I’ve written about Pet Trusts in a previous blog. They have many benefits for pet owners concerned about what would happen should their animal outlive them. However, until recently, Pet Trusts were not available in Massachusetts. New Massachusetts legislation took effect on April 7th, 2011, bringing this important Estate Planning tool to the Bay State. The remainder of this week’s blog was edited from an article written by Attorney Gina Barry of Bacon Wilson, P.C. in Springfield. [Read more…]
What about Fluffy? Pet Trusts: Another Important Estate Planning Tool
It’s estimated that two-thirds of American households currently have at least one pet, a number that has steadily increased in the last 60 years. With more pets comes a growing industry devoted to helping Americans better care for, and even indulge, their pets, has developed. Businesses that provide pet day care, pet sitters, grooming, spa services, and even pet cemeteries have become common.
Many even consider pets part of their family, a sort of child, brother, sister, or at the very least, friend. Since so much love and attention is given to these fury and feathery companions, many wish to provide for their animals in the event that they become incapacitated or die before their pet. With family greed, skepticism, and fraud on the rise, many seek a better solution than hoping Junior will “do the right thing.” As a matter of fact, owner death and/or disability is one of the top reasons that animals end up in Shelters across the country. [Read more…]
