There is little that is not tragic surrounding the story of Aaron Hernandez of the New England Patriots. It is now known that he suffered from an advanced case of CTE, a debilitating brain injury common in football players.
When he was arrested for the murder of Odin Lloyd, the New England Patriots paid him $9 million as required to under the terms of his contract.
Hernandez was subsequently convicted of the crime and committed suicide in prison. Lloyd's family has been trying to get damages out of Hernandez's estate.
However, there is a problem because the estate is already underwater.
It owes more money than it has in assets. However, what happened to the $9 million? It has not been accounted for.
It appears that Hernandez might have placed the money in an irrevocable trust for the benefit of his daughter, as Yahoo! Sports reports in "Report: Aaron Hernandez may have hidden money in trust, before his death."
Assets placed in an irrevocable trust are usually shielded from creditors, including the Lloyd family. However, if the assets were put in the trust for the specific purpose of defrauding known creditors, then the trust could be dissolved.
That makes it important to know when Hernandez created the trust and what assets were put into it.
The key details are not yet known. The court has placed a gag order over everyone involved with the case.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Yahoo! Sports (Nov. 28, 2017) "Report: Aaron Hernandez may have hidden money in trust, before his death."