Charitable Remainder Trust Confusion
My last post was on the use of a charitable remainder trust in the context of a pet trust.
My posting was unclear to many readers and may not be a good guideline for some pet owners.
Although many do use a charitable remainder trust, there is no tax deduction as with a normal trust that is given for testamentary gifts left to qualified charitable organizations
In fact, The Internal Revenue Service has specifically ruled that amounts passing to a pet trust for the lifetime benefit of a pet do not qualify for the charitable deduction given under estate tax regulations.
In Revenue Ruling 78-105, the IRS stated the ruling even affects pet trusts that name a qualified charity as its remainder beneficiary.
I am sorry for the confusion and it just another reminder to use a good estate planning attorney and accountant with all of your estate planning, pets included.
Many Pet Owners Use a Charitable Remainder Trust For Funding Their Pet Trusts
When you use charitable remainder trust to fund a pet trust, you set up a trust and transfer to it the property you want to donate to the charity of your choice.
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.
How Do You Choose A Veterinarian?
Choosing a veterinarian for your pets is a lot like picking your personal physician.
There are many different things to consider.
According the website http://www.4vetclinics.com/, choosing a vet clinic is one of the most important things that you will ever do as far as your pet is concerned.
Here are some of their suggestions:
"Before you choose a vet clinic get in touch with other people you know who also have pets. When it comes down to it, getting inside information from people in the know is always a good idea.
In addition, look into the details of every vet clinic that you are considering. How many vets do they have on staff? What are their hours? Do they take all types of pets? These are just a few questions that will allow you to more easily choose a vet clinic that suits your needs.
Remember, there are many vet clinics to choose from. The most important thing is to take your time so that you make the right decision. And if you do not find the best vet clinic the first time, there is nothing wrong with searching around until you find what you have been looking for. "
Visit their website here for more information.
