Posted on Tue, Nov 17, 2009
Pet Trusts, once regarded as an eccentric whim for the very rich, have moved into the mainstream. Given the bond that pet owners feel toward their pets, this type of estate planning is an invaluable way to provide your pets with protection after your demise.
The brutal truth is that if you are incapacitated or die your beloved pet is more likely to end up in a shelter rather than with a family or a neighbor. A Pet Trust is a way to specify a caretaker for your domestic or pet animal and Michigan Statute actually provides for the care of such animals. A Pet Trust is a specific legal arrangement that provides for the care of domestic or pet animals in the event that you become incapacitated or should you pass away.
A Pet Trust allows you to designate a care-taker/beneficiary who will provide care, shelter, and comfort for your domestic or pet animal, using the funds you designate from your estate. This person or institution could be a family member, neighbor, or even the Humane Society. Traditionally, any assets remaining after the demise of a domestic animal or pet are left to the caregiver or designated charitable beneficiary.
When you consider that some types of parrots can live to be 80 years old, this arrangement makes a lot of sense, and can provide you with peace of mind knowing your pet will be cared for.
Posted on Wed, Nov 11, 2009
All I need is a will, right?
All too often I am asked this question in regards to estate planning. Most people have a genuine concern for their families and a realistic approach to life. Those who fail to ask this question leave their fate in the hands of someone in a black robe in a Probate Court with costs, time, and fees to be paid by their families.
By the way, the answer to the question above is NO! A Will is just a one-way ticket to Probate Court. Although Probate Court is more streamlined than before, you will still incur attorney fees, court fees, inventory fees, and probably not complete the Probate process within a year.
There is a better way. It is called a Revocable Living Trust. Revocable actually means changeable in this context. I know some of you think that a Trust is only for the rich, but that is not true today. A modern Trust is for everybody with a home and modest assets. It is inexpensive (a lot less than Probate Court), private, and quickly transfers your assets to your loved ones. By the way, with a Trust, there is no Income Tax, no Inheritance Tax, and no Capital Gains Tax.
A Revocable Living Trust is just one aspect of an estate plan that can help protect you and your family now and in the future from the uncertainties of life. I have been helping clients for 25 years achieve one goal: Peace of Mind.