Mar 11, 2013
By Rick Law, Senior Estate Planner and Attorney In IL.
We all have loved ones that we want to ensure are cared for after we’re gone. But what about your pets?
Yet another facet of estate planning that we can assist you with at Law Elder Law is planning for the extended care of your pet or pets through a “Pet Expenses Trust (PET)”
This trust is exactly what it sounds like. It is a trust created to provide assets for the care of beloved pets such as horses, birds, dogs, and so on. “ese animals have been under the trustmaker’s care and need to be provided for a(er the death of the trustmaker.
It could even be funds for an animal shelter that the trustmaker wishes to donate for a specific need. This trust gives peace of mind to the trustmaker that the pet will not be abandoned or euthanized after the death of the trustmaker.
The trust will have specific instructions regarding the care for pet, the person or persons they would prefer provide this care, and how the trust assets should be expended on behalf of the pet.
Not all trusts are alike. Some trusts are revocable and some are irrevocable, but there is so much more to the planning than meets the eye.
Some trusts hold the assets to be managed by the trustee as he or she sees fit, and some trusts work better when coupled with financial products.
It is important for the trusts to be funded. And it is most important for the trustmaker to be able to trust their legal counsel and for that legal counsel to endeavor to deliver trustworthy trusts.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!
“You don’t have to leave your family a lot of money. You really don’t have to leave them anything.
Just don’t leave them a mess.
Law Hesselbaum has made sure we won’t leave our family with a mess.”
M. C., Client of Law Hesselbaum and Law Elder Law