Oklahoma Is The Newest State To Allow Statutory Pet Trust
Oklahoma has become the latest state to allow for a statutory pet trust.
Governor Brad Henry recently signed House Bill1641 into law.
The law creates a new section of law that validates trusts for the care of designated pets. Unless the trust stipulates, the trust is terminated when no living animal is covered. The bill outlines the rules governing such trusts, including compensation for the trustee, accounting requirements and provisions for terminating the trust.
The measure describes how trusts for pets works, and how the issue is resolved if there is no living pets. It provides for trustee compensation and the naming of such if no trustee is designated. Any trust that does not have a value of $20,000 or more is exempt from fees, except as directed by a court or the trust instrument.
The law becomes effective in approximately three months.
Good job by the Oklahoma legislature to get on board with a majority of the states that recognize pet trusts.
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.).
Comments on Proposed Tax Deduction for Pet Care Expenses
In response to the posting here, about a proposed federal bill for a tax deduction for pet care expenses, I recently received this response from a reader.
"I know that I can be charged with animal abuse for not feeding and taking care of my dog when something is wrong with her.
It cost lots of money to care for our pets.
Food; vet bills; medicine and other items for our pets are expensive also.
Why cannot there be a reasonable credit for pet care; like a standard deduction of $1500.00 to help offset some of the cost pet care?
We have to pay taxes on all the things our pets needs.
What happens to the tax that is charged on pet needs and supplies?"
Any thoughts from you?
This Website is Full of Useful Pet Information
I recently came across a site that is new to me called JustOneMorePet.com.
The stated mission of JustOneMorePet is;
"Our goal is to raise awareness and help find homes for all pets and animals that need one by helping to match them with loving families and positive situations. Our goal is also to help fight the trend of unfavorable legislation and rules in an attempt to stop unnecessary Euthenization!!"
Although the crux of the site deals with adoptions for unwanted poets, it has a widespread base of information on all animals and their treatment.
They also follow and provide updates on pending and suggested legislation concerning animals in the various states.
Visit their site and see what information you can obtain that will help your and your pets.
