Kobe Bryant Indirectly Sues His Own Mother claims UltraTrust.com
Boston (PRWEB) July 18, 2013 -- UltraTrust.com, founded by Estate Street Partners, a site about irrevocable trust and estate planning, recently examined the case between Kobe Bryant and his mother, Pamela Bryant, regarding the permission by his mother to Goldin Auctions of West Berlin to auction off more than a 100 collectibles of Kobe’s childhood at a New Jersey auction house (2). UltraTrust.com provides further detail to this case and offers its recommendations from an estate planning perspective.
Goldin Auctions was to auction Kobe’s childhood collectibles beginning April 30, 2013 (2) but Kobe issued a cease-and-desist order [Bryant v. Goldin Auctions, LLC, 1:2013cv02816, (2013)] (2). Goldin Auction then responded with its own filing on May 2 in Camden, MA (4). Kobe Bryant shortly thereafter on May 7 filed a block of the sale of the collectibles in California (2).
The bitter dispute seems to revolve around a he-said she-said.
Kobe Bryant and Vanessa, his wife, both stated under oath and made statements under penalties of perjury that they did not give these collectibles to Pamela Bryant (1). However, both Pamela and Joseph Bryant, Kobe’s father, who played for the NBA team, Philadelphia 76ers, claim that Kobe gave these items to Pamela and that they been in her possession for the last 15 years (2).
Since Pamela Bryant had her son’s childhood clothing, trophies and rings (3) and other items she decided that she would consign them to Goldin Auctions in order that Goldin Auctions would advance her $450,000 so she could purchase a home in Nevada (3).
“Most of us don’t have millions of dollars worth of celebrity paraphernalia lying around our house,” explains Rocco Beatrice, Managing Director of Estate Street Partners, “and if someone does have items worth that much usually they are protected.”
According to UltraTrust.com, Kobe Bryant, didn’t properly protect his belongings by ensuring that his mother was simply holding them for him.
Pamela Bryant signed a permission statement to Goldin Auctions that Kobe made it known to her that he didn’t want the items anymore, making them legally hers to sell (1).
Both Kobe and Vanessa, almost divorcing in the last 12 months, have stated that they asked for the items back some years ago to give to their children (1). Though Kobe is not directly suing his mother, he claims two collectibles, a Teen Choice Award surfboard and a trophy, were taken from his home in California (2).
“When things are not written down, problems can crop up in the best of families,” states Mr. Beatrice.
“It is always best, especially with items worth millions of dollars, to have the ownership of the items clearly stated and documented.”
Kobe has seemingly attempted to keep his mother out of this by only naming the auction house in the New Jersey District Court lawsuit [Bryant v. Goldin Auctions, LLC, 1:2013cv02816, (2013)], but inevitably, his mother will be drawn into the case by the auction house.
“A simple way to have avoided this whole problem is with an irrevocable trust,” suggests Mr. Beatrice.
“Although I wouldn’t recommend it for asset protection reasons, he could have even named his mother as the trustee to manage the items.”
Certain types of trusts allow assets to be protected and are held within it, managed by a trustee. Most trusts list assets and have instructions for distributing those assets and when, how and to whom they should be distributed.
They are a legal ways for assets to be held for the benefit of someone else.
Because Kobe did not have these items in a trust or identified as his in any other way, he may be fighting a losing battle. In addition, if Kobe did ask for the items back and the statute of limitations has run out on the filing of a lawsuit, the auction house could win on a technicality.
“Winning these kinds of disputes is a misnomer. Nobody wins a family lawsuit. If Kobe wins, his mother most likely loses her dream house. If the auction house wins, Kobe will harbor animosity towards his mother for selling his items. Nobody wins,” explains Mr. Beatrice.
“One of the first questions an estate or wealth planner asks is for a list of all valuable assets. If Kobe would have done some essential estate planning, and the planner was alert, he could have placed all of these items in a trust for safe keeping,” advises Mr. Beatrice.
“If he was interested in donating these items, he could have set up a charitable remainder trust that could have used the items to perpetuate an unlimited number of years of giving.”
“Instead of helping children or his mother, a significant amount of wealth is going to go to the attorneys trying this case. I pray to God that the family is not affected by these legal issues.”
To learn how to protect assets save on estate taxes and probate costs visit UltraTrust.com, the irrevocable trust experts. Visit MyUltraTrust.com to set up a [DIY irrevocable trust plan.
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Sources:
1 - forbes.com/sites/trialandheirs/2013/05/09/no-happy-mothers-day-kobe-bryant-calls-mother-liar-in-lawsuit/
2 - usatoday.com/story/sports/nba/lakers/2013/05/14/kobe-bryant-mother-memorabilia-auction/2158119/
3 - usatoday.com/story/news/nation/2013/05/03/kobe-bryant-mother-memorabilia-auction/2131965/
4 - dockets.justia.com/docket/new-jersey/njdce/1:2013cv02816/289145/
5 - ultratrust.com/court-cases/golden-auctions-llc-v-kobe-bryant.html
Rocco Beatrice, Estate Street Partners, http://www.ultratrust.com, 888.938.5872, [email protected]
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