Wills, Trusts & Estates Prof Blog

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

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)

Saturday, December 3, 2016

Forbes Top-Earning Dead Celebrities of 2016

Michael jackson3While an unusual amount of celebrities have passed away this year, Michael Jackson tops Forbes list of top-earning dead celebrities in 2016 with the March sale of his half of Sony/ATV music publishing catalog for $750 million. Jackson’s pretax payday of $825 million is more money than any celebrity dead or alive made in 2016. In total, the sale gave Jackson’s estate a 30% annualized return on his investment. Coming in the number two spot is Peanuts creator Charles Schulz with $48 million. Schulz died sixteen years ago but still lives on through his franchise. Rounding out the top three is Arnold Palmer with $40 million. 

See Zack O’Malley Greenburg, The Highest-Paid Dead Celebrities of 2016, Forbes, October 12, 2016.

December 3, 2016 in Current Events, Estate Planning - Generally, Music, Sports | Permalink | Comments (0)

Wednesday, November 30, 2016

How to Delay Death

Racquet sportsA new study reports that swimming, racquet sports, and aerobics provide the best odds of delaying death, particularly dying from heart disease or stroke. The study looked at various types of exercise and their risk levels to determine which showed significant benefits for public health. The study further found that racquet sport players had a 56% lower risk, swimmers had a 41% lower risk, and those who engaged in aerobics had a 36% lower risk of dying from heart disease or stroke as opposed to those who did not participate in sports.

See Want to Delay Death? Then Swim, Dance, or Get on Court, Study Shows, Fox News, November 30, 2016.

November 30, 2016 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Tuesday, November 29, 2016

Muhammad Ali Famed Knockout Picture Hits the Auction Block

Knockout picMuhammad Ali’s iconic knockout picture from his 1965 Sonny Liston rematch hits the auction block this weekend. Taken by famed photographer, Neil Leifer, the starting bid for the piece of history is $160,000, but auctioneers expect the winning bid to reach over $600,000. The knockout from the picture is a legendary career moment for Ali and essentially launched his stardom. The photo also comes with a handwritten message from Ali.

See Muhammad Ali: Liston Knockout Pic Hits Auction . . . Could Sell for $600k!!, TMZ, November 29, 2016.

November 29, 2016 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

Thursday, November 3, 2016

Game 7 of World Series Puts a New Price on Baseball History

World seriesGame 7 of the World Series put a new price on baseball history last night. The two seats behind the Chicago Cubs dugout sold for $19,500 each, and the lucky fans saw the Cubs end the longest championship drought in professional sports—108 years. In fact, the asking prices from Game 6 to Game 7 went up 56% overnight. For years to come, there will be a new bar set for those fans who wish to cheer their teams to victory.

See Rachel Koning Beals, Historic World Series Game 7 with Chicago cubs Has a Ticket Price for the Record Books, Market Watch, November 2, 2016.

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

November 3, 2016 in Current Events, Sports | Permalink | Comments (0)

Tuesday, October 11, 2016

NFL Players and the Importance of Estate Planning

NFLConcussions in professional sports is an occupational hazard and a very real problem. The NFL estimates that each player has approximately a 30% chance of contracting Alzheimer’s or some other form of dementia. This fact puts focus on the potential for incapacitation and its effects. Accordingly, as for NFL players and the like, it is important to have your estate plan in place. You should find an estate planning lawyer who has experience with clients that suffer from Alzheimer’s and dementia. Additionally, you should consider appointing an independent third party as an executor, which will alleviate any potential family problems. You should also draft a provision in your documents that requires a medical evaluation to be done when there is any change to the documents. Lastly, determine your wishes, so that they can be carried out in the manner you intended. 

See Kansas & Missouri Estate Planning Blog, What Can NFL Players Teach Clients About Dementia?, Wealth Management, October 10, 2016. 

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

 

October 11, 2016 in Estate Administration, Estate Planning - Generally, Sports | Permalink | Comments (0)

Saturday, October 1, 2016

"Arnie's Rainbow" Appears Over Golf Course Where Palmer's Ashes Were Spread

Arnie's rainbowOn Thursday morning, Arnold Palmer was laid to rest after passing away Sunday at age 87. His ashes were spread at Pennsylvania’s Latrobe Country Club in his hometown. Just after his ashes were spread, a brilliant rainbow appeared over the country club, which some are calling “Arnie’s Rainbow.”  

See Look: Rainbow Appears Over Golf Course Where Arnold Palmer’s Ashes Were Spread, Fox News Insider, September 30, 2016. 

 

October 1, 2016 in Current Events, Estate Planning - Generally, Sports | Permalink | Comments (0)

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)