Pet Trusts Explained: Here’s How to Protect Them After You’re Gone

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Any references to protection benefit or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company .An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Consult a tax advisor for specific information. This is not a recommendation to surrender or otherwise purchase an insurance product. You should review your specific policy and financial situation with your advisor.
Would your pet be okay if you didn’t come home tomorrow? On this week's Ascend360™ Insider, Bill Smith, RICP®, MRFC®, CEO and Founder of W.A. Smith Financial Group, walks you through how pet trusts work, who should consider one, and why this strategy brings comfort to so many retirees living alone or without close family nearby. Discover how this overlooked piece of planning could be the most loving thing you ever do for your pet.
