Wills, Trusts & Estates Prof Blog

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

Tuesday, October 5, 2021

Breaking Down Gayle Benson’s Plan To Keep New Orleans Saints, Pelicans Local

BensonGayle Benson's succession plan includes keeping the New Orleans Saints and New Orleans Pelicans around for decades to come. 

According to the Times-Picayune series detailing the plan, "proceeds from the sale of both the New Orleans Saints and New Orleans Pelicans will go to local charities and all purchase negotiations will seek to ensure both teams remain in the city."

Apparently, the NFL has already approved the deal, and the NBA is expected to do so as well. Both leagues would have to approve any new ownership groups. 

As expected, New Orleans will see a humongous windfall—$5 billion or more—once the Saints and Pelicans are sold. The inly problem this brings is the New Orleans doesn't have extra billionaires lying around to purchase the teams. 

Tom Benson bought the Saints for $70 million in 1985, but are now the 46th most valuable sporting team in the world, valued at $3 billion. In the current market, the Pelicans would likely sell for approximately $1.5 to $1.8 billion. 

The Saints and Pelicans may be in need for a savior to swoop in the way Tom Benson did years ago. The Saints are "one of the most beloved brands in sports," which may be the very reason why they may face steep challenges in finding a new, reliable owner.

Tom Benson left the teams to Gayle Benson, who will leave them to New Orleans, who will—hopefully—be prepared to take on the challenge. 

See Christoper Dodson, Breaking Down Gayle Benson’s Plan To Keep New Orleans Saints, Pelicans Local, Forbes, October 3, 2021. 

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

October 5, 2021 in Estate Administration, Estate Planning - Generally, Sports | Permalink | Comments (0)

Monday, September 13, 2021

Skateboards containing American pro skater Tony Hawk's blood sell out overnight

TonyYou may be familiar with the phrase "blood, sweat, and tears," when referring to an person's—particularly athlete's—hard work in a particular field. Tony Hawk took this phrase to another creative level when he "donated his blood as part of a collaboration with water company Liquid Death to produce 100 skateboards."

The 100 skateboards sold out quickly. 

According to a social media post from Liquid Death, "Yes, there is actually @tonyhawk's real blood in these skateboards. and yes, we sterilized it first. Own your very own piece of the Birdman. . . Although it could arguably make the world a better place, never ever use these boards to make clones of Tony Hawk." 

See Jack Guy, Skateboards containing American pro skater Tony Hawk's blood sell out overnight, CNN, August 26, 2021. 


September 13, 2021 in Estate Planning - Generally, Sports | Permalink | Comments (0)

Thursday, April 22, 2021

Bowler adds father’s ashes to ball, rolls perfect game

HinkleJohn Hinkle is no stranger to rolling perfect bowling games. He won two NCAA bowling championships at Western Illinois University 20 years ago, and has rolled so many 300 games "he's lost count." 

However, the perfect game he rolled last week is was unlike any other he's experienced. Hinkle decided to have his father's ashes added to his bowling ball, which proved to be monumental and emotional. Hinkle said, I had tears in my eyes in the 11th and 12th frames. I couldn’t tell you where that last ball went, I had so many tears just throwing it." 

The perfect game was the result of Hinkle's first time to use the special bowling ball. Although it took a few years to find someone that could add the ashes to a bowling ball, it appears it was worth the wait. 

According to Hinkle, the moment was especially monumental because his dad had never bowled a perfect game. Hinkle said, "[i]t's special. Dad shot 298. 299, never had a 300. I had goosebumps, chills. . . He was there. This is the best (300 game), and definitely the hardest. I was shaking." 

A beautiful moment for a bowling family. 

See Kurt Peglar, Bowler adds father’s ashes to ball, rolls perfect game, Everything Lubbock, April 21, 2021. 

April 22, 2021 in Estate Planning - Generally, Sports | Permalink | Comments (0)

Wednesday, March 31, 2021

VANESSA BRYANT PLEASE JUDGE, CANCEL MY MOM ... Her Claims For Lifetime Support Are Bogus

VanessaVanessa Bryant's mother, Sofia Laine, filed a lawsuit against Kobe's estate alleging that Kobe Bryant promised to take care of her financially for the rest of her life. 

Vanessa Bryant asked the judge to dismiss her mother's claim, alleging that her mother's claims are "bogus." 

Vanessa Bryant used previous documents to shed light on a legal fight her mother had with her ex-husband in 2004 and 2008 over spousal support. Sofia's ex-husband claimed that he should not have to pay her because Kobe and Vanessa were supporting here. Sofia rebutted by saying that Kobe and Vanessa had no obligation to support her and anything they provided for her was "simply out of the goodness of their hearts." 

Vanessa Bryant also claims that even if Kobe had made the oral promise to Sofia, its too vague to be enforced. 

Sofia has also claimed that Vanessa and Kobe violated California labor laws by not giving her "meal breaks, rest periods, and giving her minimum wage for babysitting services." Vanessa rebutted these claims by saying Sofia was never an employee but is instead a grandmother who helped Kobe and Vanessa by spending time with her grandchildren. 

Vanessa Bryant's legal team has also stated that Sofia did not file a creditor's claim within a year of Kobe's death so she cannot go after Kobe's estate. 

The judge has not made a ruling yet. 

See VANESSA BRYANT PLEASE JUDGE, CANCEL MY MOM ... Her Claims For Lifetime Support Are Bogus, TMZ, March 29, 2021. 

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

March 31, 2021 in Current Events, Estate Administration, Estate Planning - Generally, New Cases, Sports | Permalink | Comments (0)

Friday, March 12, 2021

J.J. WATT GETS #99 WITH CARDINALS ... After Call With Marshall Goldberg's Daughter

JJFive time pro bowler and former Houston Texan football player J.J. Watt recently signed a two-year deal with the Arizona Cardinals. worth a whopping $31 million. Watt has long been associated with #99 as he made the number very popular during his stint in Houston. 

As expected, J.J. Watt intended on wearing the same number as an Arizona Cardinal, but there was a problem. The #99 was retired in honor of Marshall Goldberg,  who is considered a legend in Cardinals. Goldberg was drafted in the second-round of the NFL draft in 1939 by the Cardinals, who were located in Chicago at the time. 

Although it appeared that Watt would have to choose a new number to sport, as it turns out, there has been an exception made in favor of the pro-bowler. Watt spoke to Goldberg's daughter, Ellen Goldberg Tullos, who has granted permission for Watt to sport her dad's number. Tullos stated that she believes her dad would have been honored for Watt to wear "his old digits in Arizona." 

On behalf of her dad and the family, Tullos gave Watt her blessing and the Cardinals have confirmed that J.J. Watt will indeed sport the infamous #99. 

See J.J. WATT GETS #99 WITH CARDINALS ... After Call W/ Marshall Goldberg's Daughter, TMZ Sports, March 2, 2021. 

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

March 12, 2021 in Estate Planning - Generally, Sports | Permalink | Comments (0)

Monday, January 18, 2021

Mickey Mantle baseball card shatters record, sells for $5.2 million

MickeyA Mickey Mantle baseball card sold for $5.2 million, crushing a 5-month-old record for highest-selling sports card of all time. 

The card, a 1952 Topps Mickey Mantle PSA 9—PSA is a grading system used for sports cards with a range from 1-10. The prior record was held by a one-of-one Mike Trout rookie card that sold for $3.94 million in August. Legend has it that there are only 6 PSA 9s of the Mantle card. 

Who purchased the card? Rob Gough, an actor who acquired the streetwear brand Dope in 2017. Gough stated, "The 1952 Topps Mantle is the holy grail of sports cards. As a kid ripping packs in the '90s, I always dreamt of owning one. . . I felt this Mantle was highly underpriced." 

Apparently, thousands of 1952 cards were dumped into the Hudson River in 1960 after overproduction. 

"Since August, Gough has amassed a 1916 Sporting News Babe Ruth rookie, a 1917 Collins-McCarthy Joe Jackson and several PSA 10 Michael Jordan rookie cards among others." 

The sale of the card is just one of many in the recent surge in big-money sports memorabilia—particularly rookie cards. 

See Dan Hajducky, Mickey Mantle baseball card shatters record, sells for $5.2 million, ESPN, January 14, 2021. 

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

January 18, 2021 in Current Affairs, Estate Planning - Generally, Sports | Permalink | Comments (0)

Saturday, December 12, 2020

Maradona's unknown children in battle over his millions

MaradonaDiego Maradona, Argentinian footballer, died last month was known for his complicated love life. The rumor mill contends that he slept with 8,000 women. Maradona's estate could possibly be up to $40 million and includes a Rolls Royce and the rights to some very profitable merchandising contracts. 

However, Maradona's relatives are beginning to realize that there may be a number of people fighting for the inheritance. 

Prior to his death, Maradona's lawyers acknowledged that he was the father of five children (four in Argentina and one in Italy. All of the children have made a claim in the the Buenos Aires courts. 

Since Maradona did not leave a will, there have been at least six others who say they are his children and have attempted to claim a share of the inheritance. 

Others trying to get involved include, three ex-lovers, four sisters, fellow players, past managers and business partners, and more. 

Maradona's former lawyer, Mauricio Dalessandro stated, "Those who have claims must present their case because the court has DNA and is charged with verifying (the claims) of any children and seeking proof of their claims,” he added. “They must present themselves quickly."

Also, with many of Maradona's assets scattered across this world, the fight won't be easy and locating assets will only be half the problem. 

See Colin Freeman, Maradona's unknown children in battle over his millions, Yahoo News, December 12, 2020

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

December 12, 2020 in Estate Administration, Estate Planning - Generally, Intestate Succession, Sports | Permalink | Comments (0)

Friday, November 6, 2020

Sod Cemetery - Tallahassee, Florida

Sod cemeteryFlorida State University is known for its love of football and the tradition that it is rooted in. Like many other powerful college football teams, the fans of Florida State flaunt their team colors, tailgate on game day, scream the team chants at the top of their lungs, etc. However, there is one Florida State tradition that is a bit unusual: the Sod Cemetery. 

In preparation for a game against the University of Georgia in 1962, professor and athletic board member Dean Coyle Moore told the players to "bring back some sod from between the hedges at Georgia." 

"Team captain Gene McDowell took the statement literally: He pulled a handful of grass from the field after the 18-0 victory, and presented it to Moore at the next practice. Moore and FSU coach Bill Peterson buried the sod on the practice field. A monument was later put in place to commemorate the victory, and the tradition of the Sod Cemetery had begun." 

Now, when Florida State marks a win in a road game as the underdog, all games against their rival—the Florida Gators —and all ACC title and bowl games, the team captains are to collect a piece of the sod from the field. 

Moore wrote about the tradition and passed on instructions on how to remove the sod, the ceremonies that follow a proper burial (in tiny coffins), and how to place the "headstones." 

Visitors can take a look at the the cemetery, which is located outside the gates of the practice field at Doak Campbell Stadium. 

See Mom0ja, Sod Cemetery, Atlas Obscura, (last visited November 5, 2020). 

November 6, 2020 in Estate Planning - Generally, Games, Humor, Sports, Travel | Permalink | Comments (0)

Friday, August 7, 2020

New York woman’s obituary shares hate for Tom Brady

TbCarole Scarsella, from Lackawanna, N.Y., died on July 19. Carole's obituary looks like any other at first glance, however, if you read on you'll see that Carole's obituary is unique.

In the obituary, family members say Carole "smoked millions of cigarettes, "loved the New York Yankees and future NBA Hall of Famer Lebron James" and "HATED Tom Brady."

The family made sure that the word "hated" was in all capital letters, apparently in attempts to emphasize the hatred that Carole held for Tom Brady. It appears they proved their point, since the obituary has made news outlets across the country. 

Carole's hatred for Tom Brady is shared with many other citizens of Buffalo, where it is almost tradition to hate former New England Patriot's quarterback. 

It seems like Carole lived a great and eventful life and she will greatly be missed by her family and loved ones.

See Evan Anstey, New York woman’s obituary shares hate for Tom Brady, WIVB4 News, July 29, 2020.  

August 7, 2020 in Estate Planning - Generally, Humor, Sports | Permalink | Comments (0)

Thursday, June 4, 2020

Why College Coaches Are Being Paid With Split-Dollar Life Insurance

UnknownIn August 2016, the University of Michigan began what has now become a trend when they offered a split-dollar life insurance arrangement to head football coach Jim Harbaugh as an alternative to deferred compensation. Clemson, LSU have done the same for their football coaches and South Carolina the same for its women's basketball coach. 

The split-dollar life insurance program is were an employer agrees to loan dollars to an employee (generally over a period of seven years) that are invested in a cash accumulation life insurance policy. The difference between this and a traditional life insurance policy is that they pay the highest premium for the lowest amount of death benefit, which is the opposite of a traditional policy in which you pay the lowest premium for the highest benefit. 

This approach minimizes policy charges and allows the policy's cash value to grow exponentially as fast as possible. At some point, the loan from the employer will be repaid, but in the meantime policy cash value in excess of the loan balance can be accessed by the employee tax-free to supplement cash flow in retirement. This is similar to an employer funding a Roth IRA for the benefit of the employee, with a potential death benefit as an added bonus.

Ever thought of coaching Division 1 college football? I bet you are now!

See Jordan Smith, Why College Coaches Are Being Paid With Split-Dollar Life Insurance , Financial Advisor Magazine, May 28, 2020. 

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

June 4, 2020 in Estate Planning - Generally, Sports | Permalink | Comments (0)