estateplanningtoolsforownersofcompanionorserviceanimals.ppt

Estate Planning Tools for Owners of Companion or Service Animals Pets Jona McNamee MSU Family Consumer Science AgentCascade County Marsha Goetting MSU Professor and Extension Family Economics SpecialistMontana State University-Bozeman Gerry W. BeyerGovernor Preston E. Smith Regents Professor of LawTexas Tech University School of Law-Lubbock Keri HayesDeveloped PowerPoint PresentationPublications Assistant, Montana State University-Bozeman Headlines August 2007 Leona Helmsley Left $12 million 8-year old Maltese Past Headlines Doris Duke $100,000 to her dog Rodeo Dusty Springfield Estate to cat Natalie Schafer-Gilligan’s Island Entire fortune to dog Betty White Reportedly is leaving $5 million to her pets Importance of Pets Play an extremely significant role in the lives of many people Treat Animals as Members of Family 65% of cat owners 73% of dog owners Research Reveals 80% brag about pets to others 31% take time off work to be with sick pets Pet Ownership-Households Top Three Dogs $43.5 million Cats $37.7 million Fish $14.7 million Pet Ownership-Households Next Tier Birds $ 6.4 million Small animals Hamsters/Rabbits $ 5.0 million Reptiles $ 4.4 million $pending on Pet$ $40 billion per year Pet Impact on Owner’s Life Lower blood pressure Reduce stress depression Lower risk of heart disease con’d Impacts on Owner’s Life con’d 4. Shorten recovery time  after hospitalization 5. Improve  concentration  mental attitude Benefits of Estate Planning To Owners Greater peace of mind knowing that their pet will be cared for as they intended Benefits of Estate Planning For Pets Smooth transition To a new home New pet caregiver Benefits of Estate Planning For family friends Make have not wanted responsibility of making multitude of decisions about care of the pet after death of pet owner Who gets your pet when you die? Pet Definition Montana Pet is defined as: “any domesticated animal normally maintained in or ne