Tuesday, July 10, 2018
With American Pharaoh and this year Justify winning the prestigious and elusive Triple Crown, Thoroughbred horse ownership has been propelled to the forefront of the public. But in relation to estate planning, it must be acknowledged that there is no one-size-fits-all for horses and horse owners.
If the bloodstock is quite large, some owners will opt to sell them off at a dispersal sale after their passing. Smaller horse operations could also benefit from a public auction unless their is a potential heir that shares in your love of horses.
"Horses that cannot be sold due to age or physical condition may require alternate arrangements. Thus, you may need to provide for the costs of aftercare or leave instructions for the delivery of retired horses to good homes."
See Shannon Bishop Arvin and Sarah Sloan Reeves, Estate Planning for Equine Owners: You Need an Expert, Insider Louisville, July 8, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.