It is no secret that many people pamper their pets, and perhaps they deserve it. Our dogs and cats provide us with a unique brand of love and companionship. They make no judgments and simply brighten your day, and this can subtly but profoundly improve your quality of life.
The above being stated you have to make sure that you remember your pets when you are planning your estate. There are those who fail to do so because they are under the impression that they’ll outlive their pets, but you never know what is around the next twist in the road. We all hear about people passing away unexpectedly all the time and it is certainly sad to think of your pet being left without a home after suffering the loss of its owner.
One way that you can make provisions for your dog or cat would be to create a pet trust for the benefit of the animal. There are some high-profile individuals who have done this, and they have made sure that their pets will be wanting for nothing.
Oprah Winfrey is one of these people, and she has reportedly set aside $30 million for the care of her dogs. The actress Betty White has a beloved golden retriever named Pontiac who stands to inherit $5 million.
You may feel as though this is a bit much, but at the same time providing for your pet within your means is important. If you would like to learn some of the details about pet planning, take a moment to set up an appointment with a licensed and experienced Central New Jersey estate planning attorney to discuss your options.
- Advantages of Including a Spendthrift Provision Your Trust - June 23, 2022
- Should I Invest in a Pre-Paid Funeral Plan? - June 14, 2022
- What Is the Best Way to Plan for Incapacity? - September 17, 2021
