Wednesday, July 16, 2014
Pets can have many positive effects on pet owners, from protecting the home from intruders to helping the owner fight depression and high blood pressure. Older individuals could benefit greatly from the companionship of a furry friend but are fearful that a pet would be left uncared for after they pass away. Here are three commonly used attempts to solve the problem of pet care after the owner dies:
- The Good: Setting up a pet trusts can help alleviate the fear of abandoning a pet and assures that the pet will be cared for after the owner is gone. There are many variations and options to choose from to fit various situations.
- The Bad: Leaving assets to your pet. Unfortunately, your cat can’t own your bank account.
- The Iffy: Leaving assets to a family member or friend with instructions for them to care for your beloved pet. This method leaves a pet's care to the discretion of the human beneficiary and care is not guaranteed.
See Ann Carrozza, Planning for Fido and Fluffy, Wealth Management, July 15, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.