Tax Issues With Pet Trusts
Are there any tax concerns to address with estate planning for animal owners?
Dottie Piqua, Ohio
Dottie, indeed there are…
We always recommend that you involve your CPA or tax adviser when you are planning for your pets.
Depending upon the type of trust or will clause that you use and the state where you reside, there may be gift, income, inheritance or estate tax consequences involved with this estate planning.
These various taxes may be assessed against either the Settlor of the Trust, the Trustee, the Caregiver or the Estate, via the Executor.
Careful tax planning is essential with any form of estate planning.
