Are Pets Subject to Estate Taxes

Since Leona Helmsley’s dog inherited $12 Million dollars, when her dog dies will it have to pay estate taxes. If so will the trustee opt to take advantage of the 2010 unlimited exemption and euthanize the dog in 2010?

It appears that New York’s Pet Trust Statute makes allows the Pet trust to direct the use of the proceeds after the death of the dog or revert it back to the decedents estate.

In addition, a court can reduce the amount of the property transferred if it determines that the amount substantially exceeds the amount required for the intended use.

if you want to see what types pet trusts your state authorizes and the limitations on them, you might check out a comparison of state pet trusts.

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