[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/plan-to-protect-your-pet-as-part-of-estate-planning-greenwich-ct-new-york-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/plan-to-protect-your-pet-as-part-of-estate-planning-greenwich-ct-new-york-ny\/","headline":"Plan to Protect Your Pet As Part of Estate Planning","name":"Plan to Protect Your Pet As Part of Estate Planning","description":"If you are a pet owner, chances are you love your pets and consider them family members. We love them, we buy them toys, and it is not usual for people to bury their beloved pets in pet cemeteries. However, we often do not make plans for what will happen to our pets if we […]","datePublished":"2015-09-01","dateModified":"2023-08-11","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d14ff2bd.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d14ff2bd.jpg","height":358,"width":283},"url":"https:\/\/www.amorusolaw.com\/blog\/plan-to-protect-your-pet-as-part-of-estate-planning-greenwich-ct-new-york-ny\/","about":["Asset Preservation","Estate Planning","Inheritance","Living Trust","Pet Planning","Pet Trust","Probate","Trusts"],"wordCount":407,"keywords":["Asset Protection","Estate Planning","Inheritance","Living Trust","Pet Planning","Pet Trust","Pets","Probate","Trusts"],"articleBody":"If you are a pet owner, chances are you love your pets and consider them family members. We love them, we buy them toys, and it is not usual for people to bury their beloved pets in pet cemeteries. However, we often do not make plans for what will happen to our pets if we should die before them. Ask at any animal shelter \u2013 many of the animals arrive at the shelters when children or relatives do not want to or cannot care for the pets of deceased family members. In 1990, changes to the Uniform Probate Code recognized the creation of Pet Trusts, and states began to enact pet trust laws that govern in the event of an owner\u2019s death or disability.The state of Florida enacted laws to authorize the establishment of pet trusts in 2003, allowing pet owners to plan for the care and maintenance for their pet\u2019s lifetime. An article in The Naples Daily News, “Pet Trusts Gaining Popularity“, explains the fundamental issues involved.Now almost every state recognizes these trusts (which vary in each state). A named trustee will typically be responsible for the investment, management and distribution of the trust assets. Another individual is named to avoid conflict of interest as the pet\u2019s caregiver. The trust will include details for caregivers, medical needs, and the final arrangements for the pet\u2019s death.However, Internal Revenue Code typically doesn\u2019t recognize pet trusts, as an animal isn\u2019t a \u201cperson\u201d by definition. The trust wouldn\u2019t work because it doesn\u2019t have a legal “beneficiary.\u201d Nonetheless, the IRS does recognize pet trusts for tax purposes.If the trust is validly established under state law, the assets passed to a pet trust are included in the decedent\u2019s gross taxable estate. But no part of the assets qualifies for a charitable deduction\u2014even if the remainder beneficiary after the passing of the pet is a qualifying charity.You should speak with a qualified estate planning attorney because estate taxes and other expenses attributable to the trust will need to be considered when drafting a pet trust. Planning for your pets can be an important part of your estate planning process. Make sure that all members of your family\u2014including your pets\u2014are cared for in your estate plan.Reference: Naples Daily News (August 17, 2015) “Pet Trusts Gaining Popularity”For more information on asset preservation and estate planning, please visit my estate planning website"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Plan to Protect Your Pet As Part of Estate Planning","item":"https:\/\/www.amorusolaw.com\/blog\/plan-to-protect-your-pet-as-part-of-estate-planning-greenwich-ct-new-york-ny\/#breadcrumbitem"}]}]