Florida allows trusts to pay for a pet's care

Most people who take the necessary steps to put together an estate plan are doing so for the benefit of their loved ones, family and friends. But many people have other loved ones, and make plans for their beloved pets. When millionaire hotelier Leona Helmsley left $12 million to her dog in her estate plan, the bequest made headlines. Not everyone was impressed by Helmsley's decision to leave so much for her dog and give less to her family, but nonetheless the news reports raised visibility of planning for the care of pets when the owners die.

Today there are facilities around the country that serve essentially as retirement homes for pets. Most states, including Florida, allow for the establishment of a trust in order to pay for a pet's care.

The trust can give instructions as to how the pet should be cared for, who will look after them and what money will be spent on the pets' upkeep.

Many Florida will and trust lawyers recommend that people considering establishing a trust for the care of a pet take a careful look at what the actual expenses of the pet's upkeep are.?Regular expenses such as food, veterinarian bills and grooming are easy to remember, but many animals have special needs and special medications that must not be overlooked in calculating their future upkeep.

The other component is choosing a trustee to manage the financial affairs for the animal, and a caretaker who will actually care for the pet. Family members or an agency can be chosen for either role, and the same person does not necessarily need to fulfill both functions.

Source: northjersey.com "Pet estate planning ensures lifetime care after owner's death" 7/12/2011

Tags: family and friends, lifetime care, millionaire, necessary steps, trustee

Source: http://www.ramoney.com/florida-allows-trusts-to-pay-for-a-pets-care/

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