Streetside Investor
September 5, 2007
Till Pets Do Us Part About 63% of households in the United States own a pet — that’s about 71.1 million homes, according to a survey from the American Pet Products Manufacturers Association Inc. As many as 25% of families with a pet have provided for their animals through wills or trusts. Why? Each year two million to four million pets are euthanized, some because they lost their home when their guardian died. Pet owners have a responsibility to make sure that their furry friends don’t end up in a shelter and become “a burden on the municipality.” Pet trusts began to gain steam in the early 1990s, and now 39 states and the District of Columbia have come to recognize them. There is also proposed legislation in the House of Representatives to amend the Internal Revenue Code to treat charitable remainder pet trusts like similar trusts for people. Pet trusts enable owners to leave money earmarked for the care of their animals, and specify how they want pets to be treated. “It’s important to plan ahead for the health of your pet”, says Rachel Hirschfeld, an attorney specializing in pet trusts who can be reached at www.pettrustlawyer.com and www.mypetprotection.com , “This is like a babysitter’s note, you plot every detail in it and you leave instructions as to how you want things done. It’s a serious responsibility. If it’s not followed, you can go to jail.“ Expect to spend at least $1,500 to $2,000 to establish a trust, which requires the skills of a professional. Don’t want to spend the cash or time on a trust? Set up a pet protection agreement™patent pending online for only $49.95. Set up a bank account with someone whom you trust to care for your animal.