Celebrity Pet Trusts
Lessons We Can Learn
Pet trusts have undergone a drastic transformation in recent times. Once dismissed as peculiar actions of the wealthy, they have now gained widespread acceptance. An instance of this shift can be seen in May 2016. On that date, Minnesota became the last state to acknowledge pet trusts, making it a nationwide phenomenon. But not every pet trust is enacted exactly according to the owner’s wishes. Let’s take a look at three famous celebrity pet trusts and consider the lessons we can take away from them so your furry family member can be protected through your plan.
Leona Helmsley and Trouble
In the 1980s, Leona Helmsley gained infamy as the notorious Queen of Mean. She was a famed hotelier and convicted tax evader. However, her life came to an end in 2007. Interestingly enough, her will contained some unexpected provisions.
At the time of her death, she left a trust fund worth $12 million. What shocked everyone is that she left the trust fund to her beloved Maltese dog, Trouble! Her two grandchildren, on the other hand, were not beneficiaries under her will. Needless to say, the grandchildren contested Leona’s will.
The probate judge was not amused. The judge reduced Trouble’s trust share to $2 million. The judge gave the two grandchildren $6 million. The remaining trust amount was donated to charity.
Not only did Leona’s plan for Trouble’s inheritance get changed, her plan for Trouble’s death also was not followed. You see, Leona wanted Trouble to be buried in the Helmsley Family Mausoleum when Trouble died. However, after Trouble’s death, the cemetery refused to accept the dog. So, Trouble was cremated instead.
Lessons Learned:
Gving a substantial amount of money to a pet might not be legally recognized. Further, such action may lead to disputes within the family. To avoid such issues, it’s best to leave a reasonable amount to provide for the care and lifestyle your pet is used to, for the rest of his or her life.
If you are looking to disinherit one or more family members, make sure to specifically talk with your attorney. You attorney can help you create a game plan to make the disinheritance as legally solid as possible.
Michael Jackson and Bubbles
Bubbles, Michael Jackson's beloved chimpanzee, is a well-known figure among fans of the King of Pop. Throughout their time together, Jackson and Bubbles formed an inseparable bond. This bond allegedly prompted the singer to leave behind a generous $2 million inheritance for Bubbles. However, following Jackson's untimely demise, rumors began to circulate regarding potential mistreatment of Bubbles during his life. And, Bubbles whereabouts became a point of speculation. Fortunately, these speculations can be put to rest .
The good news is that Bubbles is alive and well, living out his years in a shelter in Florida. The bad news is that if he was actually left $2 million, he never received it. Bubbles is being supported by public donations.
Lessons Learned:
Always be clear about your intentions. Work with your attorney to put those intentions in writing so your furry family member is cared for and doesn’t wind up in a shelter.
Karla Liebenstein and Gunther III (and IV)
Karla Liebenstein was a German countess. She left her entire fortune to her German Shepherd, Gunther III, valued at approximately $65 million. Tragically, Gunther III passed away a week later. However, the dog’s inheritance passed on to his son, Gunther IV. The fortune also increased in value over time to more than $373 million. This made Gunther IV the richest pet in the world.
Lesson Learned:
It’s possible for pet trust benefits to be passed generationally. So make sure your estate plan reflects your actual wishes and intentions.
Contact Us
If you haven’t yet made arrangements for your beloved pet in your estate plan, we’re here to help. We’d love to talk about setting up a new pet trust for you or adding one to your current plan. Call us today to talk.
