Earlier today, Greg Hamblin was kind enough to host two of our partners, Jordan Flake and Jared Richards on his new podcast, On The Docket.
We had a great time! We can't wait to hear the whole episode..
In the clip above, Mr. Richards and Mr. Flake were asked by Greg to explain how person could leave thousands upon thousands of dollars for a pet. Here is a great example from Britain1)They use common law too! Where do you think we got it from?
Amoungst the new podcast fun, Mr. Richards and Mr. Flake explain what is necessary for person to bequeath a gift to a pet.
New Podcast Transcript:
Greg Hamblin: Could you do that kind of thing with an estate?
Jared Richards: I don't know anything about estate planning. It is your money, and you can literally do whatever you want.
Greg Hamblin: It's a Disney movie waiting to happen.
Jared Richards: I worked for a poodle named Shotzel once.
Greg Hamblin: Yes. Did you really?
Jordan Flake: Yes. I did.
Jared Richards: Yes, the Hoolihan.
Jared Richards: The Hoolihan Estate, yes.
Jordan Flake: The Hoolihan Estate. We all worked for Shotzel. I hope Shotzel is doing okay.
Jared Richards: Shotzel died 2 weeks after his master.
Jordan Flake: Oh darn, oh okay. The anxiety of meeting up with Shotzel's demands is no longer resting on your shoulders. Seriously.
Jared Richards: All of the most premium of dog bones.
Jordan Flake: With Prince it's just interesting maybe he probably didn't expect to die as young as he did and maybe he just thought this stuff will take care of itself. You just contrast the $300 million of estate assets versus the relatively small amount of money that would have gone to an attorney. I mean it would have been expensive, no doubt, to do the estate planning. It's really crazy.
Jared Richards: Yeah, if I'm going to spend part, leave it all to the poodle.
Greg Hamblin: Leave it all to the poodle?
Jordan Flake: Leave it all to the poodle and the poodle's descendants and just call it good, and have them in a big mansion and create a reality TV show about their lives. It's not that hard. If we have any listeners who have pets who they would like to exalt and publicize, and then you can definite put what we call pet trust provisions in the estate planning.
Greg Hamblin: Oh my God.
Jared Richards: Or, if there are any NBC or CBS executives listening, we have an idea.
Jared Richards: Right, we have an idea.
Jordan Flake: It just struck some serious goals there.
Jared Richards: Absolutely.
Jordan Flake: What the provisions generally say-
Greg Hamblin: Pet lawyer on TLC.
Jordan Flake: Pet lawyer.
Jared Richards: If your pet needs a trust.
Jordan Flake: No, I already am a pet lawyer. I had a client come in, a very nice woman. She was a pharmacist and she has a life insurance policy for a quarter million dollars and she left 100% of the life insurance policy to her 12 cats that she currently has; or, and we made it flexible because the number fluctuates apparently, to whatever companion animals are currently living with her at the time she passes away.
She was very grateful to have that piece of mind. The reality is, it's her money. If she wants to use it to benefit her pets then that's well within-
Greg Hamblin: What are the cats going to do with the money?
Jared Richards: I'm sure a little catnip , all this…
Greg Hamblin: It's just going to ruin them. They're just going to get on drugs. They're not going to go to college.
Jared Richards: Everybody needs a response.
Jordan Flake: Therein is the genius of the TV show. Look at all the nice clothes they're buying. Look what they do with their, I'm just an heir lifestyle. “I'm just an heir” to this great fortune, you know? Some will make the videos and bad choices. We talked about that.
Greg Hamblin: We talked about it. We have these sensitive moments that really connect with the family viewers. Forget Paris Hilton.
Jared Richards: If you do want to do that though you do have to be careful and set it up properly. Just throwing it into your will saying I want to leave everything to my cat.
Greg Hamblin: It doesn't work.
Greg Hamblin: No. It has to be in a trust and you have to address that problem.
Greg Hamblin: I'm assuming that's because you actually have a human being who takes care of the pets?
Jared Richards: Yes.
Jordan Flake: That's right, that's right.
Jordan Flake: You have a trustee in that situation and you tell the trustee, listen this is how the money is to be used. You'll want to compensate the trustee and our trusts that we use generally have provisions for compensating the trustee, because at some point the trustee is going to say, "You know what? I think I'd rather spend this money on myself."
Greg Hamblin: Right.
Jordan Flake: This is a good candidate-
Greg Hamblin: He won't be satisfied with the irrevocable living love of the cat.
Jared Richards: Oddly enough, it's very, very few people will sue on behalf of the cats.
Jordan Flake: That's exactly why I was going to say either a co-trustee or a trust protector, or maybe designating an agent to benefit the cats while the trustee is somebody who manages the money. Those things can give you an idea because usually well, you know who comes along and makes sure the provisions of the trust are being enforced, as Jared hinted at, would be the beneficiaries. As much as the cats are then enjoying their wealth, they're not going to be in a state of mind to bring a lawsuit against the trustee if they're fulfilling their obligations.
Jared Richards: Or if they're fulfilling other things like if Miss Cruela DeVille were the trustee.
Jordan Flake: Right, exactly.
Greg Hamblin: Coming in 2017 on TLC. Oh my goodness…
In case you missed Episode 1..
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