Pet Trusts

Clients can overlook providing for their pets upon their deaths.  Pet trusts are a viable means of ensuring the post-mortem  care of pets.  Ohio has a statute which provides for the creation of pet trusts.  Kentucky does not have a specific statute but the objective of providing care for pets can be accomplished via other means.

Parents’ Personal Belongings

few tips about dealing with the personal items of parents.  Having seen families fight over furniture and jewelry, I agree with “go slow” and “be diplomatic.”  I would also add “remember it is just stuff” and “your relationship with your siblings is more important than any item.”

Adopting a Girlfriend or Mistress?

This is a bit tawdry.  A man who is being sued in a wrongful death case previously created a trust to benefit his 2 minor children.  He has now adopted his 42 year old girlfriend so she can be a beneficiary of 1/3 of the trust.  Assuming they remain a couple, she may use the trust assets to support herself and him even if he is forced to pay a large damage award in the lawsuit.  My trust documents are designed to prevent this because they provide that an adoptee must be younger than 18 to be considered a beneficiary.

Powers of Attorney

Because powers of attorney are so powerful, and eyed suspiciously by financial institutions, it is better to have an attorney prepare one than use a standard off the shelf form.

Funeral Planning

I typically see a funeral bill of $10,000 for my clients.  Here are  a few quick tips to reduce funeral costs – shop around, remember that the funeral home exists to make money, and that a reasonable casket can be purchased for $400 – $600.