No matter what people think of the circumstances under which baseball star Jose Fernandez died last year, there is little doubt that everyone agrees that it is tragic that his three-month-old daughter never even got to meet her father.
Fernandez was killed in a September boating accident that apparently involved alcohol and drug abuse.
Major league baseball recently gave the Miami Marlins $700,000 as a result of the death. The team then put the money into a trust for the baby girl and for Fernandez’s mother, according to a recent report in the Miami Herald.
Major league baseball has a policy of compensating teams $1 million when a player dies. The insurer balked at paying the full amount because of findings by the Florida Fish and Wildlife Conservation Commission that indicate Fernandez was piloting the boat at the time of the crash and that he had a BAC (blood alcohol content) nearly twice the legal limit. He also had cocaine in his system.
Negotiations between baseball and the insurance company resulted in the $700,000 payout. Few would argue that putting that money into a trust for the little girl is a bad idea.
The trust is designed to pay for the girl’s education. The player’s mother is to receive an unspecified annual allocation from the trust as well.
After her education is completed and paid for, the girl will receive whatever funds remain in the trust, according to the news report.
This is the kind of thoughtful giving that is possible with creation of a trust in Florida.
You can contact an experienced Cocoa estate planning attorney for help in establishing a trust that suits your needs.