The name may evoke stories of heirs and heiresses setting aside enormous sums for their pets, but these trusts aren’t just for millionaires.
Many pet owners see their beloved animals as a part of the family – but if something were to happen, who would make sure Spot was taken care of? Would someone provide him with needed food, water, and medicine? Would he end up at a local animal shelter?
For some, knowing the answer to these questions is worth establishing a pet trust, which are now available in all 50 states.
The term “pet trust” may evoke stories of heirs and heiresses setting aside enormous sums for their pets, but these trusts aren’t just for millionaires. Whether your pet a has a substantial lifespan (think birds or horses) or you simply want to ensure your furry friend will always be looked after, a trust may be the best option for ensuring your pet’s continued care.
You’ve carefully crafted an estate plan that will provide for your loved ones – now, consider whether a trust for your animal companion fits in as a piece of that larger plan.
Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.