Boxing legend Muhammad Ali recently passed away. The details
of his estate plan are not yet known, but he left behind a large estate and
family.
With the passing of Muhammad Ali, a true sports icon has
left the scene. At this early stage it is not yet known what type of estate
plan he had, but since he had a long bout with Parkinson's disease, it is
assumed that he did have a plan.
The Daily Mail recently reported on what is currently known about his estate in "Ali's family to spar over his $50million fortune: Fourth wife Lonnie will act as executor as his NINE children, exes and brother prepare to enter the ring for a slice of inheritance."
The known details include:
·
It is believed that Ali's fourth wife, Lonnie, will act as the executor of his estate.
It is believed that Ali's fourth wife, Lonnie, will act as the executor of his estate.
·
His known potential heirs include nine children, a brother and his ex-wives. However, it is not currently known which if any of them will inherit a portion of Ali's estate or how much. For that reason, it is not currently possible to know whether a challenge to his estate plan is likely.
His known potential heirs include nine children, a brother and his ex-wives. However, it is not currently known which if any of them will inherit a portion of Ali's estate or how much. For that reason, it is not currently possible to know whether a challenge to his estate plan is likely.
·
It is estimated that Ali's net worth at the time of his passing was approximately $50 million.
It is estimated that Ali's net worth at the time of his passing was approximately $50 million.
·
Up until the time of his death Ali continued to
earn money through the company he founded, GOAT LLC. However, he sold the
majority of the company a few years ago and retained only a 20% interest in it.
·
His estate also includes property in Arizona and Kentucky. It is also possible that his estate will include memorabilia from his fighting days that could potentially be worth millions.
His estate also includes property in Arizona and Kentucky. It is also possible that his estate will include memorabilia from his fighting days that could potentially be worth millions.
Marty Burbank knows how important it is for a person with Alzheimer’s Disease or Parkinson’s Disease to have an estate plan with a special needs trust. For more information about Estate Planning in Orange County or Corona, CA, please visit our website at www.OCElderLaw.com, or call 714-525-4600 to schedule an appointment.
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