How to Save on Taxes with a Charitable Remainder Trust

Richard and Mike appeared on WTOC's Mid-Morning Live to discuss with Jody and Tim how Charitable Remainder Trusts can save taxes and benefit charity.

Pet Trusts: Providing for Your Furry Family Members

Do you own a pet?  Odds are you do.  Almost 60% of American households own at least one dog or cat.  Add those of us who own cold-blooded, swimming, or feathered friends and you can see that pet ownership is a part of life for most of us.  In fact, many would tell you that their pets are members of their family.  So, what can we do to take care of our pets when we are no longer able to care for them?

Until recently, pet owners in Georgia had to plan for the care of beloved pets as they would for any other sort of property.  We would gift pets by the terms of our wills or trusts (perhaps along with a special chew toy and a little money to see to care and feeding) and hope the person receiving the pet would honor our wishes.

As of July 1, 2010, things changed.  Georgia joined the ranks of many states which allow for estate planning geared toward the care and safekeeping of pets - commonly known as pet trusts.

What’s new?  Georgia law now allows people to create trusts which have animals as beneficiaries.  You can create the trust so that it exists now or you can include it in your own revocable living trust or will so that it comes into being once you (or you and your spouse) die.  The trust can last through the lifetime of the animal and, importantly, can be monitored and enforced by someone you appoint for that purpose.  So now Fido’s (or Fluffy’s) well-being need not be left to chance.  That should be a weight off your shoulders and the small furry ones who depend on you.

Georgia's New Trust Code

If you're one of the few who's been watching closely, you've noticed that it's been almost two decades since The Georgia Legislature made any serious changes to its Trust Code (the law which governs how trusts are created and function in Georgia).  Finally, we have news in this important area!  On May 27 of this year, the Governor signed The Revised Georgia Trust Code of 2010 into law.  You can find a copy of the new law here.

This law makes many clarifications and technical changes to the law of trusts in Georgia.  Among the most noted changes are provisions granting trustees broader powers to work with trust property and sections allowing pet trusts under Georgia law (think Leona Helmsley, for a point of reference).  As Georgia State University College of Law Professor Mary Radford, one of the primary writers of Georgia's new Trust Code put it, "Now people can set up trusts for their beloved four legged friends, knowing they will be well cared for when the pet owner dies or is otherwise unable to provide that care."  On the question of the significance of the change to the Code, Professor Radford goes on to say, "Georgia will now have one of the most sophisticated and thorough set of trust laws in the United States."