Whether as a friendly companion or a fully-fledged family member, pets have become an intrinsic component to many households. According to the American Pet Products Association, 67% of American families own a pet today. Not only is pet ownership up from 56% in 1988, but Americans are also spending significantly more on their pets. In 2016, the pet industry raked in roughly $66 billion in pet-loving profits, a 74% increase from 2006. An explanation for this spending increase could be because most pet owners﹘about 95%﹘consider their pets to be part of the family.

It’s a wonder then, why the estate planning field often overlooks pets. While pet trusts can claim a small fraction of the pet industry profits, only about 12% of cat and dog owners make financial stipulations for their pets in their estate plans.  This underutilized market has significant business potential for estate planning attorneys and provides an opportunity to serve clients better.

Many legal practices rely on a patchwork of different legal software solutions to run their business – one for practice management and another for document prep. However, when your systems don’t talk to one another and you have to re-enter client information, time can be lost and accuracy jeopardized.

H.R.1 provides an opportunity for estate planning attorneys to capitalize on the new rules for tax exemptions. This article highlights some of the most important changes and provide strategies for maximizing your clients’ legacies.