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Tuesday, May 27, 2014

Estate Planning...for Plants?

I enjoyed this brief article from Kyle Krull, an American lawyer, which talks about a woman who left instructions in her will to care for her prize house plant. Click here to read the article. I absolutely agree with Mr. Krull's conclusion that although it may sound silly to leave money for the care of a plant, in the end the person leaving the money took responsibility to make arrangements for things that are important to her.

I sometimes find that clients who want to make arrangements in their wills for their pets are a bit embarrassed. They start off with "I know this might sound odd, but..." I don't find it odd at all. It makes perfect sense to me to plan what will happen with your pets when you pass away, since they have a place in your heart. Although most of  us don't care for our plants the way we do for our pets, is it really any more odd to plan for what will happen to anything we care about?

As you read Mr. Krull's article, think about items that have special meaning to you. Some examples might be a classic car that you've restored, a group of figurines that represent every place you've traveled, a collection of vintage Christmas ornaments. Would you feel better knowing that the items would go to a good home once you're gone?

1 comment:

  1. Will I still be subject to U.S. gift and estate tax rules as a Canadian resident?As an American residing in Canada, it’s important to make sure your financial affairs are structured properly to avoid double taxation issues and ensure compliance with the laws of both countries. Our specialists can advise on a broad array of issues specific to Americans living in Canada

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