


Unless its an elevator TH, that is very unwise to buy it for retirement. Most townhouses dont have 1st floor bedrooms.
Anonymous
Post 10/12/2025 06:37     Subject: What's your net worth?
It is worth leaving DC to avoid the inheritance tax. We pay enough taxes in DC already.
Anonymous
Post 10/11/2025 23:23     Subject: What's your net worth?
Mid 30s, 3 kids. About 300k.
Anonymous
Post 10/11/2025 21:55     Subject: Re:What's your net worth?
Anonymous wrote:Calculating net worth is important to me for estimating the size of the estate I will leave my children. I live in DC and the estate will be subject to inheritance tax; at this point I am not concerned about federal tax because the exempt limits are much higher.

Determining the value of the estate means including the house and also the value of the survivor benefit on my pension, which will go to one of the children, because both will be included in the estate value for inheritance tax purposes.

I do wish DC would do away with the inheritance tax. It brings in less than one percent of DC's tax revenue and incentivizes the well off to establish residency in Virginia via a second home as the state has no inheritance tax. The District then loses income tax revenue from those who do this.

I personally do not mid paying the DC income tax but really mind the estate tax. Maybe I should join the people who spend six months plus a day in Virginia and the rest in DC....


Yeah, we live in DC as well and I’ve just been messing around with the numbers and based on my calculation moving across the river would save my kids $1 million in the estate tax. So, I guess eventually I’m gonna have to do it.
Anonymous
Post 10/11/2025 18:25     Subject: Re:What's your net worth?
$3.5M with primary home being a very small portion. One rental, the rest is invested mostly in non-qualified accounts. Age 50/51. We own a business and are functionally retired as others run it and we collect salary and profit. We expect business to continue $800-1M income for the next few years, then we will work very part time or do more with real estate. Kids are in college and hs and we will hopefully be able to cashflow all of that. Will likely inherit some assets as well.
Anonymous
Post 10/11/2025 18:15     Subject: What's your net worth?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age


Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).


Don't get why "inheritances skew everything"? Plenty of people receive $$$/inheritances. Our kids will/we have started gifting them in their 20s. Their friends and co-workers probably already know. Just from the trips they get to go on with us, let alone if they know our kids get to fly premium select and sometimes business for those trips. Why does that matter


I’m genuinely confused why you’re bragging about paying for your kids to fly… premium select?
Anonymous
Post 10/11/2025 17:49     Subject: What's your net worth?
Anonymous wrote:The home value doesn’t factor in much when you live in a house that’s at the bottom of the market (like a 1 Br condo in Mississippi) but if you could move/downsize to a significantly less expensive home or refinance to pull money out, then it is a real source of potential wealth. People who live in a $4 M home in McLean saying it shouldn’t be counted are ridiculous. If you died, that value would definitely count as part of your estate when they calculate estate taxes on estates over $13 M.


I'll use our example, less dramatic than either. Our house is worth $1 million more than we paid for it, we no longer have a mortgage or HELOC and we do not need a 4 bd 3.5 ba in retirement. I absolutely count our home value in our net worth understanding we have to live somewhere and also focusing much more on invested assets when doing planning.
Anonymous
Post 10/11/2025 17:45     Subject: What's your net worth?
Anonymous wrote:Why are people on DCUM so obsessed with this? And how do they even know the number?


We track our net worth every calendar quarter (?). If you don't track it, does that mean you are not deliberately trying to grow your net worth?
Anonymous
Post 10/11/2025 16:09     Subject: Re:What's your net worth?
Anonymous wrote:Calculating net worth is important to me for estimating the size of the estate I will leave my children. I live in DC and the estate will be subject to inheritance tax; at this point I am not concerned about federal tax because the exempt limits are much higher.

Determining the value of the estate means including the house and also the value of the survivor benefit on my pension, which will go to one of the children, because both will be included in the estate value for inheritance tax purposes.

I do wish DC would do away with the inheritance tax. It brings in less than one percent of DC's tax revenue and incentivizes the well off to establish residency in Virginia via a second home as the state has no inheritance tax. The District then loses income tax revenue from those who do this.

I personally do not mid paying the DC income tax but really mind the estate tax. Maybe I should join the people who spend six months plus a day in Virginia and the rest in DC....


Or just move to a nearby city in NoVA with quick access to DC? Why maintain 2 homes so close to each other? but yes estate planning is real especially at the state level for estate taxes which often start much lower than federal. Why give 30-40% of your estate to the state (or DC in your case)?
Anonymous
Post 10/11/2025 14:20     Subject: Re:What's your net worth?
Calculating net worth is important to me for estimating the size of the estate I will leave my children. I live in DC and the estate will be subject to inheritance tax; at this point I am not concerned about federal tax because the exempt limits are much higher.

Determining the value of the estate means including the house and also the value of the survivor benefit on my pension, which will go to one of the children, because both will be included in the estate value for inheritance tax purposes.

I do wish DC would do away with the inheritance tax. It brings in less than one percent of DC's tax revenue and incentivizes the well off to establish residency in Virginia via a second home as the state has no inheritance tax. The District then loses income tax revenue from those who do this.

I personally do not mid paying the DC income tax but really mind the estate tax. Maybe I should join the people who spend six months plus a day in Virginia and the rest in DC....
Anonymous
Post 10/11/2025 13:43     Subject: What's your net worth?
Anonymous wrote:The home value doesn’t factor in much when you live in a house that’s at the bottom of the market (like a 1 Br condo in Mississippi) but if you could move/downsize to a significantly less expensive home or refinance to pull money out, then it is a real source of potential wealth. People who live in a $4 M home in McLean saying it shouldn’t be counted are ridiculous. If you died, that value would definitely count as part of your estate when they calculate estate taxes on estates over $13 M.


Exactly! If you are in a $4M+ home, you can definately find a smaller space for $1-1.5M and pocket the remaining $$ to "live off of" Personally, I love living in a 1500 sq ft 2 bedroom/2 bath. It's only tight when both kids come home (no SO or grandkids yet). When that happens we rent a hotel room or the guest suite in our condo bldg for one of the kids. But that only happens 2-3 times per year. As the kids settle elsewhere, we also travel to them or see them while traveling to Europe together. But I don't need a huge house for the 2-3 weeks per year max that everyone might be home. Much cheaper and easier to put them in a hotel nearby for the evenings.

Anonymous
Post 10/11/2025 13:01     Subject: Re:What's your net worth?
$3.5m including home equity. mid 40s, hhi of $500-600k (but only started making that much in the last 2 years)
Anonymous
Post 10/11/2025 12:49     Subject: What's your net worth?
The home value doesn’t factor in much when you live in a house that’s at the bottom of the market (like a 1 Br condo in Mississippi) but if you could move/downsize to a significantly less expensive home or refinance to pull money out, then it is a real source of potential wealth. People who live in a $4 M home in McLean saying it shouldn’t be counted are ridiculous. If you died, that value would definitely count as part of your estate when they calculate estate taxes on estates over $13 M.