J. Kelly Kennedy, Attorney/CPA, PLLC

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Dog set to inherit millions

As people accumulate wealth in their lifetimes, they are able to spend it however they see fit. But, people obviously cannot take this wealth with them when they pass. Therefore, people need to create a plan to deal with their assets following their death. For many people, their estate plan includes giving an inheritance to their children, grandchildren and other loved ones.

For one woman, her estate plan includes giving an unusual inheritance. According to reports, the woman is giving a significant amount of money to her beloved dog. In her estate plan, the 60-year-old woman leaves significant assets to her 3-year-old Maltese. The woman claims that the dog is used to a lavish lifestyle that includes expensive outfits and accessories, the best food and other luxuries.

The dog's inheritance includes a million-dollar house in Florida, jewelry and $1 million trust fund. The woman says that the large inheritance is necessary so that the dog can retain the lifestyle to which it has become accustomed.

The woman's adult sons are also set to inherit large sums of money. The woman claims they have been successful on their own and therefore do not have a problem with the amount of asset the dog has been left. She claims they understand just how important the animal is to her and her husband.

While this particular situation may be unusual, leaving an inheritance to a loved one is not. However, specific rules must be followed in order for an inheritance to properly be given. People should make sure they understand how to create an estate plan so that their assets are properly distributed.

Source: Fox News, "Will leaves 6-figure trust fund, $1 million house to NYC pooch," Jan. 17, 2015

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