Leonard Jones believed he was immortal. A would-be American politician in the early 1800s, Jones ran for President multiple times, hailing his “immortality” as his platform. According to Jones, mortality was a side effect of immorality, and anyone could achieve immortality through a regimen of prayer and fasting.
Of course, we sane folks know we are not immortal. And guess what? So does the government. In fact, they are counting on it—and when that day comes, someone in your family must complete IRS form 706, on which you must list every asset in your estate. It may seem expensive to pay an amount between one and three percent of your gross estate for planning. But the truth is, you’re millions of dollars removed from simple, which means you have the option to pay it now or the requirement to pay it later.
Pay it now and it’s an investment in your life and your legacy. If you wait, others will be required to do it later without the benefit of knowing the details of your life and estate. If you think one to three percent is expensive, think about this: If you do nothing, you may pay the IRS up to 55 percent.
You know you are not immortal, so why not make the most of your time on this earth by insuring that when the day does come, you have not just “planned,” but planned right. When properly done, planning isn’t a cost but an investment, with compounding return, in the life of your spouse, your family, your legacy, and society.
Wealth is more than money. Don’t just plan for your future, live it right now. Pass it on and share the insights like this that you find valuable.
“The key to immortality is first living a life worth remembering.”
– Bruce Lee