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Home / Trusts / Pet Planning – Not Just for the Rich and Eccentric

Pet Planning – Not Just for the Rich and Eccentric

June 10, 2021 by Brandon McGee

Compliments of the McGee Law Firm, Attorney Brandon McGee

When people think of someone setting up a Trust for their pet, they might imagine Leona Helmsley’s pet Maltese named Trouble drinking Perrier from a crystal bowl in a lavish Manhattan penthouse. While Helmsley left $12 million to her pet dog, this was not her only bizarre moment. The “Queen of Mean” was known to have many eccentricities.

However, you don’t have to be rich and eccentric to set up a Pet Trust. Pet Trusts are most commonly set up by caring individuals who want to make sure that their non-human family member is taken care of in the event of their own death or disability. 

Setting up a Pet Trust is as easy as 1-2-3 when you go to a qualified estate planning attorney with experience setting up such trusts. First, you need to decide who would be willing and able to provide the love and attention your pet deserves. Who will get your dog’s tail wagging or get your cat purring? You should name this person as your pet’s caretaker. 

Next, you need to consider how much money should be set aside for your pet’s future care. While Helmsley left $12 million to her dog, Trouble, your pet probably does not need to pay $100,000 a year for security and $8,000 a year for grooming! In order to calculate your pet’s needs, simply estimate the annual expenses for your pet’s food, grooming, medical care, and other needs and multiply that by your pet’s likely remaining lifespan. You may want to include some money as a reward to the caretaker for taking on the responsibility of providing the love and attention necessary to provide a happy home for your orphaned pet. 

Finally, you need to consider who will manage and distribute the money you have set aside for your pet’s care. This person is the Trustee of the Pet Trust. The Trustee could be the same person who is providing the care for your pet, it could be another trusted friend or family member, or it could be a professional Trustee or charity involved with caring for pets. 

You plan for your human family, leaving them money and painstakingly considering Guardians, Trustees, and Executors. Your furry and feathered family members deserve consideration, too! Remember, without you planning for them in advance, they may face the same awful fate that awaits so many other orphaned pets. Contact the McGee Law Firm today to set up a Pet Trust for your special friend. You will sleep better knowing that they will continue purring or wagging their tail even if you’re no longer able to care for them.

Compliments of the McGee Law Firm, Attorney Brandon McGee an established member of the prestigious American Academy of Estate Planning Attorneys, as well as the National Academy of Elder Law Attorneys 


Written By: The American Academy of Estate Planning Attorneys

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Trusts

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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