Living trusts have become increasingly popular among people who wish to avoid Probate and keep the control of their family’s wealth private and within the family. No doubt you’ve heard the story of Babe Ruth – the American professional baseball player who is widely regarded as the greatest baseball player of all time. But did you know that the man nicknamed "the Bambino" established a living trust long before such instruments came into common modern usage?
A Baseball Legend Was Also an Estate Planning Pioneer
Born George Herman Ruth in 1895, the so-called “Sultan of Swat" was nearing the end of his 22-year long career when he directed his attorneys to form his living trust dated April 26, 1927, naming two of his lawyers as Trustees and providing bequests for his wife and two daughters as well as The Babe Ruth Foundation, Inc., a corporation created by him and dedicated to serving the interests children in America.
The same year that the Babe created his estate plan he bested his own MLB single-season record, hitting 60 home runs and establishing his career high score for the New York Yankees and earning his salary of $52,000 - equivalent to over $900,000 in today’s dollars.
At the time of his death, the Babe had a net worth of $9 million. Even after his passing he continued to amass wealth, with several of his items of sports memorabilia and baseball memorabilia setting records for sale at auctions, including his 1920 Yankees jersey, which sold for $4,415,658 and the bat with which he hit the first home run at Yankee Stadium selling for $1.265 million.
The Value of Trusts in Estate Planning
To avoid the complications and costs associated with Probate, individuals and married couples are encouraged to explore the benefits of trusts. A trust is a valuable estate planning tool that can protect a family's wealth throughout their lifetime and even after their death, without involving the government in the management and distribution of their assets. Trusts offer numerous advantages, such as privacy, control, and flexibility, making them an attractive option for those looking to secure their family's financial future.
Babe Ruth Day, celebrated on April 27 is a tribute to Baltimore’s native son and baseball great. While many are familiar with his accomplishments on the field, few know that Babe Ruth was a pioneer in Estate Planning with his use of a living trust.
Take the First Step Towards Comprehensive Estate Planning
If you are interested in learning about proper estate planning, Stouffer Legal offers free online webinars to help you understand the process and make informed decisions. To access one of these webinars, simply click this link. After viewing the webinar, you will be entitled to a free consultation with one of Stouffer Legal's experienced estate planning attorneys. Don't leave your family's financial future to chance; take control today by exploring the benefits of estate planning with Stouffer Legal.
