Former NBA player Lorenzen Wright was found murdered in the woods southeast of Memphis. 2010. At the time of his murder, Wright and his ex wife Sherra Robinson Wright were divorced but shared six children. A $ 1 million dollar life insurance policy settlement was given to her 14 months later. 10 months after that, $973,000 of that money has been spent, none of it going towards the children’s future. Wright’s father , Herb and other family members are battling with Sherra over the remaining assets. At the time of his death, there was some speculation that Sherra wasn’t being forthcoming about details
Here’s a breakdown of what the settlement was spent on:
• $32,000 for a Cadillac Escalade
• $26,000 for a Lexus
• $69,000 on furniture
• $11,750 for a New York trip
• $339,000 for purchase and improvement to a new home
• $7,100 for a pool deposit
• $5,000 for lawn equipment
• $34,000 on legal fees
Before his death, alimony and child support gave Sherra over $300,000 a year , $16,650 in child support and $10,000 in alimony. But that amount wasn’t adjusted following the end of his NBA career in 2009.
Having some sort of estate plan is key. Set up trusts for your children and limit the access of whatever adult is responsible until the child’s at least 18. That way there’s at least something there for them later. Even if your estate is only worth $1,000, having a living will and trust is a smart move. There are services like LegalZoom which make it simple and inexpensive to handle.
Wright made over $55 million during his NBA career.