When you are actively engaged in the process of estate planning there are a lot of things to take into account. You have to inventory your assets and take stock of exactly what form they are all in, and you must identify the people who you intend to transfer assets to after you pass away. You must then determine the best way to get these assets from Point A to Point B, and there can be significant sources of asset erosion out there that must be taken into account when you are determining the ideal vehicles of asset transfer.
Considering all the serious matters that must be addressed, it is easy to overlook some of the finer details. Because people expect to outlive their pets they often do not consider their dogs and cats when they are making estate plans. But if you want to make sure that your fine furry friends are properly provided for you need to make preparations in advance. This is clearly going to include locating a new owner and providing this individual with the financial resources to care for the pet.
There was an interesting case of pet planning in the news recently revolving around the death of high-end fashion designer Alexander McQueen. McQueen passed away last year, and he was an avid animal lover who owned three dogs named Callum, Juice, and Minter. McQueen made sure that their needs would be met for the rest of their lives by leaving behind nearly $82,000 for their care. In addition, the designer also left about $164,000 to two separate charities that are devoted to the welfare of animals.
There are a number of different ways that you can provide for your pet when you’re planning your estate, including a direct bequest to the potential future caretaker or the creation of a pet trust. To gain a deeper understanding of pet planning and to explore your options in depth, simply arrange for a consultation with an experienced estate planning attorney.
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- Beneficiary Designations and Other Non-Probate Transfers - August 15, 2020
- Leaving Assets Can Be Tricky – Part 3 - August 13, 2020