Chihuahua Inherits Millions: How can this be?
How can a dog be a millionaire? With the recent trend of pet trusts as part of the estate planning process, some dogs have been able to "inherit" substantial wealth. The latest class of pet millionaires belong to heiress Gail Posner who passed away in March of 2010.
In her will, Ms. Posner left her three dogs the right to continue to live in the seven bedroom Miami mansion along with a three million dollar trust. Additionally, Ms. Posner left substantial sums of money to several former employees which also allowed them to reside in the mansion rent free so that they could continue to care for her animals. However, Ms. Posner's only child is not contesting her employees conspire to steal assets, exerted undue influence and drugged her.
If you live in California, you can establish a pet trust to ensure the care of your pet after you pass away pursuant to Cal. Probate Code ยง 15212. For more information about Estate Planning contact an experienced Estate Planning Attorney.