Florida Pet Trusts

David Goldman writes here about the use of Pet Trusts in Florida as a powerful way “to smooth the transition for your pet while providing the funds for its care and any special needs during its natural life.”

Picking a caretaker

Perhaps the most difficult step is finding the most suitable caretaker – someone not only able, but also willing to take on the care of your pet. Relatives and friends may enjoy visiting with your pet, but that doesn’t necessarily translate into a willingness to provide for its daily care.

Discuss what financial provisions should be made to reimburse the caretaker for actual expenses for food, toys, walking, veterinary care and any special needs.

This step can made even more difficult by the likely conflicts that are created. For instance, many older clients who want to leave something to their pets will usually name their children (or other lineal descendants) as the remainder beneficiaries who will benefit from the trust after the pet passes away. These remaindermen are also usually the same people whom the client will first look at to care for the pet-beneficiary… An obvious conflict that the planner must sensitively but deliberately talk through with the client.

Read the rest of Mr. Goldman’s post here.

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