The Greatest of All Time's Estate

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.
• 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.
• 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.

Reference: Daily Mail (June 2, 2016) "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."

For more information on Trust and Estate Planning please visit our website.