There’s an old song by a guy named Steve Taylor that begins with the memorable stanza:

Ah, the news of my impending death
Came at a really bad time for me
Yeah, the news of my impending death
Any other day might have been ok

While the inspiration behind the song was not about the estate tax, we do want to take this opportunity to remind the wealthiest Americans of the tax advantages of hanging on until 2006. (We’d be remiss if we failed to remind everyone else about the overall advantages of hanging around until 2006.) But since this newsletter tends to be more about taxes than puppies or long walks on the beach, we’ll stick with what we know best.

In 2006, the estate-tax exemption level will increase from $1.5 million to $2 million and the top estate-tax rate will fall a percentage point to 46%. For those with a considerable nest egg, the tax savings for their heirs can be significant.

So, do your family a favor. Lay off the cheeseburgers, get your rest, exercise at least 3x a week for 30 minutes, and don’t stop breathing until Dick Clark says “Goodnight.”