The Situation
An ultra-high-net-worth financial executive approached our law firm seeking comprehensive estate planning services. In addition to substantial partnership equity and personal assets, this client owned several animals that had gained significant market value over the years.
The goals were to:
- Protect assets for generations to come.
- Ensure the proper care and resources for animals.
Our Approach
We designed and implemented an estate plan that addressed these unique requirements:
1. Specialized Trust Planning:
- Established customized trust arrangements, including a pet trust, to ensure the proper care and disposition of these assets with an eye towards creditor protection and tax planning strategies.
2. Pet Trust Planning and Advising:
- Develop detailed animal-specific care goals and instructions
- Create precise financial allocation mechanisms among various sub-trusts.
- Establish legal frameworks for long-term pet maintenance
- Design flexible trust provisions accommodating changing animal needs
The Outcome
Through our comprehensive planning approach, our client was able to protect her personal wealth and ensure the responsible stewardship of her unique and valuable animals.
