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Is Your Furry Friend Included in Your Estate Plan?
Summary:
The number of pet-owning households in the U.S. has reached an all-time high—70%, up from 56% in the late 1980s. During the pandemic alone, about 23 million households (one in five) welcomed a new pet into their homes. As a dental entrepreneur, you're likely part of this large group—comprising roughly 90 million families—who consider their pets as cherished family members. In fact, a Consumer Affairs study of 1,000 pet owners found that 57% of participants aged 27 to 42 love their furry companions more than their siblings.
The number of pet-owning households in the U.S. has reached an all-time high—70%, up from 56% in the late 1980s. During the pandemic alone, about 23 million households (one in five) welcomed a new pet into their homes.
As a dental entrepreneur, you're likely part of this large group—comprising roughly 90 million families—who consider their pets as cherished family members. In fact, a Consumer Affairs study of 1,000 pet owners found that 57% of participants aged 27 to 42 love their furry companions more than their siblings.
But have you, as a busy dentist, considered what might happen to your beloved pet if you were to pass away unexpectedly? Have you taken steps to ensure your treasured dog, cat, or other animal will receive proper care in your absence?
If not, don't worry—it's not something many dental professionals think about amidst their hectic schedules. However, it's time to make your cherished pet a part of your dental practice's estate plan.
Initial steps
- Identify your wishes and intentions. Decide how you want someone else to care for your pet—preferred foods, veterinary care, and other specifics. Clear communication of your wishes is crucial when instructing a chosen caregiver.
- Choose a caregiver. Select a pet guardian who you believe will provide care comparable to your own. Ensure the candidate is willing and able to take on the responsibilities you expect. Discuss your expectations and be open to compromise if necessary. It's wise to identify multiple candidates as backups.
- Factor in the financial considerations. Understand and communicate the likely costs of pet care to the future pet guardian. Does your pet require special food or medication? Are there breed-specific health issues to consider? Addressing these questions now will help ensure clarity about potential care requirements.
CRAFTING A PET PLAN
As a dental entrepreneur, you have three main options for safeguarding your pet's care:
- Pet care agreement. This enforceable contract between you and the agreed-upon caregiver outlines specific care instructions and financial arrangements for your pet in the event of your death.
- Pet trust. This legally enforceable arrangement ensures your pet care wishes are honored. You'll need to appoint both a pet guardian and a trustee to administer the trust. The trust can be established now or upon your death and should be funded to maintain your pet's standard of living.
- Will bequest. Your will can stipulate who becomes your pet's guardian and the amount set aside for its care. As with a pet trust, ensure the pet provisions in your will are valid in your state.
The financial side of your pet's care
As a dental practice owner, you understand the importance of financial planning. When providing for your pet's care after your passing, consider:
- The cost of care and your pet's life expectancy.
- Potential medical costs as your pet ages.
- Boarding facility costs, if applicable.
- Pet health insurance costs, if desired.
- Compensation for the caregiver, if any.
Important: Specify where any remaining funds should go if your pet passes away before the allocated money is spent.
As a dental entrepreneur, you don't need to be extremely wealthy to incorporate basic or even advanced pet care provisions into your estate planning. If you're interested in arranging for your pet's care after your passing, consult with your financial advisor about the best strategies to achieve this goal. If you already have a pet estate plan, review it periodically to ensure it still meets your needs and aligns with your dental practice's overall estate plan.
Tim McNeely
Advisor to Dental Entrepueriers
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This material is intended to be used for educational purposes and does not constitute a solicitation to purchase a security or investment advisory services. Some material on this site has been researched and prepared by BSW Inner Circle and its affiliates, CEG Worldwide, LLC and AES Nation, LLC. Timothy J McNeely has retained AES Nation to conduct research and prepare informational materials for his use. Mr. McNeely is a member of CEG Roundtable and pays an annual fee for these services. Mr. McNeely is involved in these activities through The LifeStone Companies.
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