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DETHLOFF & ASOOCIATES BLOG - MOSTLY (BUT NOT ALL) TAX

Don't Forget Your Fur Baby In Your Estate Plan

Posted by Admin Posted on Dec 07 2017

To ensure that your pet is cared for after your death, consider creating a pet trust. It allows you to set aside funds for the animal’s care. After the pet dies, any remaining funds are distributed among your heirs as directed by the trust’s terms.

Here’s how it works: You create the trust to take effect either during your lifetime or at death. Typically, a trustee will hold property for the benefit of your pet, and payments to a designated caregiver are made on a regular basis. The trust can also mandate periodic visits to the vet.

 

These blog posts are for general information purposes only. Tax law is very complex. You should never make a tax or financial decision based on our (or anyone elses) blog post. If you think a posting might be applicable to your situation please contact us and we'd be happy to discuss it in more detail. 

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