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09-11-2007, 01:41 PM | #1 |
YT 6000 Club Member Join Date: Nov 2003 Location: Seattle, WA
Posts: 6,238
| [News] Pet lovers like Helmsley plan ahead Say this for Leona Helmsley: She loved her dog. Some of her grandchildren? Not so much. The imperious hotel magnate, who died last month, left $12 million to her white Maltese, Trouble, ensuring that Trouble will continue to enjoy a lifestyle other dogs can only dream of. Two of her grandchildren, meanwhile, got nothing. The two others got $10 million each, though their inheritance will be cut in half if they fail to visit their father's grave once a year. If there's an upside to this dysfunctional saga, it's this: Helmsley's excessive bequest has focused attention on the importance of including your pets in your estate plans. Thousands of pets end up in shelters every year because their owners died without making arrangements for their care, says Kim Bressant-Kibwe, trust and estates counsel for the American Society for the Prevention of Cruelty to Animals. Animal shelters are "already overburdened as it is," she says. "To the extent that people plan ahead, it helps us, too." One increasingly popular strategy is to set up a pet trust. A pet trust allows you to designate a specific amount of money for your pet's care and name a trustee to carry out your wishes. Currently, 38 states and the District of Columbia have enacted laws that let residents set up "statutory pet trusts," which are less expensive than traditional legal trusts (see box). In states that allow statutory pet trusts, you can create one by adding a few lines to your will, instead of setting up a separate trust. You can set up a statutory pet trust for as little as $100, in addition to the cost of your will, says Greg Daugherty, executive editor of Consumer Reports. If you plan to set up a pet trust, talk to an estate-planning attorney. Ideally, look for one who has handled estate planning for pets. Some factors to consider: •Who will manage the trust. Most pet trusts designate both a trustee to manage the money and a caretaker to handle the day-to-day care of the pet. You can name the same person as the caretaker and trustee, but that's usually not preferable, Bressant-Kibwe says. Naming two individuals, she says, creates a system of checks and balances. "The trustee can make sure the caregiver is doing what he's supposed to do." You should also name a backup caregiver in case the primary caregiver is unable to care for your pet. •How you want the money to be spent. With a trust, you can specify your pet's favorite foods, how often the pet should be taken to the vet, even where your pet should be buried, says Lacie O'Daire, an attorney with Walter & Haverfield in Cleveland who has drawn up pet trusts. •What to do with unused funds when the pet dies. Some trusts direct that leftover money goes to the caretaker, which is a nice way to reward the person who's cared for your pet. But it also gives the caregiver an incentive to skimp on your pet's care in the meantime. You can avoid conflicts by arranging for any unused money to go to charity, Bressant-Kibwe says. •How to fund the trust. If the pet trust is part of your will, you can set aside money from your estate to cover the costs. Another alternative is to buy a life insurance policy and name the trustee as the beneficiary. O'Daire, who, along with her husband, owns two dogs, three cats and a horse, is using a life insurance policy to fund her pet trust. Other arrangements If you can't afford a trust, you can still take steps to make sure your pets are cared for if you die or become incapacitated. One option: Include a bequest in your will, leaving your pet, and money to cover its care, to a trusted friend or family member. Keep in mind, though, that this doesn't offer the legal protection of a trust. Alternatively, if a friend or relative has agreed to care for your pet, you could set up a separate bank account to cover expenses and name the caretaker as the beneficiary, Bressant-Kibwe says. Many pet owners assume that a family member will step in and adopt their pets if they're no longer around. But that's not always the case. Maggie, now one of O'Daire's cats, spent 10 months in a shelter after her owner went into a nursing home. The woman had children, but none of them wanted the cat. When O'Daire first approached Maggie at the shelter, the cat didn't want to have anything to do with her. "She was so devastated in the shelter," O'Daire says. "No one wanted to adopt her." Within hours of leaving the shelter, though, "She was on my lap," O'Daire says. "She's a beautiful, wonderful cat." Maggie's story ends happily, but her experience points up the importance of estate planning for pets. "You always know someone will take care of your kids," O'Daire says, "but you don't know that someone will take care of your cats." http://www.usatoday.com/money/perfi/...et-trust_N.htm |
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09-11-2007, 01:42 PM | #2 |
YT 6000 Club Member Join Date: Nov 2003 Location: Seattle, WA
Posts: 6,238
| STATES THAT ALLOW SIMPLE PET TRUSTS These states allow statutory pet trusts, which are less expensive than traditional trusts: State Year enacted Alabama 2006 Alaska 1996 Arizona 1995 Arkansas 2005 California 1991 Colorado 1995 District of Columbia 2003 Florida 2002 Hawaii 2005 Idaho 2005 Illinois 2005 Indiana 2005 Iowa 2000 Kansas 2003 Maine 2006 Michigan 2000 Missouri 2004 Montana 1993 Nebraska 2005 Nevada 2001 New Hampshire 2004 New Jersey 2001 New Mexico 1995 New York 1996 North Carolina 2005 North Dakota 2007 Ohio 2006 Oregon 2005 Pennsylvania 2006 Rhode Island 2005 South Carolina 2005 South Dakota 2006 Tennessee 2004 Texas 2005 Utah 1998 Virginia 2006 Washington 2001 Wisconsin 1969 Wyoming 2003 Source: American Society for the Prevention of Cruelty to Animals |
09-11-2007, 01:57 PM | #3 |
Donating YT 30K Club Member | I just had wills drawn up and stipulated that each dog that I own at the time of my death, if my family cannot take, will be given to a loving home with 2,500.00 each for ongoing care.
__________________ Cali Pixie Roxie : RIP Nikki; RIP Maya;RIP my sweet Dixie girl 1/17/08 http://callipuppyscastle.bravehost.com/index.html |
09-11-2007, 02:25 PM | #4 |
Piper & Sebastian Donating Member Join Date: Jul 2007 Location: florida
Posts: 14,495
| I never even thought of this. It's a really good idea. Thanks for bringing it up.
__________________ Susan, Piper ,Harley & Suiki |
09-22-2007, 03:00 PM | #5 |
Donating YT 2000 Club Member Join Date: Aug 2007 Location: Dresher, PA
Posts: 2,779
| I am all ready "willed" in as care taker of cat(s) if something should happen to the humans. The cat(s) would also come with a trust, which would cover food and basic medical expenses. |
09-22-2007, 04:51 PM | #6 |
Donating YT 3000 Club Member Join Date: Jun 2006 Location: Sequim, Wa
Posts: 4,541
| Provisions for my fur kids have been made in my will. They all go back to their breeders. If the breeders cannot take them, they are to be cared for at a no-kill shelter until loving homes are found for them.
__________________ Gracie loves Bailey. Holly loves Tucker. Proud member of the YT Gracie Girls. |
10-05-2007, 03:26 PM | #7 |
Yorkie Talker Join Date: Aug 2007 Location: Alabama
Posts: 12
| Way to go Leona I am proud of Loena for taking care of the future of her beloved furever companions! Those babies loved unconditionally and devoted their full attention to thier mommy asking only for love and attention in return. Those grandkids that were "left out" very well could have been self absorbed and like a lot of the younger generations... uncaring unless there is something in it for them. I say, "WAY TO GO LEONA!" May God give you a seat closer to the throne for your good heart! Sharon |
10-21-2007, 02:00 PM | #8 |
Mojo, LilyGrace & Me Donating Member Moderator Join Date: Dec 2005 Location: cuddling with my babies<3
Posts: 17,329
| I watched the special on her after her death! I thought it was great!
__________________ Hi I'm Jenn Mom to..... Mojo,LilyGrace & DD Kate RIP Mojo FOREVER in our hearts! |
10-21-2007, 03:00 PM | #9 |
Yorkie Talker Join Date: Aug 2007 Location: Alabama
Posts: 12
| Leona Helmsley I missed the program on Leona. Where was the speaial on Leona shown? Do you know if and when it will be shown again? Sharon |
10-21-2007, 03:13 PM | #10 |
Yorkie Talker Join Date: Aug 2007 Location: Alabama
Posts: 12
| Yorkie Jenn 218, I was noticing the pic of the yorkie on your replys. I think its a male. Well, He or she looks sooooo.... much like my angel "Bitzi Rose" a rescue I had as a constant companion for 2 years. She crossed Rainbow Bridge 3 months and 3 days ago and took the largest part of my heart with her. She suffered seizures and passed away due to Kidney Failure, probably (the vet said)the effects of her former life of severe neglect and abuse. Your yorkie could be her immediate sibling. Bitzi weighed 3 lb 1 1/2 oz. She was 1 3/4 lb when I found her. How much does your baby weigh? If around 3 lbs, did you get him/her from a breeder? Do they have a female that looks like her that I could purchase? Thanks for a reply! Sharon... nuttytreeshaker45@yahoo.com |
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