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Trying to die with no assets – to use up or give away what you’ve earned in your life while you’re still here – is a seductive notion. For one thing, it sounds like fun. And it’s also an idea that has been given a big push by this Government’s increases in inheritance taxation.
If they bring in the mooted “death tax” funded by a new levy on people’s wealth to help fund social care for older people, it will become even more popular. But it’s a truly terrible idea – and here’s why.
Back in 2020, a wealthy American hedge-fund manager, Bill Perkins, published Die With Zero: Getting All You Can from Your Money and Your Life. It became a bestseller. The idea was simple. As the publisher’s blurb put it: “It’s intended for those who place lifelong memorable experiences far ahead of simply making and accumulating money for one’s so-called ‘golden years.’ In short, Bill Perkins wants to rescue you from over-saving and under-living.”
Wow. You see the power of the idea. It’s not a case of urging irresponsibility by spending all you have; you are actually being rescued and given an opportunity for lifelong experiences. There is, however, a problem. In fact, to be blunt, I can see at least five powerful reasons why this is nuts.
