How Much Money Is Needed To Fund My Pet Trust?
How much money do I need to fund my pet trust?
This is a common question that I am asked by animal owners, and the answer, of course, is a vital part of setting up a pet trust.
In order to adequately fund the trust, you need to know how much it will cost to take care of your pet and for how many years the cost will continue.
Petfinder.com recently published a good article with a chart from Stephen Zawistowski, Ph.D., the Sr. VP Animal Sciences, ASPCA, of the estimated yearly costs of pet ownership.
Although, I believe that some of the costs projected are very low (for example, he sets the cost of food for a small dog at only $150.00 per year) I believe that it is a good starting point for your review of needed costs and categories for your planning.
Go here, and check out the entire chart.
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.
