Animal Care is part of any pet estate planning. You should know the basics of animal care so you can properly set-up your estate planning for pets. Start your learning with the basics in animal care listed below:
The cost of animal care in a year may run for a minimum of $500 and increase to thousands depending on the preference of the pet owner who wish to have pet estate planning. But since estate planning for pets should include possible inflation rates then it is always better to include a provision pertaining to this matter in your pet estate planning documents.
Maximum Expected Life Span
Base the trust fund you will produce on the maximum expected life span of your pet. Avoid overfunding the trust fund you intend to use in your pet estate planning to prevent it from being overturned by the court. Ask an expert animal care guardian for the ideal cost so you will not go overboard on your funds.
Setting-Up the Fund
Federal tax code will not be very helpful in pet estate planning since it is limited to trust, human beings, partnership, companies, corporations, and associations. However, there are certain states which are already allowing pets to serve as beneficiaries. The best you can do is to find out the list of states which will cater to your trust fund so it can be fully enforced under its jurisdiction.
Do ponder about your pet estate planning and inquire with professional organizations and experts in estate planning for pets so you can be properly guided. Do your pet estate planning now and secure the happiness and comfort of your pet in the future.