Call Now for an Appointment (973) 383-7415
oseph M. Hoffmann, Esq.
Attorney at Law
Wills, Trusts, Estates & Planning
21 Main Street, Newton, NJ 07860
J
Pet Trust
- Can I set up a fund for my animals?
- YES! New Jersey law now allows people to set up a "Pet Trust"
to take care of their domesticated animals after they're gone.
- How do I set up a pet trust?
- The pet trust can be set up as a separate
written document or a part of your Will or estate plan.
- What do I need to do?
- You need to select people to manage the money in the
trust. They are your "trustees."
- You also need to select someone to be the caretaker for your animals.
- One person can serve
both functions and we recommend you consider providing for alternates.
- How long does the trust last?
- The trust will last as long as
your animals are alive. However, it cannot go on for longer than 21 years.
- It can provide for the burial of their remains.
- Does
the I.R.S. recognize pet trusts?
- YES! But, trusts are subject to taxation on the income that they generate.
- Most pet trusts do not
earn substantial amounts of income.
- Under special I.R.S. rules, payments from the trust are also taxed to the trust.
- What happens to
any left over money?
- If there is any money left over after your pet's needs are met, you can leave it to any beneficiary.
- Typical
beneficiaries are family, friends, or any recognized charity.
- Is there a limit on the amount of money in the trust?
- The amount cannot
substantially exceed the amount reasonably required for your animal's care, veterinary expenses and needs.
Advice by:
Law
Offices of Joseph M. Hoffmann
Attorney at Law
21 Main Street
Newton, New Jersey 07860
973-383-7415
Fax:
973-383-7476
© 2012 Joseph M. Hoffmann, Esq. All Rights Reserved
Joseph M. Hoffmann, Esq. is a Lawyer who represents clients in New Jersey and serves:
All of Northern NJ including: Sussex County | Warren County | Morris County | Passaic County | Somerset County | Union County | Newton | Andover | Sparta | Branchville
Morristown | Vernon | Sussex | West Milford | Hopatcong | Rockaway | Dover | Mt. Olive | Hackettstown | Randolph |