‍ ‍Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman

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Good guess recognizing George Harrison’s timeless 1966 ditty (first song on the legendary Revolver album!) skewering the U.K.’s 90%+ tax regime…..Read On 

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Will Taxman become a retro top 40 hit on the dawn of a Democratic Socialist era?  Probably not.  But It does not require a leap of faith to assume that your taxes are going up.  One step you can take today: review your life insurance coverage.   Term insurance, a lower cost alternative to permanent insurance, does not help with your taxes. 

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Permanent insurance benefits to consider: 1) Tax-Deferred Cash Value Growth: Permanent life policies have a cash value component that grows over time. This growth is tax-deferred. 2) Tax-Advantaged Access to Funds: You can access the cash value during your lifetime through withdrawals or policy loans, which are generally not considered taxable events. Voila - a supplemental, tax-free income in retirement. 3) Tax-Free Death Benefit: Beneficiaries receive this typically federal income tax-free. 4) Estate Tax Mitigation: Permanent life insurance can provide liquidity to cover your tax bill without forcing the sale of other assets.  Using trusts, the death benefit can be excluded from your taxable estate. 

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So be smart and heed George’s warning about the taxman and death (and a nod to Greek mythology):  Make sure you have enough coins to pay the ferryman… Now my advice for those who die, Declare the pennies on your eyes…

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John Cattau, Managing Partner of Kirk Creek Insurance Services, LLC is a New York State licensed insurance broker BR-1917908. He can be reached at 929-456-2265.  Please visit www.kirkcreekinsurance.com for more information.

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Yada Yada Yada - Renovating your Home – Insurance ala Seinfeld

1 minute read on Life Insurance tips

As we mourn Robert Redford’s recent passing, I recall Butch’s response to the Sundance Kid’s line “I can’t swim!” 

2 minute read

Is it too late to buy Flood Insurance?

1 minute read on Private Flood Insurance tips

Picture this: your living room has become a wading pool, your coffee table is now an island, and your couch is floating toward the kitchen. Surely your homeowners policy will have your back, right?

In insurance-speak, a “flood” means water covering….