From our “Ask a Question” Mailbag: Protecting Sports Memorabilia from New Wife for Son
Most Recently Updated July 21, 2018.
“I have a collection of Curt Schilling memorabilia that I have been gathering since he started pitching for the Phillies in 1992. It is worth some money, but is mostly something that my son and I have shared together and is near to our hearts. I am remarrying soon and I am worried that — should I die — this collection will become a problem between my wife and my son. I would give the collection to my son now, but he has no place to keep it yet. Any suggestions?”
Protecting Sports Memorabilia from New Wife for Son
You are right to worry about the impact a second marriage can have on the children from your first marriage. No matter how well they get along, after you die there are going to be opportunities for conflict between your second wife and your children.
Try to defuse these time bombs!
Irrevocable Trust Option
I suggest you think about forming an irrevocable trust now, before the wedding, and document the transfer of your Curt Schilling collection into that trust. Then, document that your new wife agrees that this is not your property in your prenuptial agreement. (You will be getting a prenuptial agreement, correct?) This way, the collection is no longer yours, so your wife will obtain no ownership rights from the marriage. At your death, the document can clearly state that your son is the trustee and he will then be free to pick up the collection without her having a claim. This trust will also protect the collection from your son’s spouse, should he marry someone who’s not as fond of this sometimes-controversial sports figure. There is a bit more to this arrangement than will fit in this blog post, so I would be happy to walk you through the options if you request a free consultation.
More Planning Questions?
The irrevocable trust is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Protecting Sports Memorabilia from New Wife for Son
I hope that this article was helpful in explaining an irrevocable trust. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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