The Cat Column – Oliver Needs an Estate Plan

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Oliver Taylor

Dear Human,

My name is Oliver Taylor, and I am a Quality Control Specialist at Taylor Financial Group (however, I do my best work from home). Today, I tested the quality of the Taylor family’s recently acquired carpet, and I am pleased to report that this new horizontal scratching post works perfectly (it helped sharpen my claws to fine points)! I am also a burgeoning writer of The Cat Column, your favorite feline-focused news feature.

You may remember my column from hits like “Oliver Admits His Feelings” and “Audra’s 3 Safety Tips for College Students” (feel free to check those articles out if you have not already)! Regardless, I have a bigger issue to confront in this week’s Cat Column, and that is… my human’s mortality.

Now, I know what you are thinking, “Oliver, why are you worrying about your human’s mortality?” Well, it is very simple. I have done the math. Humans have 1 life, and cats have 9 lives!!! For my mathematically challenged readers, this means that I have 8 more lives than my favorite human. So, what is the solution? I, Oliver Taylor, need to make sure that my favorite human has an estate plan that takes care of me! In fact, all humans should have estate plans to ensure that their favorite pets are taken care of in the event of a tragedy.

The first thing to note is that from a legal perspective, pets (even super smart ones like me) are considered tangible personal property (like your laptop or your furniture). Here are the 2 things that you should do to ensure that your pets are covered in an appropriate estate plan.

 

  1. Choose A CaretakerBegin by selecting someone to take care of your pet(s) if something happens to you. The person that you trust to care for your pet can be anyone from a spouse to a friend. Make sure to discuss your wishes with this person, and ensure that they agree to assume responsibility for your pet. If no one in your life can care for your pet, consider a local or national charitable or humane organization.
    1. Write It Down

    Once you know who will care for your pet, put your wishes into writing. Depending on your specific circumstances, you will likely want to use either a Will or a Pet Trust to record your wishes.

     

    Using your Will to leave your pet to someone can be as simple as including a statement like: “I leave my dog, Fluffy, to my friend Rubeus Hagrid.” This statement is legally binding and determines that Hagrid will inherit Fluffy. However, once the new owner inherits the pet, there is nothing to prevent them from dropping the pet off at a shelter in the future, so make sure that you trust the person will care for your pet long-term.

Compared to simply naming an inheritor of Fluffy in your Will, a Pet Trust attempts to thoroughly address the issue of your pet’s care by setting aside money for your furry companion. Trusts identify your pet by name, label a caretaker, name a trustee to manage any saved money, and determine the type of care your pet would receive.

 

Regardless of whether you choose to name a inheritor in your Will or set up a pet trust, the important thing is that you ensure your pet will be taken care of if you are gone. If you would like to discuss your options further, we encourage you to contact the Taylor Financial Group Team for more assistance.

 

Till next time,

 

Oliver Taylor

 

Source: https://www.kiplinger.com/article/retirement/T021-C032-S014-even-your-pet-needs-an-estate-plan.html

 

 

 

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Financial Resolutions to Take Into the New Year

Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner Thinking about making some New Year’s resolutions? Add financial wellbeing to your list. It’s a terrific time to identify goals and opportunities that may put you in a better financial position — not only in the upcoming year, …

Charitable Giving Strategies in a High-Income Year

Tom Fridrich, JD, CLUⓇ, ChFCⓇ, Senior Wealth Planner  The end of the year offers an ideal opportunity to look both forward and back — reflecting on recent achievements, while setting goals for the upcoming months. For many of my clients, it’s also a time to review their finances and i …

Let’s Talk About Midterm Elections and Your Investments

This week was midterm elections and we’ve had many questions about what it all could mean, which we’ll tackle in today’s blog. We consider it a great honor to vote, and while we may not know the final results of the election for days (or even months), what we do know is the election will …

Traditional IRA & Roth Conversion

If you have a Traditional IRA, you may benefit from doing a Roth conversion this year (and if you already performed a conversion this year, you still have time to do an additional conversion before year end). We typically favor Roth IRAs (over Traditional IRA balances) as Roth IRAs grow tax …
1 2 3 219 220 221

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation