Pet Trusts in the News

I do a lot of seminars, and towards the end I always mention a few reasons to have a trust:

1. if you have minor children;
2. if you need to do tax planning;
3. if you have adult children who are not good with money; and
4. if you have pets.

Yes, pets raise the question of creating a trust. Sure most family pets do not need a trust. But some do. When might this be an option? If you have a caregiver in mind that would have a hard time financially taking care of a pet, especially one that is older or has extensive medical needs. But there are also animal companions that simply have a long life span. Parrots for example. Or a tortoise.

A trust allows you to create a legal entity, either during life or at your death, that will hold both the animal(s) and funds you set aside, appoint a caretaker as well as a trustee to manage the funds. Regulations vary from state-to-state, so be certain to consult with an attorney for exact laws on pet trusts.

Curious about planning for your 4 legged or winged loved ones? Here is a great article from the Chicago Tribune.

Thanks to my good friend, Larua D. of Fitchburg, Wis. for bringing this article to my attention.