Trust Funds for Pets Increasingly Common

Four-legged trust funders and legal battles surrounding their money are becoming increasingly common. Actress Caryn Rosenthal set up a trust for her dog Jax, and Robert Misseri (president of Guardians of Rescue) purchased $500,000 in life insurance for the benefit of his three cats and one dog.

Attorney Jennifer Cona said that family battles break out when parents leave less money to their children than they do to their pets. For example, Leona Helmsley left $12M to her dog, Trouble, and he lost $10M of it in court. To avoid this, keep the trusts realistic, for example, to $50,000 or so.

See Robert Frank, Trust Funds for Pets are on the Rise, W.S.J., Mar. 17, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) and Robert C. Young (Attorney at Law, Baltimore, MD) for bringing this to my attention.

For more information on planning for your pets, see Gerry W. Beyer & Barry Seltzer, Fat Cats & Lucky Dogs – How to Leave (Some of) Your Estate to Your Pets (2010).