Pet Trusts Are American Decadence?
It is no surprise or secret that I am usually a very strong proponent of estate planning for pet owners, pet trusts and emergency planning for your pets in general.
I have also tried to present differing views of this philosophy.
Well, here is definitely an opposing view.
From the other side of the pond, Harvard graduate Christopher Caldwell, the Senior Editor of the Weekly Standard and a contributing writer for the New York Times magazine, comes an article in the London based Financial Times, in which he provided a strong opinion of Pet Trusts.
Mr. Caldwell wrote…
" But if the adjective “generous” needs to be treated with care when we speak of living benefactors, it is wholly irrelevant when it comes to bequests, for here the separation of the giver from his money is involuntary. Stockpiling that money into a foundation where it can “do some good” may be farsighted and it may be misguided. It may mean you care more for your pet projects (or your pets) than for your family. It may mean that you wish to spare your family from the curse of idleness. But “generosity” does not come into it.
The decadence that has lately characterised Americans’ treatment of their pets – dog bakeries, dog restaurants, doggy day-care outlets where dogs can watch dog-themed movies – has now found legal expression. Leaving money for the upkeep of a pet used to be done by naming a (human) beneficiary to take care of it. Today, pets such as Trouble ( the late Leona Helmsley’s dog) can themselves be made beneficiaries through “statutory pet trusts”. (This naturally raises the question of whether Trouble – a notoriously nippy pup – can be sued.) Through such trusts, testators can give specific instructions about favourite foods and so on. Trouble, it has been reported, continues to be spoon-fed by Helmsley employees off a silver platter. "
You may read his entire article here.
Seems to be a little harsh, but everyone is certainly entitled to their opinion.
I wonder if Mr. Caldwell has any pets.
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