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Pet Tracks
IN DOGWE TRUST
Billionaire Leona Helmsley died earlier this month, and even beyond the grave she managed to command media attention and spark controversy as the terms of her will were made public last week. Notorious for highly publicized tax evasion and a much-contested prison sentence in the 1980s, Helmsley earned the nickname "Queen of Mean" for the high-handed and penurious way she treated contractors and household help at her lavish estates and staff at her luxury hotels.
In her final bequests, scant attention was given to the millions Helmsley donated to charities. Instead, the spotlight immediately zoomed in on the $12 million trust for her tiny, 8-year old Maltese, "Trouble," who will be cared for by Helmsley's brother until the dog goes to his final resting place beside Helmsley and her deceased husband Harry in the mausoleum maintained by another $3 million perpetual care fund.
I don't know about you, but I don't have quite that much money stuffed under the mattress; however, I am among those who are concerned about providing for my pets in the event they outlive me.
Nantucket attorney Rhoda Weinman has had only a few requests for including future pet care in client wills, but providing for her pets has always been very important to her. In her own will, she has specified a person and a dollar amount for future pet care. She advises, "The key is to have the discussion with the potential caregiver in advance to determine if they are willing to accept the responsibility, particularly if they are not a family member. Not everyone is willing to take on this task. You also need to provide adequate funds to support the level of care you wish to maintain."
It is estimated 500,000 animals are euthanized every year because their owners have died without instructions or funds for their care. Approximately 67% of us in this country die without a will. Without a will, the Probate Act of the state you live in determines how your assets are distributed, and not all states recognize pets as anything other than personal property.
For the remaining third that do have a will, adding a sentence or two in that document to designate a caregiver and an amount to be set aside for pet care can make a worl d of difference for the future wellbeing of the beloved family pet.
In contrast to a will, which is a vehicle for disbursing assets, a trust establishes a fund for animal care plus specifies instructions regarding the treatment of that animal, and, depending on the state, can also provide a means for monitoring disbursement of funds. Over the past 10 years, more and more states have passed laws that allow pet owners to set up trust funds for pet care with detailed instructions similar to a 'babysitter's note' for minor children. Now 39 states and the District of Columbia recognize pet trusts and there is proposed legislation in the House of Representatives to amend the Internal Revenue Code to treat charitable remainder pet trusts like trusts for people.
Setting up a will or a trust requires the services of a professional, although for the committed do-it-yourselfer there are some resources online to familiarize you with both of these types of documents. However, it is best to consult with a professional for advice about the legal ramifications, pros and cons of various options.
In any case, in addition to designating a caregiver and perhaps an alternate, you need to factor in a reasonable amount of money to fund your proposal. Expect to cover annual expenses for, possibly, a trustee, for pet food, supplies, grooming, vet visits, medications, potential boarding or travel expenses for your caregiver and inflation. Costs can vary depending on location, the age and general physical condition of your pet and by the number of pets to be covered.
Another very simple alternative to a trust or will clause is to draw up a contract with your designated caregiver that becomes effective upon your death or incapacitation with your executor or attorney acting as your agent to administer the contract. Funds could be deposited and maintained in a separate bank account.
At the very least, create an Emergency Wallet Card in case you are involved in an emergency, become ill, injured or incapacitated, so that your neighbors, co-workers or emergency responders know you have companion animals waiting at home and who they should call to take care of them. Make sure your caregiver has access to your home, knows feeding and care instructions, vet name, where to find vet records and is apprised of the permanent care plans you have made for your pets. Your wallet card should list your pets, ideally with a photo ID of each of them, and the complete, current contact information for
your designated caregiver. I
Jan Jaeger is owner of Geronimo's, Ltd., Nantucket's pet supply and gift shop, and is a member of DWAA and CWA (Dog and Cat Writer's Associations of America). Her pets at home are Junior, a Chesapeake Bay Retriever, and three cats. At the shop are cats Messrs. Fish and Chips, Flower bunny, Millie guinea pig and two budgies. Send e-mail to jan@geronimos.com.
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