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oseph M. Hoffmann, Esq.
Attorney at Law
Wills, Trusts, Estates & Planning
21 Main Street, Newton, NJ 07860
- 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.
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.
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.
Offices of Joseph M. Hoffmann
Attorney at Law
21 Main Street
Newton, New Jersey 07860
© 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 |