By Megail Gaumer
Recently in many news outlets we’ve seen the story of the multi-million dollar Miami heiress Gail Posner who left the majority of her estate to her dogs, much like famed Leona Helmsey. You wonder… Can that be? The answer is Yes.
Those of us with pets know how important the little fur balls are to us, especially as companions later in life. Many start to worry about their pets outliving them and what could happen to them. Laws are in place in Ohio and other states that allow you to continue caring for your pets long after you are gone. You may establish a special trust for the benefit of your pets. Whether you have one or ten, cats, dogs or ducks. You set the rules, such as how often they should be groomed, what they will eat, how they will be sheltered, who will groom them. It’s your choice and you can be as detailed as you wish down to the shampoo used.
The bottom line is you can outline who is to take care of your pet as well as who watches over the person taking care of your pet, what should be done with the funds you have established for your pet and where those funds go at your pet’s death. As with the Helmsley estate and likely Posner’s estate, the courts may deem an amount to be too much and reduce it accordingly. For most of us however, the main idea is not to leave millions but rather to make sure Fluffy is well-fed and well-cared-for when we can’t be there. We are pleased to offer “Pet Trusts” to our elderly clients as one more way to see that their wishes are met.
