{"id":552,"date":"2023-01-19T06:38:05","date_gmt":"2023-01-19T06:38:05","guid":{"rendered":"https:\/\/www.jrhastingslaw.com\/?post_type=newsletter&p=552"},"modified":"2023-01-19T06:38:05","modified_gmt":"2023-01-19T06:38:05","slug":"opportunities-with-planning-for-pets","status":"publish","type":"newsletter","link":"https:\/\/www.jrhastingslaw.com\/newsletter\/opportunities-with-planning-for-pets\/","title":{"rendered":"Opportunities with Planning for Pets"},"content":{"rendered":"
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Volume 2, Issue 12<\/b><\/div>\n
The Wealth Counselor<\/div>\n
Opportunities with Planning for Pets<\/strong><\/span><\/div>\n<\/div>\n<\/td>\n<\/tr>\n
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For many clients, pets are members of the family. These clients often say that if something happens to them, they are more concerned with what will happen to their pets than to their children or spouse.\u00a0<\/span>
This issue of The Wealth Counselor<\/i> examines the issues surrounding caring for pets after the disability or death of the pet’s owner. Given many clients’ feelings towards their pets, and the costs of care and longevity of some types of pets, this is an area where the planning team can differentiate itself and provide real client value while also generating additional revenue for multiple team members.\u00a0<\/span>
What Will Happen to the Pets When the Owner Becomes Disabled or Passes Away?<\/strong>\u00a0<\/span> Most pet owners do not want their pets killed if something should happen to them. However, without proper planning, the death of the pet is almost certain in some areas. For example, in some Nevada counties, if the client does not provide for a pet by way of a trust, when the client dies Animal Control must take the pet to the local kill shelter if there is not a family member present who is willing to care for the pet. Some kill shelters euthanize animals 72 hours after they arrive at the facility, making it virtually impossible for anyone to adopt the pet. Clients can avoid this unintended and unfortunate result by creating a trust that names a caregiver for their pets.\u00a0<\/span>
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Planning Tip:\u00a0<\/strong>Research how your state or county laws affect pets after the owner dies or cannot care for the pet. Help your clients to provide caregiver information to their local Animal Control so that, when the time comes, Animal Control can contact the caregiver(s) to retrieve the pet.<\/div>\n
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Planning Tip:\u00a0<\/strong>Provide your clients with a Pet Alert Card including the owner’s name, number of pets, and multiple caregivers’ names and phone numbers. Laminate the card and ask each client to place it in their wallet behind their driver’s license. If something happens to the client, someone searching for their identity will see the Pet Alert Card and know there are pets that need care.<\/div>\n
Providing for Pets Upon the Owner’s Death<\/strong>\u00a0<\/span>
Outright Gifts<\/em><\/strong>\u00a0<\/span> The law treats pets as property. Because property cannot own other property, money and other property cannot be left or transferred outright to a pet. One can transfer or leave assets to a caretaker with the request that the caretaker care for his or her pets. However, because the caretaker receives the gift outright, no one is responsible for ascertaining whether a pet is receiving the care requested by the pet owner.\u00a0<\/span>
Once the caretaker receives the gift and the pet’s owner is gone or incompetent, there is nothing to stop the caretaker from having the pet euthanized, throwing it out on the street, taking it to a local kill shelter, or using the assets in ways unrelated to the care of the pet. In addition, once in the caregiver’s hands, the assets are exposed to the caregiver’s creditors and they may be transferred to a former spouse on the caregiver’s divorce.\u00a0<\/span>