|
Q.Can my relatives challenge my Pet Trust?
A.Yes. Pet trusts can be reduced in size when the court is petitioned to view your bequest as "over-funding." If the judge rules that your pet-care fund is more than reasonable, the judge can reduce the amount of your gift to the pet. To keep your pet trust out of court, limit the size of your bequest to something less than a $2000 per year for each year of the pet's remaining life. If you have multiple pets, one way to address the challenge of keeping them together and cared for is to include real estate as part of the trust. The designated caretaker lives rent free as long as he or she cares for your pets, thereafter the real estate goes to whomever you select.
|
|
