Wills, Trusts & Estates Prof Blog

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

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)

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)