What will happen to your four-legged companion when you die?
Have you ever considered that?
Fortunately, Alabama law allows us all to set aside some money at our deaths to provide for our four-legged loved ones! These are called Pet Trusts. The idea is simple. You set aside some money, say $10,000, from your estate for the care of your dog(s). You choose someone to care for your animals and you choose someone else to manage this money for the animals. Each year the caregiver of your animals can get an annual gift for taking care of them. In addition, each month the trust can pay for vet bills, food, grooming- whatever might be needed towards their comfort. Any money left in trust at the animal’s death can pass to your two-legged loved ones, to a charity or to the caregiver.
People don’t consider the annual costs of caring for an older dog, but they can be quite high. Asking a friend to adopt your animal is a favor, but asking them to foot the bill for them as well is an imposition! Consider adding a simple Pet Trust to your estate plan so whoever adopts your animals doesn’t become frustrated and drop them off at the pound after you are gone. How does that benefit anyone?
Call us today to discuss your very own pet trust!