Our pets provide us with many intangible joys, and they certainly deserve some rewards in return. A lot of people take this to heart and pamper their pets, but when it comes to certain celebrities they take things to another level.
Estate planning attorneys will always remind their clients that you have to remember your pets when you are planning your estate. While it is true that you may live longer than your dog or cat, there are no guarantees and it is better to be safe than sorry and of course if you are a senior citizen it becomes all the more likely that you will predecease the animal and pet planning becomes even more essential.
Oprah Winfrey and Betty White have certainly taken the matter of pet planning seriously. Winfrey reportedly has set aside $30 million for her dogs, while the popular actress White has placed $5 million into a trust fund to be administered for the benefit of her beloved golden retriever Pontiac.
Clearly, a lot of us would feel as though a dog could be well provided for without making the animal a canine millionaire. However, setting up a pet trust and funding it in a reasonable manner is a good way to make sure that your four-legged best friend has what it needs for the rest of its life in the event of your passing. If you would like to learn more about pet trusts, simply take a moment to arrange for a consultation with a licensed, experienced Indianapolis estate planning lawyer.
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.