ARIZONA PET PLANNING | ARIZONA ESTATE PLANNING FOR PETS | ARIZONA PET ESTATE PLAN | AZ PET PLANNING HELP – Phoenix Arizona Financial Planner Teresa Bear 480-503-0050 http://www.teresabear.com/ Arizona Pet Planning Video Discusses Multiple Ways Pet Owners Can Provide For Their Pets After They’re Gone.
Arizona Pet Planning Video Discusses Multiple Ways Pet Owners Can Provide For Their Pets After They’re Gone.
If you have a furry friend, you know your pet relies on you for every need. What would your pet do without you? Although pets are legally considered to be property, to those of us who own pets, they’re more like members of the family. And so, just as you make preparations to care for the human members of your family after your passing, you need to think about how to look after your pets as well.
First of all, choose a caregiver
Ideally a family member will be willing and able to take care of your pet when you pass. However, if that’s not possible, search for a trusted friend or neighbor. The search is complicated if the pet is older or disabled. If all else fails, you can utilize the option of sending your pet to a continuing care program such as one sponsored by the Arizona Humane Society. For a nondeductible enrollment fee and a substantial donation, your pet will receive lifetime care or be given an adoptive home.
Secondly, consider the costs.
On average, it costs $1,135 annually to own a dog – $792 for a cat. If possible, set aside some $$$ for their care. You can do this in several ways.
One way is to draft formal legal documents – either a pet trust (which can be expensive to create and administer) or include them in your will. A third – less cumbersome option is to set aside funds for the caregiver in an account which bypasses probate. They could be as a beneficiary of your life insurance policy, annuity or IRA account. The easiest option might be at your local bank. You can attach transfer on death (tod) instructions to a savings account so that when you pass, the account will go directly to your caregiver.
Finally, be sure to leave specific instructions for their future mommies and daddies. Who is your pet’s vet? Their groomer? What brand of food do they eat? Which toy can they not live without? No one knows your pet like you do, so share everything you can.
Don’t leave your pet’s future to chance. While we can’t assist with legal matters best left to attorneys, we are happy to help you with ensuring that your pet care plans are supported with adequate assets. Please give us a call at 480-503-0050 if we can assist you with this in any way.