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Pet Trusts

Pandemic Pets and Pet Companionship: 7 Benefits/Considerations for Care Coordination and Estate Planning

Pandemic Pets and Pet Companionship: 7 Benefits/Considerations for Care Coordination and Estate Planning

One thing that many people learned as they were forced to stay at home during the pandemic is that pet companionship is important. For many, life trapped in their home would’ve been unbearable had they not had their furry friends.

An unanticipated effect of the pandemic was “a surge in interest in fostering and adopting pets.” Although unanticipated, this effect is not surprising given the cancellation of social human interaction during the stay-at-home orders.

With the surge in pet adoption, the significance and importance of care coordination and estate planning advice in regard to pets became increasingly clear.

Below are seven benefits for pet owners and key considerations for aging individuals and people with special needs.

  1. Reducing Isolation and Loneliness
  2. Lowering Stress and Anxiety
  3. Improving Fitness
  4. Increasing Social Interaction and Connection to the Community
  5. Improving Cardiovascular Health
  6. Improving Signs of Depression
  7. Providing Routine and a Sense of Purpose

Considerations:

  • Choose someone you trust and who knows your pet to designate as a temporary or permanent caregiver for the pet.
  • Estimate how much it will cost to feed, care for, and provide veterinary treatment for your pet’s lifetime.
  • Include pets in your estate plan to ensure that they have a caregiver and money is set aside to pay for care.
  • Write down information about the pet’s feeding schedule, personality and behavior, medical conditions, and veterinarian information and provide the information to the designated caregiver.
  • Consider the benefits of pet trusts.

Read more related articles at: 

3 Financial Planning Tips For Pets Owners

Yes, You Should Include Your Dog in Your Will

Also, read one of our previous Blogs at:

Do You Have a Pet Trust?

Establish a Pet Trust to Protect Your Pets After You’re Gone

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karl lagerfeld and cat

Cat Is Fighting for Her Inheritance?

Cat Is Fighting for Her Inheritance?

A year later, and the estate of Chanel creative director Karl Lagerfeld is not yet finalized. However, some details have emerged that, while Lagerfeld’s cat Choupette is an heir, she isn’t the only one who will inherit a share of Lagerfeld’s grand fortune.

The seven beneficiaries are trying to access Lagerfeld’s assets that include real estate in Paris and Monaco, a bookstore and designer furniture.

Choupette is a blue-cream tortie Birman cat who was owned by German fashion designer Karl Lagerfeld from around December 2011 until Lagerfeld’s death in February 2019 at the age of 85.

The designer’s feline has her own agent and, according to The New York Times, at the height of her fame she had two minders, a bodyguard, a concierge veterinarian and a personal chef.

Wealth Advisor’s article entitled “Karl Lagerfeld’s cat is locked in inheritance battle” says that Lagerfeld’s “trusted” accountant for many decades, 87-year-old Lucien Frydlender has been named to manage the creative director’s finances. In addition, Frydlender is responsible for distributing the estate, according to Lagerfeld’s will.

However, an investigation by French publication Le Parisienfeatured in Voici magazine found that Frydlender hasn’t been taking calls from the beneficiaries. The magazine also says that “after closing his office in September 2019, the former collaborator of Karl Lagerfeld has simply disappeared from the radar,” raising questions for those involved.

Frydlender’s wife has defended her husband and assured the public that there’s nothing suspicious going on. She says he’s not “on an island paradise with a hidden treasure.” Instead, she tells reporters that he’s “very sick”.

When Choupette the cat will get her inheritance and what that will look like is unknown. It’s been more that a year since the death of her owner, Lagerfeld. Choupette fans have been concerned for the pet, but the cat isn’t scrounging in garbage cans: she made over $4 million in 2015.

“People came by the store and said how sad they were, and half of it was about Choupette,” Caroline Lebar, head of communications for the Karl Lagerfeld brand, admits. “They’d say, ‘If she’s alone, I’ll take her home.'”

However, Lebar promises Choupette is in safe hands, living in Paris with Lagerfeld’s former housekeeper Françoise Caçote. “She is in good shape, and is surrounded by love.”

Reference: Wealth Advisor (June 9, 2020) “Karl Lagerfeld’s cat is locked in inheritance battle”

Read more related articles at: 

Karl Lagerfeld’s cat to inherit a fortune, but may not be richest pet

Karl Lagerfeld: Designer’s cat Choupette ‘named in his will’

Also, read one of our previous Blogs at:

How Do I Include My Pet in My Estate Plan?

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