Helping Your Clients Create a Pet Budget
Pets sometimes outlive their owners. A client's accident or illness can leave their pet without a
caregiver, which, without the proper planning, can result in the pet being sent to an animal
rescue or shelter. Compiling a list of common expenses is the first step in protecting a beloved
pet's future. You can assist your client in determining the right amount of funds to set aside for
their pet's continued living arrangements.
Create a Checklist
There are many online resources to help develop a list of pet expenses. Pet owners should
consider the following types of expenses.
Nutrition
This is a primary expense for any pet, but larger animals will incur higher food costs. Include the
following when calculating how much to budget for:
- Regular pet food purchases
- Treats
- Recommended supplements or vitamins
Veterinary Care
Healthcare keeps pets feeling their best and able to provide joy, entertainment, and
companionship. Routine care can help prevent medical emergencies, but your client should still
budget for the unexpected, including the following:
- Routine check-ups and vaccinations
- Preventive medications (flea, tick, heartworm)
- Emergency vet visits
- Dental cleanings and care
- Spaying or neutering
Medications
Medication is sometimes necessary for illnesses, injuries, and aging. Some animals and breeds
of animals are known for having certain health conditions during their lifetime. Most medications
are based on weight, so larger pets may also have higher medication expenses. Common
medications or preventative treatments include:
- Prescription medications for chronic conditions or illnesses
- Flea, tick, and worming treatments
- Pain relief or anti-inflammatory drugs
Grooming and Hygiene
Some animals only need occasional grooming to supplement self-grooming techniques, while
others require extensive care to maintain their coat, teeth, or nails. It may be a matter of
preference and appearance. If you have a show animal that is regularly entered in events or
contests, the costs can be significant:
- Shampoo, conditioner, grooming tools
- Nail trimming and filing
- Haircuts or professional grooming services
Pet Insurance
Insurance helps make certain medical visits affordable when a pet suffers from an unexpected
illness or injury. Depending on the type of pet and risks for injury, the cost of insurance can be a
few dollars to a few hundred a month for most small animals. Large animals such as horses can
have much higher premiums:
- Monthly or annual premiums for pet insurance coverage
- Deductibles and copayments for medical expenses
Pet Supplies
Every type of pet needs certain supplies to provide them with a comfortable environment. Again,
the size of the pet usually dictates the initial cost of these items, and many items need
replacement over time:
- Bedding or crate
- Leashes, collars, harnesses
- Litter, litter boxes, waste bags
- Toys and enrichment items
Boarding
Due to work schedules and vacations, a pet may need to be boarded, cared for by a petsitter, or
attend daycare, for which the following costs must be considered:
- Boarding fees at a kennel or other boarding facility for vacations or trips
- Petsitting services in the home
- Daycare for socialization and exercise during the workday
Travel and Transportation
If you travel a lot, smaller pets can travel with you in cars or planes; larger pets require hauling
in trucks and trailers:
- Travel crates or carriers
- Transportation fees (public transportation services)
Identification
To comply with local laws and ensure you can track and identify your animal, different types of
identification can be purchased or may be required:
- Microchipping
- Pet tags and collars
- Licensing fees
After a budget is created, your client will have a detailed list of expenses to share with potential
pet caregivers and an estimate for how much future pet-related expenses may be. This estimate
can act as the basis to determine how much money should be set aside for the pet's care and
where that amount of money will come from in the event of the client's death.
Next Step
Once your client has a budget in place, the next step is to meet with their planning team
(financial advisor, insurance agent, tax preparer, and estate planning attorney) to put a plan in
place that protects their pet and provides the funds necessary to care for them in the event the
client passes away before their beloved pet. If you are interested in learning more about pet
planning and the role you can play, please give us a call.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
