The 99.5 Percent Act has been proposed in the Senate, which could result in the most extensive changes to the federal estate and gift tax in decades.
Companion animals are an important part of our lives. According to a recent study by the American Animal Hospital Association:
- 62% of households in the U.S. have companion animals.
- 85% of pet owners refer to themselves as their pets’ “mom” or “dad”
- 63% celebrate their pets’ birthdays
- 87% include their pets in holiday celebrations
- 65% have sung or danced with their pets
- 52% have cooked for their pets
- According to the Centers for Disease Control, 14-62% of dogs and cats in the U.S. sleep in the same bed as their human companions.
So, why do so few people consider their companion animals in their estate planning?