A couple of weeks back, our Daily Tax Report published a story regarding pet trusts. According to the story, Minnesota became the final state to enact legislation allowing individuals to use trusts to pay for the care and maintenance of animals that survive their owners. The first person that came to my mind was Leona Helmsley. As you may recall, Leona Helmsley, dubbed the Queen of Mean, was a billionaire who inherited a string of posh hotels from her late husband, Harry Helmsley. Leona later went to jail for tax evasion. During her trial, it was alleged that she once stated, “Only little people pay taxes.”
Source: Pet Trusts – They’re Not Just for Crazy Billionaire Tax Evaders | Bloomberg BNA
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David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning; licensed to practice law in the states of California and Washington. He is managing shareholder at Protective Law Corporation, serving Southern California from its Laguna Hills (Orange County) headquarters and satellite offices in San Diego County (Coronado and Carlsbad).
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