Baseball, family legacies and estate planning

by | Jul 25, 2011 | Estate Planning

Cutest little Cards fan ever!

Baseball — it’s a family legacy. I just finished Doris Kearns Goodwin’s book Wait Till Next Year, and while it might seem like a good title for Cubs’ fans, in this memoir Goodwin recounts growing up in Brooklyn during the 50’s and rooting for the Dodgers. For me, my baseball legacy is as a Cardinal fan, coming down from my grandfathers on both sides of the family. Much like Goodwin, my father taught me how to keep score when I was a kid, and I still like to keep score when I go to a game. Now, I have the pleasure of passing this legacy down to my kids. Bailey will already tell you she’s a Cardinal fan! And even though Cole can’t talk, he does have a Cardinal hat and t-shirt.

Estate Planning and Baseball

Here are a couple of interesting things I recently saw about baseball and estate planning:

Estate Fight Over Autographed Baseballs: One brother takes autographed baseballs from his parents’ house after his dad’s death. The other brother calls the cops and has him arrested. Read the full article HERE.

Catch a Ball, Get a Tax Bill: Did you hear about the guy who caught Derek Jeter’s home run ball for his 3000th hit? He gave the ball back, got lots of free stuff and now may face a tax! Why is that? Well, prizes generally considered income. Just like the Oprah audience who won a free car then got a tax bill for them. Good news on the Jeter baseball though, Miller Beer has offered to pay the fan’s tax bill!

What sports or family traditions are you passing on to your kids and grandkids? And what planning have you done for your autographed baseballs and the rest of your wealth?