Thursday, July 25, 2002
More Bang for Your Buck: Pet Protection
We all know pets can be expensive. But now, Fluffy and Fido have their paws all over your trust fund. That's right. A new law now makes sure your best friend is taken care of long after your gone.
(WSVN) This is how a dog sees the world. But what used to be black and white is suddenly looking very green.
Whoever let the dogs out apparently let them into our pocketbooks.
You guessed it. Benji and Lassie aren't the only canines with cash.
Now, all 4-legged friends have the right to a trust fund starting in 2003.
Brett Marley, Holland & Knight LLP, says "What this law lets you do is treat your pets like your family which for a lot of people they are."
John and Bobbie Ford know the feeling.
They look at Chelsea and Patches as family.
"You build a relationship and a bond with them."
The Delray Beach couple used to fear what would happen to their dogs if something happened to them. And that's why they set up a trust fund.
"These dogs could end up in adoption. They could end up in the pound so we don't want this to happen so that's why we took these steps."
Depending on your priorities, even the most spoiled pooch can come across like a cash cow.
A fund can range anywhere from a couple thousand dollars to hundreds of thousands of dollars.
But remember the money does cover everything from medical bills to food to shelter.
"In a trust fund for a pet, you are going to do a lot of different things. I mean I'm not going to specify what kind of food for my kids but I would probably specifify it for my pets."
And don't worry, Florida Law doesn't discriminate. You can leave a trust fund for a cat, a horse, even a pet iguana.
"The statute hasn't defined any animals that wouldn't qualify."
During these dog days of summer, that makes the fords very happy.
"We are thrilled to death that our wishes will be honored and it will be held up in a court of law."
Florida Law already allows pet owners to set aside money for their animals. But the arraignment is not binding.
FOR MORE INFORMATION:
Law Offices of Holland & Knight LLP
Brett D. Marley