Estate planning for horse owners

As a horse owner, you want to give your horses the best. Undoubtedly, you can do just that. But what happens when you are no longer there for your horses? Who will care for them after you pass? Your estate-planning process needs an exit strategy that ensures your horses will be managed the way you desire. You may need expert assistance to ensure you are doing the most you can for your horses in the event of your passing.

What Happens To My Horses?

The first question you most likely have is “what happens to my horses?”. This is the top question on the minds of most horse owners. You need to appoint a trusted and well-qualified individual or organization to ensure the well-being of your horses and articulate your wishes.

Owners with large breeding operations often choose to sell their bloodstock in a dispersal sale upon their passing. A post-mortem sale is generally the best way to maximize revenue to your beneficiaries. Owners with smaller operations may have an heir with a passion for horses or choose to sell their bloodstock at a public auction. No matter the size of your estate, make sure your executor understands your specific operation and has your best interests at heart.

Who Cares For My Elderly Horse?

If you have horses that cannot be sold, due to age or special conditions, you may need to allocate an aftercare fund or provide instructions for finding these horses a suitable home.

What Happens To My Valuable Equine-Related Personal Property?

You may also wonder what happens to your valuable equine-related personal property. Make sure you provide your executor with detailed instructions so the value of your personal property is not overlooked or unrealized. Choosing an executor who values you and is familiar with your assets will ensure that your estate is not undervalued.

What Happens To My Land?

What happens to your land? In order to ensure your farmland dos not fall into the hands of a developer, you can voluntarily place it under conservation easement. This will limit the use of your land. If done properly, you can ensure the integrity of your land and you may even receive tax benefits. However, conservation easements can create onerous restrictions for your heirs and possibly decrease the value of your land. This land-protection method is not for everyone and it is important to consult an expert to learn all your options.

Once you determine how you want your property handled after you pass, work with an attorney. Your attorney can aid you with tax planning and help you draft the necessary documents to accomplish all your desires. With the right planning, you can give your horses the best even after you go.

Written By Jada Pfeiffer