The Taxman and Your Estate
“Now my advice for those who die, declare the pennies on your eyes.”
This line is actually a lyric from the Beatles song “Taxman,” written by George Harrison.
It’s a sarcastic referral to the ancient practice in some cultures of placing coins on the eyes of their deceased. In mythology, these coins were seen as a payment to a ferryman who would transport the soul across a river to the afterlife. Here, The Beatles use this imagery to connect death with another seemingly inescapable burden: taxes.
The Taxman and Your Estate
In the podcast Estate Planning Made Easy, hosted by David T. Phillips, listeners are guided through the intricate world of estate planning. With a focus on preserving wealth across generations, Phillips emphasizes the importance of having a clear distribution plan in place to ensure a seamless transition of assets.
The Political Interference: Estate Taxes
Despite the ancient adage that “you can’t take it with you,” government entities frequently step into the realm of estate planning, levying estate or transfer taxes on inheritances. Phillips wittily suggests this is due to the absence of voters in cemeteries, yet emphasizes the importance for individuals to proactively manage their distribution plans before governmental intervention. Although the U.S. currently benefits from a generous federal estate exclusion, this advantage is scheduled to shift after December 31, 2025 – which means we should quickly adopt some effective planning strategies to navigate these changes.
To find out how to keep the taxman from getting your hard-earned dollars, listen to the newest episode of Estate Planning Made Easy, below.
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Originally published March 27, 2024
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