There is no denying the fact that people love their pets, and why not? Our dogs and cats are a great source of joy, providing entertainment, companionship, and a particular brand of love.
A lot of people do not think about their pets when they are engaged in the estate planning process. They assume that they are going to outlive their fine furry friends and in many cases they will. However, there are no guarantees so you really should ask yourself what would happen to your pet if you were to pass away.
Pet ownership can be especially beneficial to senior citizens who are experiencing a sense of loneliness after losing people who have always been close to them. But seniors who own pets may well be in a position where it is quite possible that they will predecease their animals. As a result, pet planning is especially important for elders who own a dog or a cat.
The first order of business is to find someone who is willing to care for the animal after you pass away. Once you have found the ideal caretaker you have to concern yourself with the financial end of things.
You may be surprised to hear that it is possible to create a trust for the benefit of a pet in most states. These pet trusts are becoming quite popular because they can safely and efficiently provide resources that ensure the animal’s well-being for the rest of its life.
Another option would be to simply include the caretaker in your will and leave this individual a direct inheritance that is earmarked for the pet’s care.
Comprehensive estate planning involves taking care of each and every detail, and to this end you certainly wouldn’t want to forget about your best friend on four legs.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.
- Understanding the Probate Process and How to Avoid It - September 28, 2023
- Take Precautions to Protect Your Legacy - September 12, 2023
- Regular Reviews and Updates of Your Estate Plan Are Essential - August 24, 2023
