Pet Estate Planning | Mark J Kohler | Tax & Legal Tip
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Pet Estate Planning | Mark J Kohler | Tax & Legal Tip


Hi mark Kohler here CPA attorney best-selling author radio show host YouTube personality to some degree and a pet owner. This is my dog, Maggie This is our family’s dog Maggie. And of course a mini schnauzer and she’s the star of this YouTube Video because I want to talk about pet estate planning. Yes There are 79 million Americans around the country that own a dog 85 million Americans that think they own a cat. Yes We think we own a cat as well But thousands of pet each year are put down through euthanasia because the pet owner Passes away and no one wants to take care of their pet and they’re not as loved as the pet owner did for them and so There’s problems and we need to have a plan Many of you need a will or a trust you need something for your pet as well. And so we’re gonna talk about it So Maggie, I’m going to let you go now while we work on the whiteboard Okay, so in an estate plan, you can have a will or a trust No will at least To dictate who is gonna take care of your pet and maybe you could say I leave them X number of dollars But what’s nice about a trust because it lets you do the when and the how a lot more Variety and so if we compare the two just briefly here for a minute before we integrate There our pets into our state plan a will says who gets what? financially and it’s going to appoint guardians of your children, and that would also include guardians of Your pets so pets and children Maybe I should have put children first instead of pets But anyway, so guardians who gets what and and of course you’re going to appoint your executor and your executor This is going to be the person that takes care of your funeral burial Arrangements and all that kind of goes through your underwear drawer and distributes things according to your will that sometimes called a personal representative? Well, it wills great 50% of Americans. Don’t even have a will We give away a will because it’s so cheap and easy and really not the best but what we prefer our clients to do is a Trust and a state plan that includes a basic will but all so includes the revocable living trust that you control knowing Statics return no extra tax ID number it can last the rest of your life and you can do little updates but with this trust you get to do the who what when and how you also get to appoint a Trustee, so you’re still going to appoint the guardians that handle the raising of your children or helping your pets? That’s the guardian but the trustee handles the money and the beauty of all this trust stuff. Is you avoid Probate there’s no probate even with the will it’s got to go to court but with a trust there’s no probate. There’s no lawyers There’s no court. There’s no government your trustee takes over Handles, everything works with your executor now. I want to show how this plays out in a diagram with your pets So what does this look like? Well, a trust is the foundation of your overall business tax estate asset protection plan I want your trust here You might come up with a unique name for your trust use mail forwarding some privacy strategies all sorts of good things But the trust would own your S corporation or your business maybe it’s a sole proprietorship or something like that any assets for your business your trust would own then your trust would also own your LLC’s that might home rental property and the trust would be the beneficiary of your 401k or IRAs. That’s right a see-through Trust can handle that. So don’t stress out if your stockbroker says, oh no, you shouldn’t have a trust the beneficiary of your 401ks or IRAs or retirement accounts? You can do it if you have the right trust and then your trust also owns your home so all these assets kind of like an umbrella are owned by your trust very simple easy don’t have to change a lot of Documents or things in your life to make this happen It’s called funding your trust now once something happens to you and it will your gonna die I hate to tell you your trust is going to be divided into different pieces You can say the trust lives on for my surviving spouse But then you can also carve out pieces for your children or your spouse’s children you can carve out a piece kind of a bucket for these children that are a part of the his/her nars marriage and it also carve out a bucket for the pets and So you can put a certain amount of dollars in there for this pet and I’d like to distribute money over time so every year the pet lives they get $5,000 or something and maybe an initial couple thousand when you die to take care of the pet and It’s kind of a financial incentive or carrot, you know for this person to take care of your animals I always joke about it, but honestly, maybe not give them a lump sum here take care of my pet for $50,000 and then the pet gets run over or not taken care of the way it should have so you want to maybe give a Financial incentive of thousands of dollars each year the pet lives on and it could be again horses. It could be cattle it could be Cat a dog and all sorts of animals, right? There’s all sorts of animal lovers out there So think about a bucket for children a bucket for pets and then for the children We’d love to talked about this and I’ve got a lot more of different articles and videos on the living trust on giving money to stages to the children and stages Where they don’t blow it all at once either so you can have stage 1 stage 2 and all sorts of rules in there So this is a trust We have a special every year around Memorial Day We do them all year long around the country for clients and they can be as low as 8 hard bucks for a single individual 1,200 bucks for a married couple and then there’s discounts at different times during the year But that the trust is a very affordable plan don’t get sucked into thousands of dollars, even if you’re wealthy It doesn’t have to be an expensive proposition We charge the same weather our clients poor or rich, you know, it can be very affordable So anyway, look at information below I know how to work with our law firm on getting your own trust Set up for your pets or your children or spousal Noah and all the stuff that comes with it We hope that we can be a service but it’s doable. It’s important and it can be affordable Thanks so much for watching. And if you found that helpful, please look in the description below I’ve got links to my tax and legal library my QuickBooks training videos how to start a small business 50 60 70 videos some as long as 30 minutes explaining more information on tax and legal strategies that will change your life Also, if you’d like to subscribe to my newsletter or check out my social media links Please click here their weekly free tips and strategies and articles that you’ll find extremely helpful And I would appreciate it if you’d subscribe to my channel. I’ve got so many videos here I produce every week on my youtube channel, and I’d love to give you a ping every time I shoot a new video Thanks so much and keep living the American dream

3 thoughts on “Pet Estate Planning | Mark J Kohler | Tax & Legal Tip

  1. Wow … what a great topic! I learned so much in the few minutes of this video. I don't have kids, but I have a cat. Thank you for giving us great financial ideas on how to look out for them in case they out live us.

  2. Just wanted to give the comments section of this video some love. You make so many great videos on such a wide variety of topics, please always keep it up.

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