Pet trusts catching on with animal lovers
BY CLAUDIA BUCK
It appears more Americans are specifying exactly what happens to their pets when they are gone.
With an estimated 71.4 million U.S. households home to at least one bird, fish, reptile, cat, dog or bunny, pets are definitely beloved companions in life. But what happens to them after we're gone-
Some wind up in animal shelters, some are put to sleep. Others are farmed out to willing family or friends.
To ensure there's no uncertainty, it appears more Americans are specifying exactly what happens to Fido and Fluffy when they're gone. That arrangement can be as casual as a friendly agreement with a grown child, a sibling or friend, or as concrete as a legally drafted trust.
"It's definitely a trend, and it's caught on, because people understandably value their animals and want to make sure their pets are looked after," said Mary Randolph, publisher of Berkeley, Calif.-based Nolo publishing and author of Every Dog's Legal Guide: A Must-Have Book for Your Owner.
Some 43 states and the District of Columbia now have statutory pet-trust laws on the books, including Illinois.
Attorney Dan Meeks, who runs a Florida website, www.pettrustlaw blog.com, said there's been increasing interest in pet trusts, partly due to several "outlandish" pet care cases, such as the $12 million trust fund left by real estate mogul Leona Helmsley to care for her Maltese poodle (later reduced to $2 million in court). Or Florida heiress Gail Posner, who died in March, leaving her $8.3 million Miami mansion and more than $3 million for the care of Conchita, her pampered Chihuahua, and two other dogs.
The simplest and least costly way is an informal arrangement, asking a trusted friend, neighbor or family member to assume care of your pet should something happen to you.
A pet trust can cost from $750 to $2,500, depending on whether it's part of a new living trust or added to an existing estate plan.
More elaborate choices are available. The TLC for Pets Program at the University of California, Davis, School of Veterinary Medicine, for instance, allows dog and cat owners to provide for their pet's lifetime care, including an adoptive home and veterinary care, including surgeries.
That TLC is not cheap. For dogs, the tax-deductible UCD gift is $50,000; for cats, it's $30,000. There's also a $1,500 enrollment fee that covers an initial in-home visit to meet the pet, assess its health and home environment.
Scripps Howard News Service
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