Pet Planning
What do you need to know?
Estate planning for your beloved pet
Do you own a pet? If so, you no doubt think of it as a part of your family. It may be hard enough to find someone to care for your pet while you are on vacation, but have you ever stopped to think about who would care of your pet in the event that you become incapacitated or pass away? Surprisingly, many people have not! What dangers are there in not doing pet planning?
The Dangers of Not Doing Pet Planning
Statistics show that Americans own over 143 million dogs and over 94 million cats. But each year, 2.7 million dogs and cats are put to sleep due to under capacity at animal shelters and a lack of sufficient adoptive homes. So the question remains, if you become incapacitated or pass away, what would happen to your pet? Do you have an effective plan in place?
How can you plan for your pet?
There are various options in pet planning. One option is simply gifting funds to a proposed caregiver to care for your pet if you are unable to do so. One limitation with this type of plan is that it does not specify your wishes for your pet's care.
Another way to plan is to create a pet trust. In a pet trust you appoint a person as a trustee to be responsible for your pet's day-to-day care. You can set aside a sum of money to be available for your pet's needs. You can also include additional provisions, such as which veterinarian you would like them to see, which brand of food you want them to eat, and whether or not you would like them to be bred. In essence, this type of plan allows you to make decisions for your pet even after your demise or incapacity.
At Schneider Rasche LLC we can help create a plan that will ensure that your pets are taken care of. Call us today at (503) 241-1215 or contact us online to find out how you can get a complimentary one hour appointment.
Estate Planning Article
This report is compliments of Schneider Rasche LLC and was written by The American Academy of Estate Planning Attorneys.
