HULK Hogan’s wife is set to inherit nearly a third of his vast fortune at least in the wake of his death, possibly creating a major rift with his ex-wives and estranged daughter.
Hogan and his third wife, Sky Daily, 49, have only been married for two years, but Florida law guarantees her 30% of his estate, whether or not he updated his will or trust before his sudden death on Thursday at 71.
In addition to investments and cash accounts, Hogan owned an $11.5 million mansion in Clearwater, Florida and multiple businesses, and he set up a revocable trust and a personal trust before he died, The U.S. Sun has learned.
Florida estate expert and paralegal, June Frederiksen, at the Schofner Law Firm, explained that the WWE wrestler, movie star, and local business owner likely had “very in-depth estate planning.”
“You set up a trust to protect your assets, so you run everything through the trust,” the expert explained.
The trust is meant to avoid his estate ending up in court, having to figure out where assets need to go and if creditors can collect from it.
But whether or not his new wife, Sky, was included in his trusts, she still stands to inherit a large portion of his wealth.
“He married Sky two years ago, so he probably updated the trust so she would get a spousal elective share,” Fredricksen said.
“Even if Sky was left out of his estate and he didn’t update his trust since they married, she would still get a spousal elective share, which she is entitled to 30% in Florida.”
June said someone in the trusts will be named the trustee and they will do whatever the trusts direct for the distribution of Hulk’s assets.
Things can get dicey, however, if his trusts weren’t fully up to date.
For example, if there were assets that were not rolled into his trusts, or importantly, if someone contests what is directed in the trusts, there may not be a way to avoid estate court.
What’s more, Fredricksen said, if his estate battle does end up in court, then the assets become “susceptible to creditors, and I’m sure he had some creditors.”
Hulk had notoriously fallen out with his daughter Brooke Hogan.
The two have been estranged for several years, and the WWE star never met his twin grandchildren, Oliver and Molly Gene, who were born in January of this year.
“If Brooke is left out of the will, she can contest it,” and the battle would wind up in probate court, the legal expert explained.
INSIDE HULK’S FORTUNE
Hulk’s estimated net worth is $25 million, according to Celebrity Networth.
As The U.S. Sun exclusively revealed, Hulk owns a massive Clearwater property worth about $11.5 million.
He owned several businesses in Florida, with Hogan’s Beach Shop in 2013 which is still going strong, as well as the restaurant Hogan’s Hangout, which is also still open, in Clearwater Beach.
The wrestler also owned Real American Beer, which launched last year.
Hulk has also appeared in a slew of movies beyond his legendary run with the WWE.
SKY’S HEARTBREAKING TRIBUTE
Sky Hogan shared an emotional statement following the sudden passing of her husband on Thursday.
In her Instagram post, she expressed her devastation and reflected on his health struggles.
“My heart is in pieces,” she began. “I wasn’t ready for this. He had been dealing with some health issues, but I truly believed we would overcome them. I had so much faith in his strength. I thought we still had more time.”
She continued, “This loss is sudden and impossible to process. To the world, he was a legend… but to me, he was my Terry. The man I loved. My partner. My heart.”
HULK HOGAN’S FINAL DAYS
Hogan had been battling significant health challenges in the months leading up to his death.
He underwent neck surgery in May, which required a return to the hospital in June after complications.
By mid-year, reports surfaced claiming Hogan was unable to feel his legs or walk without the aid of a cane, with some rumors suggesting he was on his deathbed.
However, these claims were denied or downplayed by those close to him.
On Thursday morning, Hogan suffered cardiac arrest at his $11.5 million mansion in Clearwater, Florida.
Paramedics arrived following a frantic 911 call and spent 30 minutes attempting to revive him.
He was transported to the hospital, where he was pronounced dead.
HULK’S FAMILY
Hogan was married twice before meeting Sky.
His first marriage was to Linda Claridge, with whom he shared two children: Brooke, 35, and Nick, 32.
The family starred in the reality series Hogan Knows Best, which aired from 2005 to 2007.
Hogan and Claridge were married for 26 years before divorcing in 2009.
Source : https://www.the-sun.com/sport/14824590/hulk-hogan-will-family-feud-new-wife-sky-fortune/
