With the recent changes in federal estate and income tax and with the hint of more changes to come, you may have decided to review your estate plan or perhaps create one for the first time. Bravo! Now it’s time to answer the question: What do you really need when creating an estate plan? Let’s face it, your estate plan will be for the ease and benefit of those you leave behind. By having a good estate plan in place you will save your executor and loved ones much weeping and wailing and gnashing of teeth, not to mention time and money!
We know we should make plans for what happens to our property when we die, but have you considered who will care for your pets if they outlive you? Without thoughtful planning, our beloved pets can be forgotten in the confusion that accompanies the owner’s long-term hospitalization, a move to a nursing home, or the owner’s death. The best-case scenario may be having a neighbor feed and walk the animal until other plans can be made. The worst-case scenario is that a pet is shuffled off to a high-kill shelter. [Read more…]