The “I Love You” plan. Husband executes a will leaving everything to wife. Wife executes a will leaving everything to husband. Everything is left to children in equal shares when both parents die. For good measure, we title the assets jointly with right of survivorship (house, bank accounts, stocks, bonds) or designate the spouse as beneficiary (IRA’s, life insurance, annuities) so that there isn’t even a probate estate when the first spouse dies. Why is this plan so popular? It’s because that is what most people want.The problem comes when one spouse becomes ill or debilitated to the point he cannot care for himself. The spouse may become so ill as to require nursing home care now or in the future, especially if the caregiver spouse passes away first. Then, the “I Love You” plan becomes the worst of all possible plans
In light of the recent concerns regarding the Covid-19 virus, protecting our clients and their legacies remains our most important focus.
We are encouraging all current and future clients to meet with us via phone or video conference. Please contact our office to discuss your options.