Michigan is one of 30 states that allow pet trusts, but did you know that the federal government does not currently recognize the validity of pet trusts, nor do they allow a companion animal to be the sole beneficiary of either a will or a trust.
That may change with H.R. 2491 which is working through congress. This law would allow a companion animal to be the beneficiary of a charitable remainder annuity trust. The trust could provide for the care of the animal for up to 20 years and then the remainder would goto a charity of choice.
This is good news for the 63% of American households that have pets. Already, according to the Humane Society, as many as 25% of households have included provisions for pets in their estate plans.
Monday, November 26, 2007
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