Alternatives To The Traditional Pet Trust
There are some other viable options with estate planning for your pets, in addition to the traditional pet trust.
You can leave your pet to an animal sanctuary and hope that it remains open after your demise.
Or, you may leave your pet to a veterinarian program or humane society, but it will probably be at a considerable financial cost.
You may also leave your pet to a life-care center or rescue organization, but it will not have the same home setting atmosphere for your pet.
In addition, of course, you can leave a bequest in your will, but it will not take affect until your death.
College in the Future for your Pet?
One alternative to the use of a Pet Trust is to make a bequest in your will to support a specific college or university in exchange for the care of your pet.
The School of Veterinary at Purdue University in Lafayette, Indiana has developed a complete program that is called the “Peace of Mind “program for pet owners.
In exchange for the monetary bequest, the school will agree to work with agencies and veterinarians in their area to ensure a new home for your pet and also provide for the necessary medical costs and needs for the lifetime of the animal. There is also continued monitoring with follow-up with the new owners of your pet and their veternarian.
The program will work with your attorney to make sure that the appropriate clause is included in your will for estate planning purposes and to make the necessary arrangements upon the death of the owner.
The School states that the Peace of Mind program helps the School fulfill its mission of addressing the health care needs of animals and educating future veterinarians. This purpose is accomplished through the treatment of patients in their Veterinary Teaching Hospital; education of the veterinary team; and scientific investigation of animal diseases -- their causes, treatments and cures. See the program specifics, here.
The downside, if any, to this program is the expense.
Purdue requests a charitable contribution to the School in the amount of $25,000.00 for each pet.
At least it is tax deductible and you won’t be around to complain.
