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  1. #1
    Join Date
    Mar 2002
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    Orlando, FL
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    When you're gone, what about your goldfish?

    When you're gone, what about your goldfish?

    By A.J. COOK
    10.22.2002




    Those family members with four legs, fins, feathers or fur can be remembered in a will providing for their care after their owners go to that great pet store in the sky. What a person can do to provide for a pet depends on state law, but generally includes the following:

    — A special power of attorney: This authorizes someone to spend your money caring for your pet if you become ill or disabled. The authority expires when you die.

    — A will: This appoints a caretaker for your pet and provides resources for its care. This provision should be carefully drafted so payments to a caretaker aren't considered taxable compensation for taking care of the pet.

    — A trust: This appoints a trustee (person or organization) and directs how to invest trust assets and to whom they should be distributed. Bequeath the pet to the trustee, in trust, to deliver it to the appointee.


    Trust income taxes will be due by the person receiving the income. If the trust pays the pet's expenses, it owes the taxes. The trust terms can be part of your will or in a separate document effective during your lifetime.

    A trust should say where assets go after the pet dies. The Internal Revenue Service ruled on a trust in a will whereby funds would later go to a charity. The trustee would use the assets caring for the pet.

    Does the estate get a charitable deduction? The agency explained that although trusts for pets in a state where the owner lives are valid, no one has the authority to enforce their terms.



    A pet obviously cannot compel the trustee to carry out the owner's wishes. This means the trustee may choose either to continue the trust for the pet, as a matter of conscience, or to distribute assets immediately to the charity.

    Thus, when and how much money would go to the charity are indefinite. Because of the indefiniteness, the IRS refused the deduction.

    Oddly, in states where pet trusts are void, the estate gets a deduction. The reason: When and how much money would go to the charity are definite — it gets the assets set out in the will and gets them upon the owner's death.

    Honorary trust

    Some states allow something new: The trustee is on his or her honor to follow trust instrument directions. A few of these states now allow appointment of a person to ensure that the trustee follows directions.

    The moral: When you go, don't forget Fido.

    (A.J. Cook, lawyer and accountant, is counsel with the Memphis law firm of Pietrangelo and Cook.)

  2. #2
    Join Date
    Sep 2002
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    Phoenix area
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    1,121
    when i die, i'm takin' the fish with me!
    Learn survival/prepper information from a combat veteran at Graywolf Survival

  3. #3
    Join Date
    Jun 2002
    Location
    PA, USA
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    Originally posted by skelley1
    when i die, i'm takin' the fish with me!
    But your fish may not want to come with you!
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  4. #4
    Join Date
    Mar 2002
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    I will call Dewce Bigalow to take care of the little problem.

  5. #5
    Join Date
    Mar 2002
    Location
    Melbourne Downunder
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    2,292
    please send goldfish

  6. #6
    Join Date
    Jun 2001
    Location
    Kalamazoo
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    Originally posted by susannad
    please send goldfish
    You've got mail!
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  7. #7
    Join Date
    Jul 2002
    Location
    Orlando Florida
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    538
    lol if im dying my last death wish would to be Flush Goldy so that he goes with me lol.

  8. #8
    Join Date
    Oct 2002
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    /roof/ledge
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    Originally posted by cedwards
    lol if im dying my last death wish would to be Flush Goldy so that he goes with me lol.
    You're going to be flushed?

  9. #9
    Join Date
    Sep 2002
    Location
    Phoenix area
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    Originally posted by thatguy
    You're going to be flushed?
    ..lol..
    Learn survival/prepper information from a combat veteran at Graywolf Survival

  10. #10
    Join Date
    May 2002
    Location
    Michigan
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    1,799
    Including pets in a will sounds like just another way for lawyers to make a buck.
    Between my kids, and all my friends, I doubt my Cat, Frog, Shark, Dog, two Bunnies, and Fish would go without homes or caretakers. They may miss my special attention, but I'm sure they'll adapt.
    I keep feeding and care instructions for each on 3 x 5 cards for when we go on vacation, so it wouldn't be a mystery on how to take care of them.
    DANG DANG! DANG!!™
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  11. #11
    Join Date
    Mar 2002
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    Did you say "shark" ?

  12. #12
    yeah they range from about an inch and half long lol, sharks aint too hard to keep theyre just fish, as long as you dont aspire to nurture your own great white lol
    --
    Rich

  13. #13
    Join Date
    Dec 2001
    Posts
    1,372
    Last Meal....Quisadilla..Goldie YUM YUM!

    Simon

  14. #14
    Join Date
    Aug 2002
    Location
    London, UK, Earth, The Universe
    Posts
    73
    LOL!

    We had an "Incident" with one of our sharks a few weeks ago..

    You see, When one of the mothers is having babies, we put it in this mini tank, which floats on top of the main tank..

    The shark managed to Jump Up, Into the air, and land into the other tank!

    All You could see was little orrange bits all over the place! It was horrible! No-one wanted to put their hand intot he mini-tank to get the shark out in case it bit someone..

    Its quite a big one - about 6 Inches Long - and boy is it evil

    Lol,
    Asif
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  15. #15
    Join Date
    Aug 2002
    Location
    London, UK, Earth, The Universe
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    Oh, BTW:

    Im not laughing cos of what happened, Im just laughing cos my post has no relevance to this thread..

    lol <there i go again..>

    asif
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