When you’re planning your estate it is a good idea to engage the services of an estate planning attorney for a number of different reasons. For one thing, there is more to it than simply drawing up a last will. A last will is one way to transfer assets to your loved ones, but there are other options as well and the ideal strategy is going to vary depending on the identity of your assets and exactly what it is that you want to accomplish with your estate.
Another reason why it is best to work alongside an estate planning attorney when you are preparing your legacy is because there are a lot of details involved, and if you’re not familiar with the process you may overlook some of them.
Because you’re so busy making sure that your family members are provided for you may forget to make provisions for your pet, or simply not know how to do so. Pet planning is important if you want to be sure that your furry friends are well taken care of after you pass away. These preparations would include identifying someone to assume ownership of the pet and providing this individual with the financial resources necessary to care for the animal throughout its life.
Along these lines there is an interesting story making its way around the Internet regarding the estate of deceased fashion designer Alexander McQueen. McQueen was a big animal lover who had three dogs named Minter, Juice, and Callum. McQueen left the animals €50,000, which is equivalent to $82,000, so they should be able to weather the storm financially in McQueen’s absence.
Alexander McQueen also demonstrated his love of animals by leaving generous bequests to a pair of animal-rights and welfare charities. These gifts totaled nearly $328,000. The overall value of McQueen’s estate was estimated at approximately $26 million.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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