Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, September 19, 2016

Critics Outrage Over Spending of Thrifty Librarian's Bequest

Robert morinRecently, a librarian, Robert Morin, bequeathed his $4 million estate to his alma mater, the University of New Hampshire, but critics are now unsatisfied with the way the university has chosen to spend the cash. A large portion—$1 million to be exact—will go toward a new scoreboard at the football stadium; a use that the school says represents Morin’s love for football in the last fifteen months of his life. Others, however, see this spending at odds with the frugal librarian’s life while the library only receives a tenth of that sum.

See Ben Guarino, University to Buy Football Scoreboard with Thrifty Librarian’s Money, Outraging Critics, Independent, September 16, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

September 19, 2016 in Current Events, Estate Administration, Estate Planning - Generally, Sports | Permalink | Comments (0)

Thursday, September 8, 2016

Liberty Media Purchases Formula One for $8 Billion

EcclestoneLiberty Media has agreed to takeover Formula One for $8 billion with Bernie Ecclestone remaining the CEO of Formula One. The voting shares will pass to Liberty, and the new company is expected to push the sport into new media and target new audiences. Ecclestone has been responsible for Formula One’s success with TV deals and the sale of rights to host races. The questions remains how long he will stick around in this new era of Formula One.

See Giles Richards, Liberty Media Agrees $8bn Deal to Buy Formula One, Guardian, September 7, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

September 8, 2016 in Current Events, Sports | Permalink | Comments (0)

Battle Over Sam Huff's Medical & Financial Decisions

Sam huffOn March 31, Catherine Huff visited her father, Sam Huff—legendary linebacker for the Washington Redskins, to take him to a dentist appointment. Sam currently suffers from dementia, and his daughter capitalized on his disease by never returning him to the home. The Huff family is now in a dispute over who should be making his medical and financial decisions. His live-in domestic and business partner petitioned the court for Sam to be returned to her care at their home and appointment of her as Sam’s guardian. In 2011, Catherine was named his durable power of attorney, giving her control over his finances, and his partner was named in an Advance Medical Directive to be responsible for his health-care decisions. Upon his kidnapping, Sam signed another AMD, appointing his daughter to be in charge of his medical decisions.

See Rick Maese & Julie Tate, Sam Huff Needs Help Making Life Decisions; There Is a Fight Over Who Should Do It, Washington Post, September 2, 2016.

Special thanks to Jay Brinker (Attorney, Cincinnati, Ohio) for bringing this article to my attention.  

September 8, 2016 in Current Events, Disability Planning - Health Care, Estate Planning - Generally, Sports | Permalink | Comments (0)

Friday, September 2, 2016

Who Really Took Home the Gold in This Year's Olympics?

Gold medal bonusWinning an Olympic gold medal is a priceless opportunity, but based on where you are from, you can expect a financial windfall. For example, Joseph Schooling beat Michael Phelps in the 100-meter butterfly swimming event, becoming the first Singapore athlete to win a gold medal. Consequently, he will win the country’s $753,000 gold-medal bonus, grossing nearly 30 times more money than any American athlete would ever take home for winning the gold. The International Olympic Committee has come under fire over the years for how little of the generated money actually trickles down to the athletes. Oftentimes, however, superstar athletes can expect to rake in millions through endorsements, sponsorships, and paid appearances. Review the Article for a breakdown of various countries’ gold-medal bonuses. 

See Sally French, How Much Money Will Gold Medal Winners in Rio Take Home?, Market Watch, August 21, 2016.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

September 2, 2016 in Current Events, Estate Planning - Generally, Games, Sports | Permalink | Comments (0)

Wednesday, August 31, 2016

WWE CEO Sells 1.55 Million Shares as Part of Estate Plan

McmahonVince McMahon, the CEO of WWE, sold 1.55 million shares in WWE as part of his estate plan. The sale was valued at $32.5 million, representing approximately 2% of WWE’s total Class A and B shares. McMahon still has majority ownership with about 47% of total shares. He later expressed his desire to not sell any more shares.

See Michelle Toh, WWE CEO Sells 1.55 Million Shares in Estate Planning, Fortune, August 18, 2016.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

August 31, 2016 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Sunday, June 5, 2016

Battle Over Ali's $50 Million-Dollar Estate

AliMuhammad Ali passed away at the age of 74 after a 32-year battle with Parkinson’s disease. Forbes estimated his net worth at $50 million, earning millions in historic fights like ‘Thrilla in Manila’ and ‘Rumble in the Jungle.’ Ali also retained 20% interest in his business GOAT LLC, generated millions from his name, and owned property in multiple states. Now, his wife, nine children, exes, and brother look to inherit with his wife, Lonnie, acting as will executor.

See Regina F. Graham & Ollie Gillman, Ali’s Family to Spar Over His $50 Million Fortune: Fourth Wife Lonnie Will Act as Executor as His NINE Children, Exes and Brother Prepare to Enter the Ring for a Slice of Inheritance, Daily Mail, June 4, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

June 5, 2016 in Current Events, Estate Planning - Generally, Sports, Wills | Permalink | Comments (0)

Monday, May 30, 2016

Creditors Fight Over 20% Interest in OKC Thunder

OKC thunderWhile the Oklahoma City Thunder fight for a spot in the finals, Aubrey McClendon’s creditors are fighting in probate court over his 20% interest in the team. The lenders fear that the interest, one of the main assets of value, will be sold to his wife for less than its worth. McClendon’s estate attorneys feel that the lawsuit was brought too early because the asset is not even for sale. They also contend that they would need to satisfy the NBA’s qualifications when selling the stake. However, according to the terms of one of McClendon’s loans worth $465 million, the bank group is asking for immediate repayment, insisting that McClendon’s death represented a default.

See Jessica DiNapoli, The Case of a Dead Oil and Gas Mogul Takes an Unexpected Turn, and It Involves the Oklahoma City Thunder, Business Insider, May 28, 2016.

Special thanks to Laura Galvan (Attorney, San Antonio, Texas) for bringing this article to my attention.  

May 30, 2016 in Current Events, Estate Administration, Sports | Permalink | Comments (0)

Monday, February 22, 2016

NFL Hopes Detroit Lions Not Next NFL Team To Have Succession Worries

WillsThe NFL is known for making sure franchise ownership is kept tightly controlled as evidenced in past years by forcing owners to turn over teams, as with Eddie DeBartolo, or banning the public from ownership in response to the Green Back Packers situation. Now a new worry is on the horizon as the Ford family, owners of the Detroit Lions, have had questions raised about the succession plan in place for the team following the death of longtime owner William Clay Ford. His son was expected to assume ownership but it instead shifted his 90 year old wife who now operates the franchise. Publicly, reassurance has been made that the Ford's will be financially capable of continued ownership but recent troubles with the multiple heirs of Titans owner Bud Adams has some worried. But the Ford family should avoid the problems of other teams since they are wealthy independent of the team's value which should allow them to avoid any tax induced sales.

See Michael David Smith, Lions say Ford family has a succession plan in place, NBC Sports, February 21, 2016.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

February 22, 2016 in Estate Planning - Generally, Sports | Permalink | Comments (0)

Monday, January 18, 2016

Legendary Packers Lineman Selling off Memorabilia

ArticleOne thing that usually accompanies being a hardcore sports fan is a love of all things memorabilia ranging from the beloved team's t-shirt to the foul ball caught at a game. But for some, especially those with deep pockets, the memorabilia hunt is taken to an extreme with the focus of the chase being only those items of great significance. Well, those people are going to going to have a field day since Jerry Kramer, a legend for the Green Bay Packers, is auctioning off his game worn jersey and ring, among other items, from Super Bowl I through Heritage Auctions. The items are expected to bring in a significant sum of money, which Kramer plans to use for the education of his grandchildren, with one estimate showing the ring alone selling for above $100,000. However, the entire collection is not being sold with his Super Bowl II ring being retained since it holds a special place in Kramer's heart to this day. On another note, it is refreshing to see memorabilia such as this being sold by choice rather than it being a forced sale to escape bankruptcy as so many retired athletes have been forced to do in the past.

See, Packers great Kramer auctioning off Super Bowl I ring, jersey, Fox Sports, January 16, 2016.

January 18, 2016 in Current Events, Sports | Permalink | Comments (0)

Wednesday, December 2, 2015

NFL Players And Estate Planning

MoneyProfessional athletes often face unique estate planning issues that are caused by their short careers and inexperience with handling wealth. The NFL and the NFL Players Association have recently teamed up to develop a comprehensive wellness program that will be called “The Trust.” This program is intended to help retired NFL football players transition both emotionally and financially into a life without football. Each player enrollee will be assigned a case manager who will help each player identify key issues that they need to work on. There are many retired NFL players that will need to develop their skills for a life after professional sports. Many of them will need to learn important money management skills so that they do not lose the wealth that they have earned.

See What can I Learn from NFL Players about Financial and Estate Planning?, The Law Offices of Kyle E. Krull, December 1, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.

December 2, 2015 in Estate Planning - Generally, Sports, Trusts, Wills | Permalink | Comments (0)