Americans love their pets, but many people are sadly uninformed about what will happen to their beloved pets after they pass away. A financial instrument known as a “pet trust” is gaining popularity. Traditionally under common law pets were treated as personal property and that created a legal obstacle for creating a pet trust. Starting in the 1990’s State governments began changing their laws that allow people to create trusts for their beloved animal companions. The Internal Revenue Service recognizes pet trusts for tax purposes when they are established under State law. When thinking about getting a pet trust it is a good idea to consult with a licensed professional who can offer the necessary guidance.
See Steven V. Greenstein, Pet Trusts Gaining Popularity, Naples Daily News, August 17, 2015.
