Do You Have an I Love You Plan?
Anne Heche is yet another celebrity to die without a Will. When I read this
fact, my heart sunk. Of course, I don’t know Anne Heche personally, but
I do know what dying without a Will could possibly mean for her family—stress,
chaos, conflict and quarrels, and interruptions to daily life for her family
in the midst of their grief.
We have often said that people don’t begin planning until there is a
fire. Whether that fire is retirement, high tax bills, selling an asset, a health
event, or worse - it just doesn’t become a priority until these issues
are breathing down our neck or breaking our back.
That might be all fine and dandy if it doesn’t affect anyone else, but
too much of what needs to be done is because it does affect someone else. In
some cases, it affects a lot of someone else’s. Think about the people
you love and care about—your spouse, kids, grandkids, siblings, parents,
employees, friends, associates in the community or your business. How would
they fair if you suddenly died? Do you even know?
My bet is that you don’t know what you don’t know. Otherwise, you would be doing some things differently.
- 55% of Americans die without a will or estate plan. 1
- 71.6% of Americans do not have a will that is up to date. 1
- 88% of business owners do not have a formal plan for death, transition or disability. 2
- 44.3% of Americans who file bankruptcy site the reason was medically related. 3
- 48% of American adults don’t have life insurance. 4
- 27% of American adults only have group life insurance coverage, which isn’t usually near enough. 4
- 94% of Americans over the age of 50 do not have a long-term healthcare policy. 5
There is only one truth, no matter what the excuse is. You either have an “I Love You” plan or you don’t. Which one is it for you?
Sources:
1. https://blog.acadviser.com/26-must-know-statistics-about-estate-planning
2. https://www.forbes.com/sites/sageworks/2017/02/05/these-8-stats-show-why-many-business-owners-cant-sell-when-they-want-to/?sh=34d0bc444bd5
3. https://disabilitycanhappen.org/disability-statistic/
4. https://www.policygenius.com/life-insurance/life-insurance-statistics/
5. https://aspe.hhs.gov/sites/default/files/private/pdf/265126/LTSSOlAmRB.pdf