What is liquid legacy, and does it include real estate?
Where to find it: TIME MACHINE results → final year → Legacy table
Liquid legacy is the projected after-tax liquid amount remaining in accounts at the end of the plan, after the applicable final taxes, personal debt and probate. It is different from net worth, which includes property and other assets before all final-liquidation effects.
A property still held at death is not included as though its value were cash in those accounts. Its inheritance and estate value are handled separately. If you sell a property earlier in the projection and retain its net proceeds in accounts, that money can contribute to liquid legacy.
Open the final-year Legacy table to follow the accounts, taxes and estate amounts. For couples, examine the first death and the survivor’s final year separately.