Providing a Secure Future for Furry Friends

Physician's Money Digest, December 2005, Volume 12, Issue 16

InvestmentNews

You may have set up trust accounts foryour children and provided them with asecure financial future should somethinghappen to you, but what about makingarrangements for Fluffy and Spot? Moreand more pet owners have requested thattheir estate planner set up a pet trust toguarantee quality of life and care for theirfour-legged loved ones should pets outlivetheir owners. With 60 million to 88 millionbaby boomers facing retirement, a generationknown to indulge their pets, it's nowonder that trust attorneys have seen thenumber of pet trust requests double eachyear, according to . Pettrusts usually range from $5000 to$25,000, depending on the type of animaland the level of care required, and someowners even insist that their pets continueto reside in their home. One particularphysician couple requested that their horses,llamas, goats, dogs, cats, and pig remaintogether on their 11-acre property, fundedwith $850,000 that includes a caregiver'ssalary. If you think a pet trust is a nutty tacticfor old ladies with 12 cats, think again:31 states protect the rights of animal heirswith some form of a pet trust law.