A cat-loving congressman from the Pacific Northwest wants to help animal lovers guarantee care for their pets -- even after a pet owner passes away.
Under a bill filed by Portland Rep. Earl Blumenauer, D-Ore., the federal tax code would be tweaked to encourage the creation of trust funds to pay for an animal's care after a pet owner's death.
Currently, 39 states allow residents to create trusts to care for pets.
This bill, however, would require the trusts in those 39 states be "charitable remainder" trusts, in which a certain amount of money is left to care for an animal and whatever sum is left when the pet dies, is donated to a designated charity. The estate can then write off the remainder of the pet trust.
A designated custodian would take care of the
Rep. Earl Blumenauer, a Portland, Ore., Democrat, has filed a bill that encourages pet owners to create charitable remainder pet trusts to care for a
gaurantee care for their beloved animals even after they pass away
create tax-deductible trusts for any man's friend that might be left behind in death.
Rep. Earl Blumenauer, a Portland Democract, has filed legislation trust would treat charitable remainder pet trusts in the same way a charitable remainder annuity trust is treated.
Perhaps a bit obscure, the bill has the support of animal rights activists. Thirty-nine state, inlcuding Oregon, allow people to set up trusts for their pets. Blumenauer's bill would allow tax deductions for the charitable donations through the trusts.