Estate Planning Insights from REO Speedwagon
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One of my very first cassette tape purchases was REO’s 1978 album, You Can Tune a Piano, But You Can’t Tune a Fish, featuring the popular song, “Roll with the Changes.” In addition to its enduring legacy as a rock classic, this epic hit provides several useful insights regarding the sweeping tax and estate planning changes under consideration by the Biden administration.
Prophetically and lyrically speaking advisors can leverage several lines from this chartbuster.
Let’s tune in to uncover these financial “pearls-of-wisdom” from over 40 years ago:
“I knew it had to happen – felt the tables turnin' – got me through my darkest hour.”
Even before Joe Biden completed his presidential oath of office with… “preserve, protect and defend the Constitution of the United States…,” pundits and prognosticators from all sides of the political spectrum were echoing concerns as to how the new administration was going to pay for the trillions of dollars already spent on COVID relief. Then came the president-elect’s proposed spending mandates for infrastructure, “green” energy, and the American Families Plan.
As the lyrics say, to survive the darkest hours of COVID, it had to happen…
Taxes will be going up.