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Home >> How Much Money Should You Set Aside for Your Pet Trust?

How Much Money Should You Set Aside for Your Pet Trust?

March 21, 2011 by Robert Kulas. Leave a Comment

If you’re a pet owner, one of your estate planning priorities is likely making sure that your pet continues to get the best possible care even after you are gone. There are a few different ways to do this, but an increasing number of pet owners are opting to establish pet trusts. One concern clients often raise when we’re discussing pet trusts is how much they should set aside to fund the trust.

After all, you want to make sure there is enough money in the trust to provide for all of your pet’s needs for the rest of its life, but you don’t want to leave an excessive amount to your pet trust and risk inviting a family dispute or, worse, estate litigation.

So, how do you determine what qualifies as a reasonable amount of money to set aside?

  • A good first step is to take a look at your pet’s current needs. How much does it cost you, on an annual basis, to feed, shelter, and groom your pet? What about vet bills and medications? Don’t forget to factor in boarding fees or the cost of traveling with your pet, if you expect a future caregiver to have these same expenses.  Once you’ve determined an annual cost of care, you’ll want to multiply it by your pet’s remaining life expectancy.
  • Next, you might want to pay a visit to your pet’s veterinarian and find out what future medical expenses your pet is likely to incur, given its life expectancy. You can add these expected costs onto the base figure you’ve already come up with.
  • Will you pay your caregiver for his or her services? If so, factor in this fee, as well.
  • What about the trustee of your pet trust? If the trustee will be paid a fee, don’t forget to include this in the amount to be funded into the trust.

These items are a good starting point for figuring out how much money should go into your pet trust. And don’t forget to use your estate planning attorney as a resource. He or she can help make sure your trust does exactly what you need it to do.

Filed Under: Estate Planning Tagged With: pet planning

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
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August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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