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10-26-2002, 11:06 PM #1Web Hosting Master
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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.)
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10-26-2002, 11:15 PM #2Combat Vet, prepper and author
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when i die, i'm takin' the fish with me!
Learn survival/prepper information from a combat veteran at Graywolf Survival
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10-26-2002, 11:27 PM #3Web Hosting Master
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Originally posted by skelley1
when i die, i'm takin' the fish with me!Fluid Hosting, LLC - Enterprise Cloud Infrastructure: Cloud Shared and Reseller, Cloud VPS, and Cloud Hybrid Server
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10-26-2002, 11:40 PM #4Web Hosting Master
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I will call Dewce Bigalow to take care of the little problem.
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10-26-2002, 11:52 PM #5Web Hosting Master
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please send goldfish
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10-27-2002, 12:12 AM #6Dennis Johnson
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Originally posted by susannad
please send goldfishThere is no best host. There is only the host that's best for you.
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10-27-2002, 08:33 AM #7Web Hosting Evangelist
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lol if im dying my last death wish would to be Flush Goldy so that he goes with me lol.
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10-27-2002, 09:05 AM #8Originally posted by cedwards
lol if im dying my last death wish would to be Flush Goldy so that he goes with me lol.
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10-27-2002, 01:56 PM #9Combat Vet, prepper and author
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Originally posted by thatguy
You're going to be flushed?Learn survival/prepper information from a combat veteran at Graywolf Survival
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10-27-2002, 03:23 PM #10Web Hosting Master
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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!!™
I know ***** ripped off everybody else, but they wouldn't do it to me.
"When you use bottom feed for bait, you are only going to catch bottom feeders."
"You do what you are, and you are what you do."
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10-27-2002, 03:25 PM #11Web Hosting Master
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Did you say "shark" ?
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10-27-2002, 03:30 PM #12Web Hosting Master
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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
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Rich
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10-27-2002, 03:35 PM #13Web Hosting Master
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Last Meal....Quisadilla..Goldie YUM YUM!
Simon
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10-27-2002, 03:38 PM #14Junior Guru Wannabe
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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,
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10-27-2002, 03:40 PM #15Junior Guru Wannabe
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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..>
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