Pets are important companions for many Americans, especially seniors. Whether your special companion has feathers, fins or fur, have you made arrangements for its care in a world without you? Who would give your special friend a good home or find a good home for them?
Just as important, how will you leave financial support for your pet or pets ... and ensure that the funds are used accordingly?
Most people who leave an inheritance for the care of their pets leave just enough for basic care and support.
Rose Ann Bolasny, however, is not most people. Have you heard about this woman from Queens?
To read the full story, check out a recent article in the New York Post titled "Pampered pooch to inherit 6-figure trust fund, $1M house."
Obviously, this is taking things to the extreme. Or is it?
After all, it is her money.
On the other hand, regardless whether you want to leave your pets wealthier than most humans, you do need to plan ahead with an experienced estate planning attorney. He or she can make sure you have left an inheritance for your pet in an amount and in a manner allowed by the laws of your state. [Think "pet trust".]
Of course, since most pets have much shorter life spans than humans, you also might need to change your plans should something happen to your pet before you can make appropriate changes.
Flexibility is essential when it comes to estate planning, especially when it comes to anticipating (and successfully navigating) the law of unintended consequences.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: New York Post (January 16, 2015) "Pampered pooch to inherit 6-figure trust fund, $1M house"