Rhode Island Paralegal Association- Presentation Animals & Law

Excited to be presenting to Rhode Island Paralegal Association this evening (NOV 20) on Part 1 of my Animals and Law series.

Tonight’s topic;
“Estate Planning and Animals”

Thank you to Hackman & Phillips Elder Law RI LLC for hosting this presentation.

Part 2 will be in January and will focused on;
“Animals in Legal Battles and Animals & Business”.

If you’d like to learn more about either presentation, please feel free to reach out to me:
Davidcraven@dcravenlaw.com
Or
Ashley Miner; aminer@hinckleyallen.com

Wills & Trusts- Leaving Money to a Charity (Part 3)

Legal IQ Tips: Estate Planning

Do you intend to leave your favorite non-profit money in your Will or Trust?  Does your Estate Plan leave money to an organization?

Leaving money to an organization that you have worked with or feel connected to is a noble thing to do.  Many clients enjoy doing this, as they are nervous to give money they may need for their own care, during their lifetime, but are happy to donate some of their Estate, once they have passed on. It’s always wonderful if you can help support an organization monetarily, so that organization can continue to do their good work.

If you haven’t already, take a look at my last two posts for some other helpful tips on additional “things to think about” when leaving money to an organization.

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HOW do you want your money to be used?

It’s important you really spend some time thinking about this. 

While this topic compliments the other 3 topics I talked about, it also stands on its own. 

Doing your due diligence in those other areas, will help ensure your money is utilized the way you intend, but in addition, depending on how specific your wishes are, you may need additional language or additional documents to help your intentions. 

For example, I have had a client who wanted to donate their money to a Convent.  They knew the local Convent and what good work the parish did.  BUT, my client ONLY wanted their money to go towards the care, comfort, and living expenses of the nuns.  They had a special connection with this Ministry’s nuns and believed these women should be better taken care of.  They did not want their money to help with the up-keep of the facilities, children’s programs, bible studies or anything else.  They admired all the Convent did, but they simply wanted to help take care of the nuns.  

Given the specificity of their request, we created specific language.  Depending on how specific a client is, or how concerned they are about their gift being used as intended, there are different legal tools that can be put in place to ensure money is used HOW individuals want.  This ranges from simple language in a Will to the creation of an entire Trust or Charitable Foundation. 

With all this said, I do caution my clients to think about the scope of their gift from “the other perspective”. If you are too specific in your gift, your gift may not be accepted or be used for what the organization is really in need of at the time.

For example, with the situation I noted above, if for some reason that Convent did not have nuns, my clients gift may not be accepted.  That might be exactly what my clients intended, or, sometimes, you may unintentionally make the scope too narrow. 

Going back to my example of the animal shelter, if that individual had said that the money was only to be used for the creation of a new facility, but a new facility was just built, that money might not be able to be used for another 20-30 years.  While in the meantime, animals were needing food and medical procedures.

Really understanding your intentions, the organization you intend to donate to, and then talking with a lawyer who focuses in this field, will help guide your decisions.  I always counsel my clients on this exact point.  Too broad, your money may not get used as you intended, too narrow of a scope, your money may not be accepted.  I always tell my clients that if they want to keep a narrow scope, we need to have some “back-up” plans in place.

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Again, there are no right or wrong answers on the above topic. 

I hope this 3 part series has been education on some topics you should think about when contemplating leaving money to a non-profit via your Estate Plan: (1) How stable is the organization, (2)What does the organization spend its money on, (3) What is the structure/setup of the organization, and (4) How do you want your money to be used.

Working with an Estate Attorney will allow you to address all of these questions and better ensure your money is used for what you intended.

If  you have any questions or need any help, don’t hesitate to contact me.  I focus my Rhode Island based practice in everything from simple Wills to complicated Trusts.

Estate Planning and Animals- Fetch, RI September Newsletter

Animals and Estate Plans, two words you don’t often hear together, do you? Well, they actually go together as well as peanut butter and jelly!

Read more on this topic, in the article I published in Fetch, RI new additional of their Fall newsletter. (text below)

Interested in learning even more? Join me on October 15 as I present at Fetch, RI on this topic. Click Here to Register.

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Fetch, RI Fall Newsletter

'Estate Planning and Animals'- David Craven, Esq.

Animals and Estate Plans, two words you don’t often hear together, do you?  Well, they actually go together as well as peanut butter and jelly! 

When an individual sets up an Estate Plan, I always advise them to create important documents that will allow people they love to take care of them if anything were to render them incompetent, unresponsive, or unable to take care of themselves.  Those important documents are items like: living wills, health care power of attorneys, and financial powers of attorneys.  On top of that, we talk about how they want to “take care of others” after they pass, and those “others” can include their family members, both human and furry, as well as gifts and donations to organizations, like an animal advocacy group.

Through different Estate planning tools (a Last Will & Testament or a Trust), you can guarantee that your family pet is taken care of.  There are ways to ensure the pet goes to the individual you want and to leave money for his/her care.  I have seen informal agreements fail to be carried out, and accordingly, always advise clients to include their pet in their formal Estate Plan, rather than leave the pet’s fate up to a “handshake”.  Depending on your wishes, you can leave a lump sum for the care of your dog, or setup an entire trust to care for your horse, detailing out everything from who will train the animal to who will make the difficult call on euthanasia. 

Some individuals really want to give money to a specific Animal Advocacy Organization.  I often find that individuals think they need to make donations while they are alive but are hesitant to give money away, since they fear they may need it for their own long term medical care. There are many ways to leave money to an organization upon one’s death.  With a good attorney, you can be creative on how you use your assets and setup your Estate Plan, so that the money goes for the purpose you desire.  Depending on how complicated and specific your wishes are, there are many different options ranging from a one-time lump sum donation to setting up a fund or a trust specifically for on-going donations.

Planning early, and with an attorney, will save you and your loved ones from ending up in a costly and even more stressful situation than necessary regarding your care.  You’ll also give yourself the peace of mind knowing that your loved ones, be it furry or human, are taken care of, and afford yourself the opportunity to gift money to an animal loving organization if you so choose.

I’ll be at Fetch on October 15th.  Feel free to join me while I go into more details on the topic of Estate Planning and Animals.  If you can’t make it, and would like to talk with me about the topic, feel free to check out my website, email me, or give me a call.