Pet Trust

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