Maryland - authorizes a statutory pet trust in Estate & Trusts Article, Section 14-112. A trust can now be legally established for the benefit of a pet. There are specific requirements, such as the trust must end at the death of the last animal covered by the trust and, if created upon the death of the settlor, the trust property, upon termination of the trust, must pass to the successors in interest of the settlor.

 

IRS Dirty Dozen List
The IRS annually publishes a list of notorious tax scams. Regrettably, charity again makes the list. Along with internet scam artists and hiding income offshore, the IRS noted the misuses of tax-exempt organizations, including arrangements to improperly shield income or assets from taxation, and attempts by donors to maintain control over donated assets or income from donated property. The IRS also continues to investigate various schemes involving the donation of non-cash assets, including easements on property, closely-held stock and real property. Closely-held stock and real property are valuable assets in the portfolios of our donor/clients. Congress and the IRS should promote charitable gifts of these assets, when the letter and spirit of the law is followed, and donor advisors should use best efforts to assure that the proper due diligence is conducted.