Floats like a butterfly, stings like a bee… My oh my, what a family legacy!
The passing of legendary boxer Muhammad Ali has sent the world’s media into a frenzy of fight footage flashbacks and fond memories ahead of his funeral this week.
Ali had planned his funeral with his family for the last ten years. Film stars and world champions will be his pallbearers at the multi-denominational funeral service in Louisville, Kentucky. His mile-long funeral profession will drive along a road named after him. His funeral is all about preparation and planning.*
Sadly, the same cannot be said of Ali’s estate and finances, which are a complex and tangled web involving seven daughters, two sons, four wives, and three divorces.** What’s more, Ali’s estate could be worth millions in posthumous earnings, raising the stakes even higher.
Where there’s a will
Whilst the exact contents of Ali’s will is as yet unknown, there are many parties who could benefit - and several who might wish to contest the contents. The executor to Ali’s will is said to be his fourth wife, Lonnie Ali. However, there are reported incidents of friction between her and other members of the extended Ali family, including children from previous relationships.
What a tangled web we weave
At LGFL, we have extensive experience in helping families untangle messy family situations. Many families have resolved such issues thanks to our professional advice on all types of financial settlements. So if you find yourself in an Ali-type tangle and have children from different marriages, want to know about step parent rights, or believe your spouse is committing adultery, speak to us.
We have also advised families about their rights to contest a will under the Inheritance (Provision for Family and Dependants) Act 1975. If you wish to contest the provisions of a will (as we suspect some members of the Ali family will do), you need to move quickly to ensure your claim is valid. Call us to see if you qualify for a free consultation (full details at the end of this blog).
Love and marriage
Estate value and business interests
Ali certainly earned big money from his famous fights, such as the $5million purse for the “Rumble in the Jungle: with George Foreman in 1974. After retirement, he negotiated licensing and endorsement details through his company Goat LLC. A controlling share in the company was sold to CKX, at which time the Ali brand was reputed to be worth $7million annually.***
An $80million estate? Peanuts!
LGFL advice? Priceless!
At LGFL, we offer a complimentary 30-minute consultation for local clients to discuss your concerns, at our discreet family law offices on the Hampshire/Berkshire border. So, you don’t have to be a billionaire (or even pay a single penny) to receive a professional overview of your situation. Knockout!
*** The Guardian
**** TheRichest.com citing Forbes