Today’s Wall Street Journal has an article about Bruce MacCormack and Chet Kenoyer and an interesting twist on estate planning. In 1998, Bruce bought a 1971 MGB for his wife. But over time, his wife no longer wanted to drive the car. So Bruce put the car up for auction in 2003. Chet saw the ad for the car and ended up buying it in 2003. After buying the car, the two of them remained friends. Chet wasn’t driving the car very often and Bruce began to miss the car. And that’s where the interesting twist on estate planning arrived.
Bruce’s Estate Planning Idea
Bruce proposed that he would buy the car back from Chet for the same price he sold it for in 2003. The twist is that Bruce agreed to leave the car to Chet in his will. Bruce would be able to drive the car in the meantime and Chet would inherit the car when Bruce died. A few days letter, a letter arrived from Bruce’s lawyer with a note, a check and a copy of the codicil to his will that Bruce signed. The friends are even sharing the costs of some engine work on the car.
Lessons for Your Estate Plan
When I read this article, my first thought was that it was a creative twist on estate planning. Clients often come to me with a list of specific bequests for family members and charities. Bruce has taken the concept even further and created an interesting scenario that allows both he and Chet to enjoy the car. Using a lawyer, he was able to set up a system that accomplishes their shared goal to enjoy the same 1971 MG. They have shown that you can truly be creative when putting together your will.
If you don’t have a will yet, or if you have one that you may need to update, call my office to set up a meeting and we can review the best options for you – (877) AMAYERS.