TNJ - May 2002 - Feature Story - Profiles of Black Women In the Business of Art By Shea Thomas By Shea Thomas

June 2002

The Importance of Estate Planning

One gallery owner and two black women artists are making strides in bringing ethnic art creations to both black and mainstream communities.

By Shea Thomas

Many believe that death is something that is reserved for the elderly. It is relatively unthinkable for someone under the age of 50 to plan for his or her eternal life.
Nonetheless, in the aftermath of the September 11, 2001 terrorist attacks and other unthinkable tragedies, many want to help educate the public on the importance of estate planning.

In spite of these lofty goals, there are compelling concerns about a lack of adequate storage area because vendors have to take their wares home with them after work.
“The storage might be a problem but we are looking forward to having a container so that the vendors can store their items in their booths at night,” said Hastick.

Stephanie Rose, 43, of West Orange, NJ, is a married mother of three and works in the special education department of Columbia High School in South Orange, NJ.
Rose lost her 47-year-old sister Dorothy Morgan on the day of the attacks. Morgan was one of nine children and worked on the 98th floor of the World Trade Center at Marsh & McLennan Co. Rose said that her late sister did have a $98,000 life insurance policy from her former employer, which was paid to the family, but she did not have a last will and testament.

“We were very fortunate that everything was distributed amicably amongst the surviving four sisters, so we did not have any problems,” said Rose.

Bruce Bozeman, an attorney with the Bozeman & Trott LLP law firm in Mt. Vernon, NY, said that it is a very positive thing when decisions are made amicably amongst family members, but he cautioned that this is not always the case.

“More often than not, family members don’t agree on things and that is why it is important to have a will in place,” Bozeman said. “A will is a legal document that spells out how assets and property will be distributed at the time of one’s death.”

A regular worshipper at the Love of Jesus Church in Newark, Rose had sought council from her minister, Pastor Barbara Glanton, and was in the process of getting over the shock of the loss of her sister, when her brother, Earl Burke, 52, suffered a heart attack and died, just one week after the September 11th attacks.

“It was just devastating to the family to deal with two deaths so close together,” Rose said, as she took a deep breath over the phone. “To make matters worse, my brother was not covered by an insurance policy at the time of his death.”

“I can’t stress enough how important it is to have life insurance,” said Bozeman. “As soon as you start a job, you should find out whether or not your employer offers life insurance. If not, there is the Savings Bank Life Insurance (SBLI), a union or professional life-insurance provider.”

Bozeman explained that this is a group life-insurance plan that provides more insurance and covers an individual at the time of his or her death.

Betty Burke, 51, who had been married to Earl Burke for 21 years before her 1989 divorce, said that he had an insurance plan offered through his union, the Local 522 Welfare Fund, but that the policy was cancelled for nonpayment while Earl was in the hospital for about five months.

“He paid on this policy for 25 years while he was employed as a truck driver at Firestone Plywood in Hicksville, NY,” Betty said. “Because he missed a few payments while he was in the hospital, the policy was cancelled and he had no benefits at the time of his death.”

Betty said that because of the kindness of her extended family and friends, Earl’s loved ones were able to have a nice funeral and burial for him.

So what happens when there is an insurance policy that is not enough to sustain a family for the long-term or when there is a will that is outdated?

Lisa Sealy, 33, widow of former National Basketball Association (NBA) player Malik Sealy, found out the answer to these questions the hard way.

Her husband Malik played for the Minnesota Timberwolves and was just 30 years old at the time of his death on May 20, 2000. He was hit head-on by a drunk driver identified in police reports as Souksangouane Phengsene of Minneapolis, MN. Phengsene was reportedly traveling the wrong way on Highway 100 in St. Louis Park, MN, when he struck Malik’s SUV.

Malik was returning home from a birthday party for his teammate, Kevin Garnett, and according to police reports, Sealy’s blood alcohol level was within the legal limits at the time of the accident.

“Malik’s death was devastating to say the least,” Lisa said from her Queens, NY, apartment where she raises their four-year-old son, Malik Remington (Remi) Sealy.

Lisa said she is grateful that her husband had an accidental-death policy from the NBA Union, but the couple did not have a personal life-insurance policy.

“The amount of money I received pales in comparison with the $2 million that the union has changed it to since his death,” Lisa said. “The money they gave initially was insufficient.”

The couple were college sweethearts at New York’s St. John’s University, where Malik was a shining basketball star, and she was a cheerleader. They had been together for 10 years and had a storybook wedding in August of 1999.

Lisa and Malik were nine months into their marriage at the time he was killed. Lisa said that her short-lived fairy tale turned into a nightmare following her husband’s death.

“Not only did several of our so-called friends disappear, but his agent, Arn Tellum, sent me a $34,000 bill, his agent’s commission for the 2000 basketball season,” Lisa said. “During the holiday season, I also got a fruit basket from Mr. Tellum, addressed to Lisa McDonald, my maiden name, which I thought was very disrespectful, because I was married.”

Lisa and Malik were in the process of updating their financial papers at the time of the accident, but nothing was completed before his death. His mother, Ann Sealy, is the executor of his estate.

“Malik thought he had time,” Lisa said in a soft and trembling voice. Malik left his multimillion dollar recording studio, Base Line, located in New York, to his wife. She is not profiting from it, however, because of poor estate planning.

“Black athletes really have to get on top of their business and stop waiting for their agents and lawyers to handle their business affairs for them,” Lisa said in a stern tone. “In addition to life insurance, they should also have mortgage and home insurance.”
It is important for anyone who is recently married to sit down with his or her life partner and do estate planning, Lisa advised.

“I feel really bad, because I know Malik would have never wanted his family to suffer,” Lisa said, as Remi played nearby. “I am truly thankful and forever grateful for the friends and loved ones who have stuck by me and my son through this very difficult time.”
Although more than 3,000 people attended her husband’s funeral, Lisa thanked only a handful of people in an original greeting card mailed to loved ones last year. Included on the thank-you card were the names of Dr. Gary Prince, Chrysa Chin, Bobby Jackson, Charles Oakley, LL Cool J, Terrell Brandon, Kendall Phills and Glen Taylor.

“When I asked some of those 3,000 people for their help, it was a rude awakening,” Lisa said. “It is up to individuals and their loved ones to make sure that an estate is properly planned so that family members and loved ones are properly cared for at the time of death.”

To receive help or make a donations to the Sept. 11th Fund, please call (866) 689-HELP ( www.uwnyc.org/sept11).

A trust has been established for the son of Malik Sealy. Contributions can be sent to: The Malik Remington Sealy Trust, Acct. 22Y-396321, Attn: Ivan Thornton, 227 Park Avenue 22nd floor, New York, NY 10172 or call (212) 892-8798.

Send a Network Journal Greeting Card With Music to a loved one or friend. In preparing to celebrate Black History Month (February) here in America, the theme of our greeting cards for the next two months will feature famous people of color from the last century.

The music to accompany the cards are Motown and Reggae songs.