Do You Have an I Love You Plan?

What would happen to your family if something happened to you tomorrow?

It’s an uncomfortable question. Most of us would rather think about retirement, vacations, our next business goal, or what we’re having for dinner.

But there’s another question worth asking:

Would the people you love know what to do—and have what they need—if you were suddenly unable to take care of them?

That’s the heart of an “I Love You” Plan.

An “I Love You” Plan isn’t simply a will. It’s a comprehensive approach to estate and financial planning designed to help protect your family, your assets, your business, and the future you’ve worked so hard to build.

Why Estate Planning Matters

When people hear “estate planning,” they often think about wealthy families and complicated trusts. But estate planning isn’t just for the wealthy.

If you own a home, have retirement accounts, carry life insurance, own a business, have children, or simply have people you care about, you have an estate—and decisions worth planning for.

According to Pew Research Center’s 2025 survey, only 32% of U.S. adults have a will. Roughly two-thirds of Americans don’t. Only 31% have a living will or advance health care directive.

Without a plan, your family may be left making important decisions without knowing what you would have wanted—often while they’re already dealing with grief, uncertainty, and financial stress.

A good estate plan can help answer important questions:

• Who receives your assets?
• Who makes financial and medical decisions if you can’t?
• Who cares for your children?
• Are your beneficiaries up to date?
• What happens to your business?
• How would your family pay the bills if your income disappeared?
• What happens if you need long-term care?

A will is an important part of the process—but it isn’t the entire plan.

Anne Heche’s Story: A Reminder That Tomorrow Isn’t Guaranteed

In 2022, actress Anne Heche died unexpectedly at age 53.

Court filings indicated that she did not leave a will. Her death was followed by a dispute over who should administer her estate, with her son seeking control of the estate and her former partner arguing that an email should be considered a will. Her story received national attention because she was famous. But the lesson isn’t about celebrities.

Dying without a will can create complications for any family.

Without clear instructions, decisions that could have been made by you may instead be left to family members, attorneys, courts, or state law. And that’s the last thing most people want for the people they love.

Protecting More Than Your Retirement

Financial planning is often focused on accumulating wealth. That’s important. But protecting the wealth you’ve accumulated is just as important.

Your retirement savings, home, investments, insurance, business, and estate plan don’t exist in separate boxes. They all work together to create your family’s financial picture.

That’s why comprehensive financial planning should consider more than retirement. It should also consider estate planning, life insurance, disability protection, business succession, and long-term care.

Do You Have Enough Life Insurance?

According to LIMRA’s 2025 Insurance Barometer Study, only 51% of American adults have life insurance, while 40% say they need additional coverage. Nearly half say they would have difficulty paying living expenses within six months if the primary wage earner in their household died.

That raises an important question:

Do you have life insurance—or do you have enough life insurance?

Those are two very different questions.

Your family may need to replace lost income, pay a mortgage, fund education, cover final expenses, or simply have time to adjust financially. Life insurance can be an important part of protecting the people who depend on you.

Business Owners Need a Plan, Too

If you own a business, your planning needs can become even more complicated. Your business may be one of your family’s most valuable assets. But what happens to it if you die or become unable to run it? Who takes control? What happens to your employees and business partners? How does your family receive the value you’ve spent years creating?

A 2025 U.S. Bank survey found that only 54% of small-business owners have a formal succession plan.

Business succession planning isn’t just about retirement. It can also address death, disability, unexpected illness, ownership transitions, and the future of the business. For a business owner, having a succession plan isn’t just good business.

It can be an important part of taking care of your family.

What If You Need Long-Term Care?

Estate planning isn’t only about what happens after you die. It’s also about what happens if you live for many years but eventually need significant care.

The U.S. Department of Health and Human Services estimates that approximately 70% of people turning age 65 will use some form of long-term care during their lives. Yet LIMRA estimates that only about 3% to 4% of adults over age 50 have long-term care insurance.

That creates important questions:

Who would provide your care? How would you pay for it? And how would your need for care affect your spouse and children?

Planning ahead can help you address those questions before you’re forced to make decisions in the middle of a crisis.

An “I Love You” Plan Is About More Than Money

At Kennedy Financial Services, we believe financial planning is about more than numbers. It’s about people. It’s about your spouse, your children, your grandchildren, your business, your home, and the future you’ve spent years building.

That’s why we call it an “I Love You” Plan.

It’s the plan that says:

• “If something happens to me, I don’t want you to have to figure everything out while you’re grieving.”
• “I don’t want you to wonder what I would have wanted.”
• “I don’t want my business to become a burden.”
• “I want you to have the resources and information you need.”

That’s what comprehensive financial and estate planning are really about.

So, Do You Have an “I Love You” Plan?

Maybe you already have a will. Maybe you have life insurance and a retirement plan. Maybe you’ve even talked with your family about what you want.

That’s a great start.

But when was the last time you looked at the whole picture?

Your financial life changes as your family, career, business, and goals change. Your plan should change with it. The best time to create an “I Love You” Plan is before you need it.

You can’t control everything that happens in life. But you can control how prepared you are.

You can tell your family you love them with your words. Or you can show them with a plan.

Start Your “I Love You” Plan

If you’re not sure whether your financial and estate plans are keeping up with your life, Kennedy Financial Services can help you identify potential gaps and determine what conversations you should have with your financial, insurance, tax, and legal professionals.

Because the greatest gift you can leave your family isn’t just what you’ve accumulated.

It’s knowing they’ll be prepared when they need it most.

 

Sources:

• Pew Research Center, Experiences With Estate Planning and Discussing End-of-Life Preferences, 2025.
• Los Angeles Times, reporting on Anne Heche’s estate and the subsequent dispute, 2022.
• LIMRA, 2025 Insurance Barometer Study.
• S. Bank, 2025 Small Business Perspective Survey.
• S. Department of Health and Human Services, LongTerm Care: Understanding Needs and Options.
• LIMRA, long-term care insurance research.