(PRWEB) August 17, 2012
The Law Firm of Pozzuolo Rodden P.C., announces the release of the article "Estate Planning for Pet Owners. " Below is a sample of the first couple of paragraphs. If you would like to read more, please read the full article and other corporate law or estate planning topics at http://www.pozzuolo.com/Pubs_Newsletters.shtml
Estate Planning for Pet Owners
One of the most important considerations in making an estate plan is to provide for the welfare and security of your loved ones after your death. This is especially true when providing for young children and those individuals with special needs who, absent representation, do not have the independent capacity to provide for themselves or assert their rights in court.
One important family member who also shares these traits but is often overlooked-the family pet. The family dog or cat provides you with endless attention, love, and affection, but also depends on you for survival. However, unlike children, the family pet cannot assert his rights through a court appointed guardian or speak for himself if no one else will. Thus it is important to set up a plan to ensure he is not cast aside upon your death or disability. This newsletter provides a general overview of the options available so that this important member of
your family does not get left behind.
There are a number of options available ranging from simply gifting the pet and funds for support to a caretaker to setting up a trust with complex and detailed provisions. The appropriate mechanism depends on the amount of money given and your relationship with the potential caretaker. These options are: 1) a simple gift/bequest; 2) a conditional gift; and 3) a trust for the caretaker to provide for your
The simplest mechanism is to gift/bequest the pet to a caretaker. This is simple and beneficial if you can trust the caretaker to take proper care of your pet in addition with a modest amount of money to reduce any financial burden. On the downside, if greater amounts of money are given, this is not recommended as there is no way to ensure the caretaker actually takes care of your pet or uses the funds for that purpose as it is the caretaker’s money free and clear..............
If you would like to read more, please read the full article "Estate Planning for Pet Owners" and other corporate law or estate planning topics at http://www.pozzuolo.com/Pubs_Newsletters.shtml
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Business planning and transaction, complex business litigation, commercial real estate and development, construction law and litigation, advanced estate planning and administration, tax and pension law, high profile and intricate family litigation, and employment law and litigation.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103