Wills, Trusts & Estates Prof Blog

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

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 Paul 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)

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)