Charitable Remainder Trust Confusion

Posted on March 21, 2011 by Danny Meek

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.

 

Tags: , , ,
Trackbacks (0) Links to blogs that reference this article Trackback URL
http://www.pettrustlawblog.com/admin/trackback/243069
Comments (0) Read through and enter the discussion with the form at the end
Post A Comment / Question Use this form to add a comment to this entry.







Remember personal info?
Send To A Friend Use this form to send this entry to a friend via email.