Planning For The Future With Pet Trusts
I have to readily admit that I am inept with Facebook and Twitter.
I can barely text.
However, I was please to be mentioned in a recent post, concerning the use of pet trusts, with the esteemed Gerry W. Beyer, the Governor Preston E. Smith Regents Professor of Law Texas Tech University.
A Facebook site called Sidewalk Dog, recently posted about planning for the future with pet trusts.
Attorney Kortney Nordrum of Minneapolis-based Nordrum Law was quoted in the post:
“The purpose of a pet trust is to create a plan for your pets in the event you are unable to care for them. Each year, many pets are euthanized because their owners have become incapable of caring for them,” Nordrum says. “Pet trusts try to keep this from happening.”
You can read the entire post and learn more on pet trusts.
Release In Power Of Attorney For Pet Medical Information
Is there a general type of release for medical information in a power of attorney for a pet? I am working on my estate planning for my house full of cats. Thanks.
Mairin Gold Beach, Oregon
Marin, I have included typical release language below.
This is from the Papillon Club of America of Quincy, Florida.
AUTHORIZATION FOR RELEASE OF PATIENT INFORMATION
Papillon Club of America Rescue Trust
TO: Any and all treating veterinarians or facilities
This document authorizes any and all licensed animal health care practitioners, veterinarians and other persons who have participated in providing any care or service to my pets to discuss any communication, whether confidential or privileged, and to provide full and complete patient reports and records justifying the course of treatment including but not limited to: patient histories, vaccination histories, examination and test results, reports, or other information prepared by other persons that may in be your possession to the Papillon Club of America, Inc. (PCA) and/or its representative.
For more information about the club and its rescue efforts, visit their website here.
Horse Lover Looking For Help With Pet Trust
Pet lover looking for help…
..."I was wondering if you were aware of any pet welfare organizations that would be available to monitor, over the long term, the well-being of two horses that were left a trust?
It is a long story BUT a close friend of mine passed away and left inside her main trust a subtrust to pay for the care and maintenance of her two horses.
I was appointed the caregiver of them.
The current trustee has fired me from my position (and benefit) as supervising caregiver and we are currently in a lawsuit.
I am preparing for our court-ordered mediation and one of my alternative ideas is to agree to let the horses stay under the care of the current Trustee however, I would want an outside party to monitor the health and care of the animals, as well as the accounting of the horse trust.
Perhaps for an ongoing donation to the charity organization from the Trust.
The Trust is written in such a way that, should the horses die or have to be euthanized, the remainder of their trust reverts back to the bigger Trust and the current Trustee has already shown herself to be inclined to pre-maturely euthanize one of the horses...
Any answers…reply to me.
Thanks
Use a Charitable Remainder Trust in Your Estate Planning For Your Pets
Can I use a charitable remainder trust in my estate planning for my four dogs?
Ron Troy, Ohio
Ron, with a charitable remainder trust, you set up a trust and transfer to it the property you want to donate to a charity.
The charity needs to have a tax-exempt status under the Internal Revenue Code and must be fully accepted and approved by the IRS.
The charity serves as trustee of the trust, and manages or invests the property so it will produce income for you
The charity then pays to your Trustee of your pet trust, a portion of the income generated for a certain number of years, or for the duration of your pet trust.
When the trust ends, the remainder of the property goes to the charity.
There can be some beneficial tax treatment and this is a very popular type of trust.
Consult your attorney and your accountant before you begin this process.
Set Up a Pet Trust For Your Horses
Can I set up a trust for my horses?
Valerie Mesa, Arizona
Valerie, you can indeed set up a trust for your horses.
In fact, Wendy Feldman recently wrote an article on Arizona Bridle and Bit website.
Ms. Feldman, CLU®, ChFC®, CASL® recently wrote:
… the state of Arizona has recently passed legislation making trusts for animals legal and enforceable. That means when you take the time to put a written plan in place to care for your horses they will be cared for according to your wishes.
…you need to sit down with a qualified professional to write down your specific goals and wishes with regard to your animals. While the Arizona statute is in place allowing you to write the plan, you must include many details that a professional estate planning attorney can provide for you.
...How detailed can you be in this plan? Very detailed. For example, the plan can determine who will be the caregiver, the options for keeping, selling or finding good homes for the animals and how much money is available for their care. Additionally, the care plan for each horse can be spelled out individually. Of course, most horse owners also have many other animals. The plan can be written to provide for them all…
Read more on this issue here.
Condo Rules For Pet Owners
Do you have good examples of Condo Pet Policies or Rules that you could send to me? We are in the process of revising our condo pet rules, as we have had a number of complaints and some of our rules seem to be somewhat vague. Thanks.
Cathy
Cathy, I do not have enough information to provide specifics for your particular condominium and you would obviously need your counsel to prepare any amendments.
Nevertheless, here are some generic condominium rules for pets.
The maintenance, keeping, boarding and/or raising of animals, livestock or poultry of any kind, regardless of number, shall be and is hereby prohibited within any condominium unit or Common Elements, except that this shall not prohibit the keeping of small dogs, cats, and/or caged birds as domestic pets, provided they are not maintained, kept or bred for commercial purposes and provided further that the keeping of small dogs, cats and/or caged birds will not constitute such type of noxious or offensive activity.
All pets shall be kept leashed and under the control of their owner whenever they are outside the unit, and shall not be allowed to run free or unleashed at any time, or to otherwise interfere with the rights, comfort or convenience of other residents.
Dogs may only be walked in the following areas: wherever this particular condo community decides; ex: the grassy area along the fence by City Blvd. and Town
Terrace.
Dogs may not be walked on grassy areas near your neighbors' units, and must be cleaned up after.
Pets must be vaccinated and kept in accordance with the County Health Department laws and regulations.
Owners are responsible for all damages caused by their pets to common areas and to the property of others.
Consult with you association counsel and you can accomplish your new goals.
How Do You Find That New Pet?
Okay, you have finally decided that you just must have a new doggie.
What is next?
Well, according to Nancy Kay, DVM:
"Here are some good options for finding your new dog (hopefully, we are in agreement that pet store and site unseen online purchases are not good options…If you are open to adopting an adult dog, let the staff of your local shelter or humane society know what you are looking for- a surprising number of purebred dogs wind up there…I also encourage you to contact breed-specific rescue organizations (Google the name of your breed along with the word “rescue”)… Life’s unforeseen circumstances (death, divorce, financial woes, etc.) cause many wonderful dogs to end up with rescue groups..."
For additional tips and information for selecting your new pet, visit her site here.
Good picking.
Is There A New Tax Break for Pet Owners?
Did the Happy Law Pass? Am I able to take the 3500 off my 2009 taxes?
Terri
Terri, as well as one can understand the machinations of congressional activity, it appears that the "Humanity and Pets Partnered Through The Years", also known as the Happy Pet Bill, has gone nowhere.
The proposed bill would amend the Internal Revenue Code to allow pet owners to take a deduction for pet care for up to $3,500.00 a year.
I will keep you advised of any progress on this legislation sponsored by Rep. Thaddeus McCotter (R., Mich.).
Use An Insurance Policy to Fund Your Pet Trust
Can I use an insurance policy to fund the trust for my cat, Candy?
Donna Cleveland, Ohio
Donna, insurance policy proceeds are one of the most common, popular and acceptable methods to fund a trust for Candy.
An insurance policy on your life can be issued and the proceeds will generally be paid to “_________________” as the Trustee of the Candy Cat Trust.
Candy should obviously not be the beneficiary of the insurance policy.
In most states, pets are still considered to be personal property and a piece of personal property certainly cannot be a beneficiary under an insurance policy.
If it is properly established, there should be no tax consequence as a result of the policy being paid to the Trust.
Good for you, for planning for the future of both you and Candy.
Military Moving to Protects Pets
There are been many news release in the past few months regarding U.S. military men and women and the abusive treatment of animals.
Article 134 of The Uniform Code of Military Justice (UCMJ) punishes abuse of a “public animal”.
However, there are no specific laws addressing the treatment of military pets. Pets or companion animals are generally considered “non-public animals.”
The Commission on Military Justice now says that criminal charges should be brought against service men and women that abuse, kill or abandon their pets.
In a report to congress last fall, they ask that specific language be placed in The Uniform Code of Military Justice that specifically states that animal cruelty towards non-public animals be determined a crime.
The Congress, of course, is free to accept any or all of the suggestion of the Commission and it remains to be determined if they indeed will act to close this loophole.
Animal lovers will be watching their actions closely
