If you are like a lot of Americans, you may have a loyal four-legged friend by your side, and indeed dogs are fantastic companions.  In the eyes of your dog you are the most important person in the world and there is no denying that it is a good feeling to be held in such high esteem, even if it is coming from a canine point of view.

All kidding aside, pets are obviously valuable to people of all ages but owning a dog can be especially good for senior citizens.  It is not uncommon for elders to experience loneliness late in their lives, and the companionship that a dog can provide can really go a long way toward filling that gap.

In addition, dogs can provide protection.  Of course there are some breeds that are capable guard dogs, but even small dogs have keen senses and they can let you know if they hear something outside that doesn’t sound quite right.

If you do have a dog late in your life you are going to have to take the animal into consideration when you are planning your estate.  Finding a caretaker is going to be the first step, and once you identify someone to care for your dog you are going to have to provide this individual with the financial resources necessary to do so.

One option that is available to you would be the creation of a pet trust. If you would like to find out how to set up a trust for the benefit of your dog don’t hesitate to get in touch with an experienced Indianapolis estate planning lawyer to set up an informative consultation.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

When you’re planning your estate it is a good idea to engage the services of an estate planning attorney for a number of different reasons.  For one thing, there is more to it than simply drawing up a last will.  A last will is one way to transfer assets to your loved ones, but there are other options as well and the ideal strategy is going to vary depending on the identity of your assets and exactly what it is that you want to accomplish with your estate.

Another reason why it is best to work alongside an estate planning attorney when you are preparing your legacy is because there are a lot of details involved, and if you’re not familiar with the process you may overlook some of them.

Because you’re so busy making sure that your family members are provided for you may forget to make provisions for your pet, or simply not know how to do so.  Pet planning is important if you want to be sure that your furry friends are well taken care of after you pass away.  These preparations would include identifying someone to assume ownership of the pet and providing this individual with the financial resources necessary to care for the animal throughout its life.

Along these lines there is an interesting story making its way around the Internet regarding the estate of deceased fashion designer Alexander McQueen.  McQueen was a big animal lover who had three dogs named Minter, Juice, and Callum.  McQueen left the animals €50,000, which is equivalent to $82,000, so they should be able to weather the storm financially in McQueen’s absence.

Alexander McQueen also demonstrated his love of animals by leaving generous bequests to a pair of animal-rights and welfare charities.  These gifts totaled nearly $328,000.  The overall value of McQueen’s estate was estimated at approximately $26 million.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Estate planning is part of the broader legal specialty of elder law, so estate planning attorneys stay abreast of all of the issues that are relevant to seniors.  Clearly, the health and well-being of our nations elders is a matter of great importance.  From a psychological perspective, seniors can sometimes experience loneliness and the loss of a sense of purpose once they are retired and their family members have become independent.  Clearly, this can lead to depression, and short of that simply decrease the quality of life of some seniors.

One response to this would be to acquire a pet.  As they say, the dog is man’s best friend and many seniors could use just that.  Dogs and cats provide companionship, entertainment, and a certain brand of love that perhaps can’t be proven but it is experienced all the same.  Because the pet relies on its owner for food, shelter, and exercise pet ownership can provide that missing sense of purpose that can leave some seniors feeling empty.

Seniors who own pets do have to consider the possibility of the pet outliving them and they must make plans to address this possibility.  Basically you need to achieve two things: find a caregiver, and make sure that this individual has the financial resources to care for the pet.  Many people already have a family member or friend who has demonstrated affection for the animal, so you may be able to find a caretaker among those are closest to you.

As for financing, you have a couple different choices. You can simply leave a bequest in your will directly to the caretaker, and this is what many people will do.  However, in many states you have the option of creating a pet trust.  To find out more details, simply arrange for an initial consultation with an experienced estate planning attorney who has a thorough understanding of pet planning.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

It is not uncommon for people to procrastinate when it comes to planning for the future.  Though it is always best to take the bull by the horns and get started as soon as possible, there is so much to consider it can be overwhelming.  Once you start planning your retirement and the ultimate distribution of your wealth after you pass away, one thing leads to another and you then find yourself making preparations for other eventualities of aging, such as possible incapacity.  Long-term planning is kind of like opening Pandora’s box as one detail after another emerges that must be addressed.  But when you do actually do enter the latter stages of your life, you’ll find that your preparations were well worth the effort.

With so many important things to consider, like your own health, your financial well-being during retirement, and the way that you will provide for your family when you’re gone, some things can be overlooked, and one of these is your pets.  It is natural for people to feel as though they will outlive their pets so they may not make preparations for them.  However, if you were to pass away and your pet was left alone without any provisions having been made for its care a heartbreaking situation could ensue.

Perhaps the simplest and most direct way to make sure that your pet is cared for would be to directly approach a relative or friend and ask this person if they would be willing to care for your pet in the event of your passing.  Finding a willing and capable caretaker is key.  Once you have done that, you can provide for the care of your pet financially by leaving a bequest to the caretaker directly or by creating a pet trust.  Pet trusts are indeed legal in the state of Indiana and your estate planning attorney can add one of these documents to your estate plan if you so choose.

Our pets are members of our family too, and it is important to keep them in mind when you’re planning your estate.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

As a responsible pet owner, you’ve probably considered who you would prefer to look after your pet in the event of your death, but are you sure you’ve covered all your bases when it comes to thorough pet planning?

Let’s say that you have a dog and a cat, each of whom you’ve asked to be cared for by a separate individual. You’ve set aside funds for the general care of your pets, but have not clarified how much is to go to the care of each pet specifically. The situation could easily become messy, with both caretakers arguing over how much money they are entitled to.

What are some pet planning alternatives?

It’s best to include a directive in one’s Will that clearly provides for the care of each animal, including a discrete stipend amount for the appointed caretaker. Typically, a pet owner will discuss such terms with the agreed caretaker before adding it to their Will.

Pet Planning Oversight #1

Though many people include directives in their Will to make sure their pets are cared for when they die, too many do not think to include instruction in the event that they must move into an assisted living facility where pets are not allowed.

Sometimes pet owners will set up a trust for their pet’s care, to address all questions of care if the owner must trust their pets care to someone else’s care. In this case, the pet owner makes clear the guidelines and types of care that are needed by the animal(s).

Alternative Means of Protecting the Care-taking of Your Pet

An alternative to a pet trust is a Pet Protection Agreement , which is basically a contract with a third party detailing the care of the animal. This option is much simpler and so often utilized as part of pet planning.

If you would like more information about planning for the care of your pet, contact an experienced estate planning lawyer via our contact form or give us a call at (317) 684-1100.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

If you have pets, you likely consider them part of your family. You may be concerned about what will happen to your pets when you die. Some people have actually provided an inheritance for their pets, but there are some complications with this.

Legally you cannot leave money to a pet. What you can do is leave your pets to someone, along with money to take care of those pets. If you’re considering this option, you may want to put together a detailed plan for the care of your pet; such plans often include directions for medical care and other necessities for the pet.

If you have a pet and you want to be sure that they will be taken care of when you are gone, talk with friends and family to find someone who is willing to take your pet in if something should happen to you. Once you know who will care for your pet, put this information in your will or trust, including the money you intend to leave to that person for the care of your pet. You also have the option of setting up what’s called a statutory pet trust where you simply specify a certain amount of money you will leave for your pet’s care. All other decisions are made by the state (this option is available in most, by not all, states).

Although it is unfortunate, there are some situations to where pet owners simply cannot find someone that can take care of their pet in the event that something should happen to them. Perhaps you don’t know anyone that has the proper facilities to care for an animal, or you can’t fund a trust.

If you find yourself in this situation and are worrying about what will happen to your pet when you are gone, you’ll be happy to know that there are programs that take in animals of deceased persons and find new homes for them. You can also look for a local rescue group, which will provide temporary care until they can match your pet with a new home.

To prepare for this situation, you’ll want to contact one of these programs to find out if you and your pet are eligible. If you qualify, make arrangements with them ahead of time. Write the name of the program or rescue group that you’ll be leaving your pet with into your will. Also write a detailed letter with instructions for your pet’s care in a place where it will be found, as it may take some time before your will is read.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

If you worry about what will happen to your pets should you die , you are not alone. Leona Helmsley, New York real estate magnate, dubbed “The Queen of Mean” because of how she treated her employees, died in 2007 and left roughly $12 million to her dog, Trouble. A judge later reduced that amount to $2 million.

Most of our pets, even the spoiled ones, could get by on a lot less. Thanks to a change in the 1990 Uniform Probate Code, most states now allow you to provide for pets in estate plans.

Indiana’s Pet Trust statutes in brief state:

• A trust can be created to provide for the care of a pet during the pet owner’s lifetime.
• The trust terminates on death of the animal; or, if multiple animals are named in the trust, after the death of the last surviving animal
• The pet owner can either name someone in the trust to enforce the terms, or a person can be appointed by the court
• If the court determines the value of the trust exceeds the amount required, it can distribute excessive funds to the owner, if living, or heirs or beneficiaries, as was the case with Helmsley.

Spelled out in the trust should be the names of trustee/alternate trustee (those who look after funds and distribute payments), names of caregivers, description of your pets, level of care to be provided to the pets, how the trust is to be funded, how remaining funds should be distributed after the pet dies, and how to dispose of the body.

An estate planning lawyer can draft a pet trust to ensure your animals are given care in accordance with your wishes.

Frank & Kraft, Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.