By the end of his life, Elvis Presley’s gross estate totaled $10,165,434, which would be equivalent to roughly $44.1 million in 2021 after accounting for inflation.1 After his untimely death his estate was subjected to state & federal taxes, medical expenses, funeral expenses, legal fees, and various other costs. This is not too unlike the treatment all of our estates will ultimately receive.
You may or may not be required to pay the death tax, but it’s important to know how wealth transfers are targeted for taxation, whether that be transferring from a bank account, retirement account, or from person to person. When planning a retirement and a legacy, consider how you and any beneficiaries will be treated by the government.
To prevent taxes and fees from squandering your life’s savings, proper precautions and due diligence are essential. One of the biggest hurdles to creating generational wealth is maintaining control of your money and protecting it from unnecessary taxes and fees.
Elvis’ estate was reduced to just under $2,791,000 after he passed away or about $12.1 Million adjusted for inflation. His estate shrank by 73%.1
We might not be “The King”, but we are the rulers of our own estates. It’s important that we treat the position with all the respect it deserves and give our retirement plan the proper attention. Inspired to speak with a trusted financial professional to discuss your estate and the potentially unnecessary taxes and fees you’re exposed to? Click here
Source Cited: Truth Concepts