For many of us, the upcoming end of the week is payday, when we receive the money we earned working. It can bring a measure of pride and satisfaction … as long as we don’t think about that cat on Instagram with a net worth equal to a small nation. Now you’re thinking about it, right? Sorry. While it’s on your mind, it might be a good time to wonder about who actually controls the money of the world’s richest pets.
While your pet’s best accomplishment may be something as humble (but appreciated) as being house-broken, certain animals are worth tens of millions of dollars. Whether through fame by association with a famous human, exploding as a social media darling, becoming the “CEO” of a business brand, or earning money the old-fashioned way (inheriting it), some furry friends live exorbitantly pampered lives. It’s enough to make you howl at the moon with envy.
Since animals can’t legally possess assets, how are the (dog)piles of money they earn allocated? Do they have to pay taxes? (Yes. Sort of.) Just as with cleaning the litter box or opening the door to let Fido outside, the fortunes of wealthy and/or successful animals are handled by two-legged creatures. Legal documents can create a pet trust that designates funds for a beloved pet's care and welfare. While it can vary by jurisdiction, if a pet has an owner, that person usually gets the money. Keep that in mind the next time you need a little nudge to follow through on an animal rescue you keep telling yourself you’re going to do.
Does This Make It a Nepo (Fur)Baby?
It can seem unfathomable to pet owners, but your bestest doggo or feline friend is considered personal property under the eyes of the law and part of an asset of your estate. This can lead to bitter battles and creative legal solutions during divorces when both sides want the family’s golden retriever. In addition, you can’t directly bequeath money or property to your pet.
Wait, you can’t? There are well-known examples of rich people leaving their pets everything, right? Well, kind of. Perhaps the most famous example is Gunther III, a German Shepherd who was left an $80 million estate by German countess Karlotta Leibenstein in 1992, which is now enjoyed by his descendants (currently Gunther VI, if you’re keeping track). However, it was revealed that the Gunthers’ (Gunthii?) lavish lifestyle is supported by a pet trust. The person in charge of the Gunther Corporation is Maurizio Mian, an heir who has actual control over the estate. The same appears to be true for Karl Lagerfeld’s beloved Birman cat Choupette, which was rumored to have inherited the fashion designer’s sizeable fortune but is now widely considered to be living the high life as a pet trust recipient under the care of his former housekeeper.
All 50 states and the District of Columbia now have specific pet trust statutes that allow the deceased to ensure that surviving pets receive the care and lifestyle their former owner wants for them. As personal property, pets can be included in a will or trust. However, the recipient of an inherited pet bears no legal responsibility to care for it in the manner the deceased wishes (or at all, as long as it doesn’t verge on animal abuse). By leaving funds in a legal pet trust, the former owner can ensure their furbuddy gets the right brand of cat food, walks the right distance, or has its birdcage cleaned daily.
Setting up a pet trust can be more complicated than expected, especially if the trustee and caretaker you have in mind aren’t interested. Terms must also be determined, such as when money is allocated and how much, who the “enforcer” (the person who makes sure the caretaker does what the trust stipulates) is, and how long the trust can remain in effect (some states set time limits). Even if you don’t have millions set aside to keep Princess Donut in the lifestyle she’s accustomed to after you’re gone, it’s not a bad idea to speak with an estate planning attorney for advice on setting up a pet trust.
It’s Not Always Who You Know (But That Also Helps)
Love, Nala, is a massively successful high-end cat food company. Its namesake is a rescue cat who became famous through “pet influencer” Instagram posts by her owner, Pookie. At times, her “nala_cat” account has had more than five million Instagram followers on the platform, earning her a Guinness World Record in 2019 and the status of being one of the world’s richest cats. Nala’s estimated worth is put in the neighborhood of $100 million, which is somewhat nebulous given that she’s a cat and can’t legally own assets.
While Nala serves as Love, Nala’s corporate entity, the profits from the privately-owned company are likely split between her owners and the firm’s investors. Whether it’s Grumpy Cat, Doug the Pug, or JiffPom the Pomeranian, the proceeds they generate online through clicks generally go to their owners.
For other animals on the rich list, it’s all about who they know. Wealth and worldwide adoration can come from being furry friends with a famous human, such as pop star Taylor Swift’s cats Olivia Benson, Meredith Grey, and Benjamin Button. Olivia and Meredith, both Scottish Folds, have appeared in Swift’s music videos and generated income through endorsements and partnerships. Singer Katy Perry’s teacup poodle Nugget may have starred in her own ad campaign, but the wages of her labor ended up in Perry’s bank account.
Working-Class Dog (or Cat, or Fish, Or Birds)
Whether they’re the face of a multimillion-dollar business, the lucky scion of a dog dynasty, or a social media mainstay, pets are not personally keeping the money they earn. Pet trusts can ensure that they’re given the life the people who love them want them to have, but the animal itself is never going to have a legal say in the matter.
That doesn’t mean they can’t enjoy the benefits of living like the rich and famous. Taylor Swift’s cat actually got to meet Mariska Hargitay, the actress who plays Olivia Benson on TV’s Law & Order, after whom she was named. If there’s any “Bad Blood” between the two, the feline version isn’t talking.
Related Resources
- How To Get Your Dog Back From Someone (Including Your Ex) (FindLaw’s Law and Daily Life)
- Legal Wills (FindLaw’s Estate Planning)
- What Is a Trust? (FindLaw’s Learn About the Law)
