Want To Be In The Movies?
I had a very interesting conversation last week with Emma Goddard, the Head of Development of Wild Pictures based in London, England
Wild Pictures is a documentary production company and is currently developing a documentary idea looking at pets that have been left a legacy/trust fund by their owner
They are also looking for owners who currently indulge and pamper their four-legged friends and who are or would seriously think about including their pet in their trust or will.
If they secure the necessary funding the documentary will move forward.
If you are interested in participating in the background or perhaps even being on the screen, contact me and give me your story.
Does Your Dog Have A Soul?
Do you believe that your pet has a soul?
According to the New York Daily News, attorney Susan Chana Lask has filed a lawsuit on behalf of a pet owner and asked the court to make that exact determination.
Under New York law, like almost every other state, a pet is only considered to be “personal property.”
Dog owner Elena Zakharova contends that pets are living creatures that feel love and pain.
So when the pet store sold her a dog with severe physical handicaps, she filed suit and requested money damages for vet bills and also for pain and suffering on behalf of her dog.
Lask contends that pets should be treated the same as human beings in this context.
Many animal owners believe that their pets have souls.
This is an interesting concept, that will be sorted out by the courts, as animal rights continue to evolve.
Your thoughts?
Newest Fat Cat Has $10 Million Dollar Fortune
According to the British newspaper, The Guardian, www.Guardian.co.uk, Tommaso, a four-year-old, may very well now be the world's richest cat.
The one-time stray from Rome, was left over $10 million dollars from his owner with the proviso to her attorneys that they find an animal welfare body or association to which to leave the inheritance and the task of looking after the cat.
Under Italian law, animals cannot inherit directly money or assets. But they can be beneficiaries if a suitable trustee is found.
I do not think that there will be any scarcity of volunteers to be the trustee.
Money To Care For My Pet After I Am Not Around
I recently received this question from a reader:
I want to devise a form of whole life insurance for companion animals, whereby their caretakers pay a reasonable monthly premium and/or flat sum upon their death, in exchange for a lifelong home for their pet(s). Can you help?
I am not aware of any current program that specifically provides for this. However, many caretakers do buy a separate life insurance policy on themselves that is then payable to the pet trust upon their death, for the benefit of their animal
Connecticut Pet Trust Legislation?
I recently received an email from an attorney in Connecticut. He wanted to know if there was a good statutory cite to the Connecticut Pet Trust.
Signed into law in 2009, The Statute on Trusts provides:
Sec. 45a-489a. Trust to provide for care of animal: Creation. Administration. Jurisdiction. Termination. (a) A testamentary or inter vivos trust may be created to provide for the care of an animal or animals alive during the settlor's or testator's lifetime. The trust shall terminate upon the death of the last surviving animal. A trust created pursuant to this section shall designate a trust protector in the trust instrument whose sole duty shall be to act on behalf of the animal or animals provided for in the trust instrument. A trust protector shall be replaced in the same manner as a trustee under section 45a-474.
(b) Except as otherwise provided in this section, the provisions of the laws of this state that govern the creation and administration of trusts shall apply to a trust created to provide for the care of an animal or animals pursuant to this section.
(c) (1) The Superior Court, or a probate court described in subdivision (2) of this subsection, shall have jurisdiction over any trust created pursuant to this section.
(2) A probate court shall have jurisdiction over any trust created pursuant to this section if the trustee of the trust is otherwise subject to the jurisdiction of such probate court, or the trust is an inter vivos trust and the trust is or could be subject to the jurisdiction of such probate court for an accounting pursuant to section 45a-175.
(d) The trustee of a trust created pursuant to this section shall annually render an account for the trust, signed under penalty of false statement, to the trust protector.
(e) Any individual identified as a trust protector pursuant to this section may file a petition in the Superior Court or a probate court having jurisdiction pursuant to subsection (c) of this section to enforce the provisions of the trust, remove or replace any trustee of the trust, or require a trustee to render an account as required under subsection (d) of this section. The court may award costs and attorney's fees to the trust protector, from the trust property, if the trust protector prevails on a petition filed under this subsection and the court finds that the filing of the petition was necessary to fulfill the trust protector's duty to act on behalf of the animal or animals provided for in the trust instrument.
(f) If the trust protector determines that the trustee has used trust property for personal use or has otherwise committed fraud with respect to the trust, the trust protector may request the Attorney General to file a petition in the Superior Court or a probate court having jurisdiction pursuant to subsection (c) of this section to enforce the provisions of the trust, remove or replace any trustee of the trust or seek restitution from the trustee with respect to such trust property. The Attorney General may file such petition if the Attorney General determines that the circumstances warrant such filing.
(g) Trust property may be applied only to its intended use, subject to proper trust expenses including trustee fees, except to the extent the Superior Court or a probate court having jurisdiction pursuant to subsection (c) of this section, upon application by the trustee or trust protector, determines that the value of the trust property exceeds the amount required for its intended use. Trust property not required for its intended use, including trust property remaining upon termination of the trust, shall be distributed in the following order of priority:
(1) As directed by the terms of the trust instrument;
(2) To the remainder beneficiaries identified in the trust instrument, under the same terms provided in the trust for the remainder interest;
(3) To the settlor, if then living;
(4) Pursuant to the residuary clause of the settlor's or testator's will; or
(5) To the settlor's or testator's heirs in accordance with the laws of this state governing descent and distribution.
Indeed, there appears to be the necessary legislation in place.
Pet Lovers Spend Lavishly
Despite the econonomic recession, if not depression, that has currently engulfed the United States, the American Pet Products Association recently reported that animal lovers will spend a record $50 Billion Dollars on their pets this year.
In addition, pet ownership continues to increase year over year, and now almost two-thirds of all U.S. households co-exist with pets.
In a time when even the most affluent are allowing mortgage payments to go unpaid, opting not to carry medical insurance and stressing about how they will cope with dwindling retirement accounts, the seemingly necessary relationship between humans and companion animals seems to contiune to grow.
Pet Lovers Spend Lavishly
Despite the economic recession, if not depression, that has currently engulfed the United States, the American Pet Products Association recently reported that animal lovers will spend a record $50 Billion Dollars on their pets this year.
In addition, pet ownership continues to increase year over year, and now almost two-thirds of all U.S. households co-exist with pets.
In a time when even the most affluent are allowing mortgage payments to go unpaid, opting not to carry medical insurance and stressing about how they will cope with dwindling retirement accounts, the seemingly necessary relationship between humans and companion animals seems to continue to grow.
The Economy and Your Pets
Is the economy affecting your pet’s life?
I cannot figure this out.
One article states that the dismal economy is having an adverse effect on families who can no longer afford to properly take care of their pets.
More are abandoned.
Less veterinarian treatment is being sought.
Food budgets are strained.
Then the next article states that this is one area of consumer spending that pet guardians are refusing to reduce.
Pets come first.
More luxurious lifestyles are maintained.
More toys, trinkets and unnecessary purchases.
Let me know, is the economy affecting your pet’s life?
A New Way To Fund A Pet Trust?
I just completed a pet trust seminar for a number of local attorneys. The location for the program was at The Humane Society of Collier County, in Naples Florida.
Just the week prior to the seminar, nearly 50 dogs and young pups were delivered to the Society, as a local breeder was evicted from his residence, as a result of the current real estate debacle. Within one day, all of the dogs had been placed in foster homes, as over 500 local residents responded to the plea for help.
As always, the funding for pet trusts was one of the most discussed topics among the participants.
Interestingly, I learned that there is a different type of insurance policy that can be tied to long term health care coverage with the remainder or unused portion of the funding available to be used for your pet trust.
I do not want to go into detail about the policies or the company.
But ask your own insurance agent about the availability of this plan.
It might be a great idea to fund your pet trust.
What is the Guardian Campaign?
A reader recently asked me about the Guardian Campaign.
According to its website, Guardian Campaign “was created in 1999 by In Defense of Animals (IDA) to reflect and nurture the growing sentiment that "owner" does not reflect the bond that develops between people and animals. IDA believes "guardian" denotes a higher level of responsibility, caring and respect toward the animals with whom families share their lives.”
Almost two dozen cities and the State of Rhode Island have enacted legislation that interchanges the terms owner and guardian for companion animals.
Typical language will state then when used in reference to any person or persons caring animals, ‘guardian’ is equivalent to owner, a guardian shall have the same rights and responsibilities or an ‘owner’, and both terms shall be used interchangeably.
Most legal experts agree that the language does not change the legal status of the animals, in that most states still consider companion animals to be personal property.
