Pet Owner's Economic Tips for Tough Times
Dr. Arnold Goldman is the president of the Connecticut Veterinary Medical Foundation.
He recently authored an article that provides information to pet owners during these tough economic times.
Among his suggestions were that animal owners:
Consider pet health insurance when your pet is still young and before medical problems develop, so that new conditions will not be excluded as "existing" later. Pet health insurance is also a lifesaver when emergencies occur because your out-of-pocket costs will be significantly lower.
Avoid owning more animals than you can handle. Even if you fall in love with an animal who needs a home, think twice about what is best for that animal. While your heart tells you to rescue an animal in need, if you are already struggling financially, you may not be able to afford the required care. The animals you have now should take priority.
Remember, that shelter animals are already well-cared for by a caring staff. Better that animal stayed at the shelter in the first place and had a chance of being placed in another home that could afford all its needs for the long term, rather than being adopted and surrendered over and over.
Just as we all should live within our means, we should also live within our "animal means," and think about basic needs rather than fancy perks. If necessary skip the professional groomer and learn how to bathe/groom your companion yourself; skip the paid dog walker or doggie day care and see if a friend can help you out with the walks and exercise when you are working extra hours to make ends meet, and can't get home to tend to your pet." ...
You can read the rest of his article and secure additional economic tips for pet owners here.
Visit Us At The FloridaPet.Net Newsletter
We wrote in March that our home link had been added to one of our favorite websites, FloridaPets.Net and we recommended that you sign up for their informative newsletter.
Even non-Floridians will find a wealth of valuable and entertaining information for safe travel, welcome lodging and easy dining with your family pets.
Now, we are very pleased to be included as a contributor to their latest newsletter.
Click here to read our article on Pet Trusts and return to their site often for good information.
Thanks to Patricia Collier and her entire staff for allowing us to work with their on line publication.
Sunday Is National Pet Parent's Day
National Pet Parent’s Day.
I did not know this holiday even existed.
A noble idea.
A fun concept to consider.
But, we all should have known that like Mother’s Day, Father’s Day, Grandparent’s Day and Valentine’s Day…there is a commercial enterprise behind this idea
According to the Sacramento Bee newspaper.
"Veterinary Pet Insurance Co. (VPI) has designated a day in honor of those who tirelessly scoop poop and dish out kibble, hold birthday parties in Fido's honor, and share a cramped bed with four paws. Pet Parent's Day(SM), the nation's only official day celebrating pet caregivers, lands on the last Sunday in April - this year, April 26. Preempting a season dedicated to the appreciation of mothers and fathers, National Pet Parent's Day recognizes and honors those who lovingly consider their pets a part of the family."
Even if it is a potential money making idea, it is a good reminder that our pets may be more like children to us, rather than mere animal companions.
Grab your pet, give'em a hug and enjoy National Pet Parent's Day.
Pet Owners Spent $43 Billion in 2008?
The economy may be stumbling daily.
Unemployment may be on the rise.
Foreclosures may be occurring nationwide.
But, animal owners continue to take care of their pets.
According to a survey of National Pet Owners by the American Pet Products Association, over $43 billion dollars were spent on pets in 2008.
For 2008, it estimated that $43.4 billion was spent on our pets in the U.S.
The breakdown is as follows:
Food $ 16.9 billion
Vet Care $ 10.9 billion
Supplies/OTC Medicine $ 10.3 billion
Live animal purchases $ 2.1 billion
Pet Services: grooming & boarding $ 3.2 billion
For additional information, visit their website here.
Maryland Passes Statutory Pet Trust
In February, I wrote that A. Wade Kach, a Baltimore County Republican, had introduced legislation that would provide for pet trusts in Maryland.
A previous bill that was introduced in the Maryland Senate in January of 2006 (Senate Bill 235) failed to pass.
Well this time the legislature got it right.
The newly passed law goes into effect on October 1, 2009 and reads as follows:
(A) A trust may be created to provide for the care of an animal alive during the lifetime of the settlor.
(B) A trust authorized by this section terminates:
(1) if created to provide for the care of one animal alive during the lifetime of the settlor, on the death of the animal; or
(2) if created to provide for the care of more than one animal alive during the lifetime of the settlor, on the death of the last surviving animal.
(C) (1) A trust authorized by this section may be enforced by a person appointed under the terms of the trust or, if no person is appointed, by a person appointed by the court.
(2) a person having an interest in the welfare of an animal the care for which a trust is established may request the court to appoint a person to enforce the trust or to remove a person appointed.
(D) (1) Except to the extent that the court may determine that the value of a trust authorized by this section exceeds the amount required for the use intended by the trust, the property of the trust may be applied only to the intended use of the trust.
(2) Except as otherwise provided under the terms of the trust, property not required for the intended use of the trust shall be distributed:
(i) to the settlor, if living; or
(ii) if the settlor is deceased, to the successors in interest of the settlor.
Note: The Rule Against Perpetuities does not apply to pet trusts under Est. & Trusts § 11-102 (b) (12).
Animal owners in Maryland, you can now join 39 other states that have passed statutory pet trusts.
I hope that the other will continue to follow suit.
You Think That Your Dog Has it Good?
The central concern of any estate planning for animal owners is to provide for the continued care of their pets, after the owners are gone.
Care requires money for boarding, vets, food, medicine and essentials, like new toys.
Perhaps the most famous story of animal wealth involves Leona Helmsley’s dog, named Trouble, who received millions of dollars from his owner upon her death.
We know that if the amount of money that is left to the pet is unreasonable or unrealistic, the trust may be challenged. The larger the amount left for your pet, the higher the percentage of a challenge, especially, by a disgruntled relative.
I have also noted that many individuals find the whole concept absurd and a waste of money.
Well recently, I was alerted to a website, called bankling.com, by my friend Stacey.
Bankling states that it is your guide to the intersection of three topics: money, the Web and life.
Bankling has a story by Miranda Marquit that reviews the world’s richest dogs.
Moreover, we are talking RICH dogs, beginning with Gunther IV, a German Sheppard commanding a wealth of over $350 Million.
You can read the whole article here, but I must warn you, it might make your take home pay stub look very small.
There Are Many Ways To Fund A Pet Trust
Can I use a bank account to fund a pet trust for my dog, Cheyenne?
Judy Boulder, Colorado
Judy, you may specify a bank account, savings or money market account, an annuity, an IRA, a payable on death bank account or other form of contractual agreement to fund a pet trust.
Of course, one of the most common forms of funding is through the purchase of a life insurance policy.
You should consult with your attorney, insurance broker, commodity broker or banker to correctly determine the name that should be placed on these accounts for the benefit of the trustee and Cheyenne.
Rescue Group Supports Connecticut Pet Trust Legislation
I recently wrote about the proposed legislation in Connecticut regarding statutory pet trusts and have received many different responses.
I posted some of them here.
Apparently, this issue has really struck a nerve during these difficult economic times, as I continue to receive additional comments.
The most recent one is here, written by Robin;
"I volunteer with an Animal Rescue group in CT and I also have seven cats of my own. I've seen, too many times, when an owner dies or goes into Assisted Living, that their pets are either euthanized or there's a crazy rush to find placement in a foster home or shelter for the animal. Often, those animals, themselves, are sick or elderly. It's difficult and time consuming to find older animals homes and many end up dying while waiting for placement. It hits the Rescue groups in the pocket since we can barely afford food and litter and now we have to come up with medical care costs, too. We could do far more to save more animals if we didn't have the burden of caring for pets without Trusts.
What this Bill would do is to allow Rescue groups to place animals with senior citizens (which rescue groups are reluctant to do now) without fear that those placements would be bad for the animal. This would also allow so many MORE animals to find homes, it might very positively effect the number of animals that die every year---and we're STILL looking at MILLIONS of animals being killed due to overcrowding in Shelters.
"Yes, the Economy stinks and there are many problems in this world. Regardless of the timing, it's something simple that can be done and put into effect NOW. It's a quick fix to a long term problem. Let's fix it and move on. I think it's a GREAT idea and I hope the Bill is passed and other states join us..."
You can visit their website here.
Have A Great Holiday Weekend
Have a safe and enjoyable holiday weekend with your friends and family.
Keep the chocolate bunnies and eggs away from your pets!
Are Pet Sitters Licensed?
I am looking for a pet sitter for my two dogs Buster and Billie. I personally know some neighbors that provide this service. I have read some information on your blog and am curious as to the issues of bonding and insurance for the protection of my pets.
Tommy East Lansing, MI
Tommy, unfortunately most state do not have any specific regulations regarding pet walkers or pet sitters. It is probably not even necessary to have a business license in most jurisdictions.
I found some excellent information for you to review at Petsitusa,com.
They discuss bonding, licenses and insurance:
Insurance
Pet sitter liability insurance works much like any other insurance. It covers accidents that may affect the client’s pets or property while the pet sitter is on an assignment.
Bonding
Bonding is most appropriate for companies that hire employees. A fidelity bond (or dishonesty bond) usually insures a business in the event that an employee steals from a client. If this happens, and the employee is found guilty of theft, the bonding company will pay for the stolen items. Many sole-proprietors are bonded, but this is mostly for their clients’ peace of mind.
Licenses
A business license and a professional license are quite different, and anyone who hires a pet sitter should know what those differences are.
You can read the rest of the article here.
Pet sitters or walkers have a great deal of responsibility for your pets.
Make sure that you know these individuals and are comfortable with their skill levels and concern for your pets.
What Is An "In Terrorem" Clause In A Will?
I spoke with a dog owner yesterday about some estate planning for her Boxer named Molly.
Molly’s owner, Mandy, told me that her only relative is a brother that she has not spoken with for years, and she is sure that no matter how she provides for Molly in her will, that the brother will contest the matter in the courts and try to take the money set aside for Molly.
We discussed the option of establishing a trust for Molly, but Mandy was not interested in that avenue.
I then suggested that the will could include an "in terrorem" clause.
“My brother may be a bad person, but he is certainly no terrorist,” exclaimed Mandy.
I smiled and explained that an "in terrorem” clause provides that if a person unsuccessfully challenges a provision in a will, then the challenger cannot receive any property under any other provision of the will.
So, if a court finds that Mandy’s will is otherwise valid, the clause providing monies for the care of Molly will be upheld, despite the protests of her brother.
Mandy’s desire to take care of her dog will be fulfilled.
You Can Help Provide Daily Food for Rescued Animals
Many times, I provide information on websites about animals and pets that may or may not be commercial ventures.
I try not to recommend or condemn any of them.
They are what they are, and you can patronize them or avoid them as you choose.
However, I received the following email from a friend and it seems like a worthwhile proposal to me:
"Animal Rescue
Hi, all you animal lovers. This is pretty simple... Please tell ten Friends to tell ten today! The Animal Rescue Site is having trouble getting enough people to click on it daily to meet their quota of getting free food donated every day to abused and neglected animals. It takes less than a minute (How about 20 seconds) to go to their site and click on the purple box 'fund food for animals' for free. This doesn't cost you a thing. Their corporate sponsors/advertisers use the number of daily visits to donate food to abandoned/neglected animals in exchange for advertising. Here's the web site! Pass it along to people you know."
Go the site. Take a look. If you believe it is a good thing, help them out.
Thanks.
Additional Comments on Proposed Pet Trust Legislation In Connecticut
I recently posted a story concerning proposed new legislation for a statutory Pet Trust in the state of Connecticut.
I continue to receive responses from readers that are both for and against the bill.
Here is one of the recent responses.
"Pets have been proven to have positive mental and physical health benefits for the elderly. But often senior citizens forgo this benefit for fear their pets will be killed upon the owner's death. Pet trusts give peace of mind to the elderly and also help reduce the number of homeless animals. Getting old is hard enough. Why deny this comfort to the elderly? Maybe those who disagree are greedy relatives who hope to get something for nothing."
What do you think?
We will post your thoughts and attitudes as they are received.
