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Home » Estate Planning Articles » Puppy Love: Planning Your Estate With a Pet Trust

Puppy Love: Planning Your Estate With a Pet Trust

March 31, 2011

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

We love our pets. Each year, Americans spend billions upon billions of dollars to make sure that our dogs, cats, and assorted other animal friends are well taken care of. The American Pet Products Association estimates that in 2010, Americans spent more than $18 billion on pet food, more than $11 billion on medications and supplies, and more than $12 billion on veterinary care.

Increasingly, pet owners are not just worried about providing for our pets during our lifetimes, we want to ensure that they get all the love and care they need after we’re gone, too. This is evidenced by the fact that an increasing number of states have passed laws allowing pet owners to establish trusts for their pets.

The Old Way Wasn’t Enough

It used to be that those who wanted to provide for their pets after passing away simply used their Will to name a caregiver for the pet, and left funds to that caregiver to cover the pet’s expenses. This solution, however, proved to be less than ideal in many circumstances. At the pet owner’s death, the pet belonged to the new caregiver, as did the owner’s bequest of money. The new caregiver was under no obligation to spend the funds on the pet. In fact, there was no obligation for the caregiver to even keep the pet. In addition, the arrangement only provided for the pet after the owner’s death. It didn’t provide a way to make sure the pet was taken care of in the event of the owner’s disability.

How Does a Pet Trust Work?

Unlike these older arrangements that left a pet’s future uncertain, a pet trust provides checks and balances to help make sure that, in the event of your death or disability, your pet is cared for according to your wishes and standards.

When you establish a pet trust, you’ll name a caregiver for your pet, as well as backup caregivers. The caregiver is responsible for taking care of your pet according to the instructions you build into the trust. For instance, you can provide directions for your pet’s diet and feeding schedule, veterinary care, exercise, grooming, and the disposition of your pet’s remains.

You’ll also name a trustee and backup trustees. The trustee’s job is to manage the money you put in trust for your pet’s care, and to help ensure that the caregiver is performing his or her duties. You have the option of naming the same person to serve as caregiver and trustee or you can name different individuals for these roles, providing an added layer of accountability for each.

A pet trust is a wonderful way to ensure that your pet is well cared for, even if you can’t be there. A qualified estate planning attorney can help you include a pet trust in your overall estate plan, ensuring that your pets remain happy and healthy no matter what the future brings.

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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

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