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URL:  https://boards.fool.com/quot-but-arent-dead-millionaires-usually-older-14507616.aspx

Subject:  Re: TMM Ch. 8: The Home (Correction) Date:  3/8/2001  10:02 PM
Author:  telegraph Number:  100 of 220

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But aren't dead millionaires usually older than live ones ? And don't older people usually have smaller mortgage balances than younger people ?

Besides, does the estate tax return specifically list mortgage balance ?

But aren't dead millionaires usually older than live ones ? And don't older people usually have smaller mortgage balances than younger people ?

Besides, does the estate tax return specifically list mortgage balance ?"


Yes, the estate tax return lists all assets and all outstanding debts. AS well as credit card balances, other debt, all accounts, value of house, cars, stocks, bonds, MMF, checking account, money under the mattress, jewelry, personal property, boats, summer homes, airplanes, business interests, trusts, etc.......(I know as I just am finishing up my mother's estate).....

Not all millionaires live to rich old age....most men have their first heart attack in the 50s......some die in accidents....some work themselves to death.....

Most 'older' people have no mortgage.....40% of Stanley's survey people had no mortage. another 10.1% had under $100,000. That is more than half that had no mortgage of significance, and the average for 'half' of his millionaires was less than $20,000 mortgage....maybe half of that, since he didn't break it out.....

Only 20% of his survey people were retired.....

Not only that, the IRS knows how much interest you pay, and who holds your mortgage.....up until 5 years ago, you had to file a form if you bought/sold house and rolled the proceeds over....so they knew who was buying/sellling how much house..you had to file the form......

They can also look at the 1040 forms and see if you itemize mortgage interest....if there is none, then they assume you have a small mortgage or none at all...if you did itemize and have no mortgage interest, then they know absolutely you have no mortgage.





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