Use a Charitable Remainder Trust in Your Estate Planning For Your Pets

Posted on February 8, 2010 by Danny Meek

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.


 

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