Wills, Trusts & Estates Prof Blog

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

Monday, January 29, 2018

Rashaan Salaam’s Heisman Sells for Record $399,608; Money to Aid CTE Research

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-29/4597b8b8-f1f2-4dbb-ad8a-0755808585a6.pngRashaan Salaam passed away at the age of 42 in December 2016 from what was eventually ruled a suicide. Two years prior to his death, Salaam sold his Heisman Trophy to a memorabilia dealer who later sold the award to a Denver real-estate investor. On Saturday, the trophy went up for auction and garnered $399,608, the highest recorded price for such an award. A portion of the proceeds will go to help support CTE-related research in honor of Salaam’s memory.

See Darren Rovell, Rashaan Salaam’s Heisman Sells for Record $399,608; Money to Aid CTE Research, ESPN, January 21, 2018.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

January 29, 2018 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Thursday, January 11, 2018

Kim Kardashian Inspires NFL Star Branden Albert to Donate $1 Mil to Charity

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-01-11/23f244d8-dd1a-44cb-bcdd-172dc38ce4e1.pngFormer NFL lineman Branden Albert is a veritable example proving that “Keeping Up with the Kardashians” is not a total drain on humanity. Albert, who played for the Dolphins and the Chiefs, said an episode of the TV series showcasing Kim Kardashian and a visit to Alexandria House, a shelter for women and children in Los Angeles, inspired him to donate $1 million to the organization. A representative from Alexandria House said they intend to use the money to build another complex that will house an additional 600 people in need.

See Kim Kardashian Inspires NFL Star Branden Albert to Donate $1 Mil to Charity, TMZ, January 11, 2017.

January 11, 2018 in Current Events, Estate Planning - Generally, Sports, Television | Permalink | Comments (0)

Tuesday, May 2, 2017

Marilyn Monroe & Joe DiMaggio's Marriage Certificate Hits the Auction Block

Dimaggio and monroeJoe DiMaggio and Marilyn Monroe’s marriage certificate is hitting the auction block, but the selling price is not cheap. The auction house expects the winning bid to reach $75,000. The baseball legend and superstar model got married on January 14, 1954 at the height of both their careers. The marriage, however, only lasted nine months because of DiMaggio’s alleged jealousy. You can bid on the iconic item through June 3.

See Joe DiMaggio, Marilyn Monroe Marriage Certificate Hits Auction Block . . . Could Fetch $75K!!, TMZ, May 1, 2017.

May 2, 2017 in Current Events, Estate Planning - Generally, Film, Sports | Permalink | Comments (0)

Aaron Hernandez's Estate Is Worth Nothing

Hernandez homeAccording to recent court docs, Aaron Hernandez’s estate is worth nothing, but his house currently has an offer for purchase. Hernandez’s girlfriend was granted approval by the court to expand her authority over his estate in order to sell his Massachusetts home. The home is worth approximately $1.3 million, but Hernandez’s victim’s family is seeking proceeds for a wrongful death claim from the sale of the home.

See Amara Grautski, Aaron Hernandez’s Estate Is Worth Nothing: Court Records, Daily News, April 27, 2017.

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

May 2, 2017 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Sunday, April 23, 2017

Aaron Hernandez's Victims' Families Go to War over His Estate

HernandezThe three families of Aaron Hernandez’s victims have pledged not to stop fighting for their share of his millions after the former NFL player committed suicide. Now, questions remain about how much of his money is left and how is death will affect these civil cases. However the cases play out, Hernandez’s four-year-old daughter and long-time girlfriend will surely lose out. In another interesting twist, because Hernandez was due for an appeal at the time of his death, a Massachusetts legal principle customarily requires the convictions of defendants who die before their appeal to be vacated. This principle can make it difficult for related civil suits to succeed. Further, if the conviction is vacated, the New England Patriots must pay Hernandez’s estate $3.5 million, a portion of his bonus that was withheld after his arrest.

See James Wilkinson, Fight for Aaron’s Millions: The Families of Hernandez’s Victims Go to War over His Estate (if There’s Anything Left) as Odin Lloyd’s Mom Says the NFL Star’s Suicide Was ‘Another Form of Justice’, Daily Mail, April 19, 2017.

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

April 23, 2017 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (1)

Saturday, February 11, 2017

Families of Victims Killed with Jose Fernandez File Claims Against His Estate

Jose fernandezThe families of the two men who died alongside Miami Marlins pitcher Jose Fernandez in a boating accident are suing the All-Star’s estate. Authorities revealed that Fernandez had cocaine and alcohol in his system at the time of the crash, although it is not clear if he was driving. The attorney representing Fernandez stated that a settlement is highly unlikely due to the official investigation being incomplete. Each family is seeking $2 million.

See Families of Men Killed with Jose Fernandez File Lawsuits, Fox News, February 11, 2017. 

 

February 11, 2017 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Friday, February 3, 2017

Article on Utah Jazz Dynasty Trust Transfer

Utah jazzJeramie J. Fortenberry recently published an Article entitled, Recent Transfer of Utah Jazz Provides Case Study in Dynasty Trust Benefits, WealthCounsel Insight Brief (2017). Provided below is an abstract of the Article:

Utah Jazz Owner Gail Miller recently made basketball news by announcing that she and her family had transferred the NBA team and the Vivint Smart Home Arena into a dynasty trust. Gail Miller and her late husband, Larry Miller, bought the franchise in 1985 for $26 million. The transfer into the dynasty trust was part of a larger family estate plan. According to Miller, the trust will “last forever, as long as we have people who are willing and able to take care of it.” 

Although the details of the trust are private, the Miller family and their advisors have made several public statements about the transfer. These statements provide hints about the trust design and illustrate the flexibility and benefits offered by dynasty trust planning. 

 

February 3, 2017 in Articles, Current Events, Estate Planning - Generally, Sports, Trusts | Permalink | Comments (0)

Tuesday, January 24, 2017

Article on the Pay for Play Dilemma of College Athletes

College athletesRoger M. Groves recently published an Article entitled, A Solution for the Pay for Play Dilemma of College Athletes: A Novel Compensation Structure Tethered to Amateurism and Education, 17 Tex. Rev. Ent. & Sports L. 101 (2016). Provided below is an abstract of the Article:

Assume that a football team was so collectively incensed by the inaction of the university president that they vowed not to play again for the university until the president resigns or is fired by the university's governing body. Indeed the president resigned and the events became a national story.

What if certain players or the team collectively then wrote a book, or created a TV documentary or recorded a song about their stand against the president? Should they be allowed to put the profits from the use of their own name, image and likeness into a trust fund to be paid out after they can no longer play for the university?

 

January 24, 2017 in Articles, Estate Planning - Generally, Sports, Trusts | Permalink | Comments (0)

Monday, January 16, 2017

Tupac's Tyson Ticket Goes Up for Auction

Tupac ticketTupac Shakur’s ticket stub from the Mike Tyson fight on the night he was killed could now be yours. On September 7, 1996, Tupac attended the Tyson–Bruce Seldon fight at the MGM Grand in Las Vegas. After a first round knockout by Tyson, Tupac left and handed his ticket stub to a man, telling him to enjoy it. The ticket stub was later purchased by a man who verified it was the late rapper’s. Now, the man is looking to sell one of the last items ever touched by Tupac. Goldin Auctions thinks the ticket will fetch at least $25,000.  

See Tupac: Tyson Ticket from Night of Shooting Goes Up for Auction, TMZ, January 14, 2017. 

 

January 16, 2017 in Current Events, Estate Planning - Generally, Music, Sports | Permalink | Comments (0)

Wednesday, January 4, 2017

Muhammad Ali's Will Set to Ignite "World War Three"

Ali world war threeMuhammad Ali’s will is set to ignite “World War Three” within his family due to the inheritance amounts his nine children will receive. Ali’s $80 million estate will be divided between his widow and children. His widow is expected to inherit double what the children have been given, which is likely to cause some family squabble. Ali’s children have reportedly been left $6 million each, but their grievances over his widow inheriting double stem from her preventing them from seeing their father before his death. 

See Revealed: Muhammad Ali’s Widow Will Receive DOUBLE the $6M Inheritance Awarded to Each of His Nine Children, Sparking ‘World War Three’ Between the Warring Relatives, Daily Mail, January 3, 2017. 

 

January 4, 2017 in Current Events, Estate Planning - Generally, Sports, Wills | Permalink | Comments (0)