As cable outlets and online social media platforms ceaselessly reminded us last week, global fashion icon Karl Lagerfeld passed away at 85 after an adventurous and high-profile life.
Those info sources also conveyed that Choupette, Lagerfeld’s long-time love, will have no financial worries going forward in her partner’s absence. One media account on Lagerfeld’s passing notes that she “will continue to live the cushy lifestyle” she has been accustomed to for years.
Indeed, that has been opulent. Choupette has a huge online presence. She is an advertising face for various companies and consumer goods. She has her own line of makeup.
Choupette is a cat.
And, yes, she is a rich cat, with the above CBS report stating that she “stands to inherit a chunk of [Lagerfeld’s] estimated $300 million net worth.”
“She is an heiress,” Lagerfeld once said. “She’s a rich girl!”
The story might reasonably strike many of our readers as aberrational and even bizarre, but it is arguably instructive in this quite positive way: Choupette’s tale (not tail) underscores the important fact that loved animal pets merit estate planning consideration in their own right. They are sometimes forgotten in the process, with later results that a planner did not anticipate or desire.
That doesn’t have to be the case, with there being various approaches an individual or family can take to ensure continued love and care for a pet in the future. Contracts can be executed with trusted parties, coupled with cash earmarked for care. So-called “pet trusts” are becoming increasingly common across the country for their utility concerning the subject matter. Attorneys from an experienced estate administration law firm can provide relevant information.
One financial planner commenting on Choupette’s story notes that, while it is singular, “it shines a light on making sure there’s a qualified caretaker that you trust” on board to provide a pet adequate care throughout its life.