Its terms do not apply when the pet owner is alive but incapacitated and can no longer care for the pet. That’s where incapacity planning comes in. Therefore, the pet could be left in legal limbo if the owner is sick, comatose, disabled, or otherwise unable to care for their pet.
Tag Archives: incapacity planning
24
Mar
Mar
Although gifts made within three years of your death are generally includible in your estate, an exception exists if a gift tax return was not required to be filed because the value of the gift was less than the annual exclusion amount. Transfers relating to life insurance policies, however, are an exception to this exception.
16
Nov
Nov
Part 1of a 2-Part Series Why Ignoring the Importance of Incapacity Planning Could Lead to Serious Consequences For reasons no one can quite understand or explain, deaths spike during the holidays. Weird, we know. But while we’re on the subject, we might as well address the elephant in the room; despite careful planning, you may […]