Pets are a great source of companionship, love, and support for people of all ages. However, for senior citizens, owning a pet can be especially beneficial. As people age, they may find themselves living alone or in isolation due to various reasons such as retirement, loss of a spouse or friends, or physical limitations. In such cases, pets can provide much-needed emotional support and improve the overall quality of life for seniors. However, longevity can be a source of concern, and from an … [Read more...] about Pet Trust: Ensuring Your Furry Friend’s Future
Your Estate Plan Should Be Tailored to Suit Your Needs
A lot of people have misconceptions about estate planning. They think that your choices are limited, and everyone involved will be required to adjust. The idea is that you pass along your assets in a will, and everyone is on their own after they receive their inheritances. Many of these folks assume that trusts are only for extremely wealthy people that have very complicated estates. In reality, this is really not the case. There is an ideal approach to address any situation, and we will look … [Read more...] about Your Estate Plan Should Be Tailored to Suit Your Needs
How Does a Pet Trust Work?
If you have concerns about predeceasing your pet, there is a viable estate planning option in the form of a pet trust. Clearly, this would be relevant to senior citizens, and younger pet owners may want to have a plan in place as a purely precautionary measure. Caretaker The first order of business is to designate a caretaker that will actually care for the pet on a day-to-day basis if it becomes necessary. Ideally, this will be someone that has an existing relationship with your pet. If … [Read more...] about How Does a Pet Trust Work?
Pet Trusts Are Not Strictly for the Rich and Famous
You may have heard about the elaborate estate plans that have been created by some very wealthy people. As a case in point, a number of years ago, the estate of the “Queen of Mean,” billionaire Leona Helmsley, was in the news. She may have been mean to some, but she had an entirely different attitude when it came to her Maltese, Trouble. Helmsley left the dog a trust fund that was stuffed with $12 million that was earmarked for the care of the animal. If you are thinking that Trouble was … [Read more...] about Pet Trusts Are Not Strictly for the Rich and Famous
A Trust Can Be Used to Satisfy These Three Objectives
There is a popular misconception that is embraced about trusts. A lot of people think that you would never consider using a trust unless you are a multimillionaire with a complex financial empire. In reality, there are a number of different types of trusts, and many of them are perfectly useful for people that do not reside in the financial stratosphere. And of course, there are trusts that are used by people that have achieved a great deal of financial success. We are going to look at … [Read more...] about A Trust Can Be Used to Satisfy These Three Objectives
Is Your Pet Included in Your Estate Plan?
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 … [Read more...] about Is Your Pet Included in Your Estate Plan?