Miami Marlins establish a trust fund for daughter Jose Fernandez
After the unspeakable tragedy that struck the family of Jose Fernandez a year ago, the Miami Marlins are doing their part to make sure they are cared for.
The Miami Marlins were only one part of the Jose Fernandez boating accident last year. After the talented cuban right-hander’s death, the baseball world was left reeling.
Today, the Marlins have done their due diligence to make sure that the family was taken care. After settling with the insurance company and Major League Baseball, the Marlins established a trust fund of $700,000 for the Fernandez family.
Insurance typically shells out a sum of $1 million to a Major League team in the event that one of their players passes away. However, due to the fact that Fernandez was found with traces of cocaine and a blood-alcohol level well above the legal limit, the insurance company was hesitant.
The sum was eventually negotiated, and established at $700K. The Miami Marlins, and owner Jeffery Loria immediately passed the money to the fund for the family following its disbursement. The money will be used to help Fernandez’s infant daughter Penelope pay for her schooling.
The story, which first appeared in the Miami Herald, quoted Marlins President David Sampson as follows:
"“We told them the Marlins would put aside a substantial amount of money to pay for all of Penelope’s education from now until postgraduate and Maria would never need to worry about Penelope again from an education standpoint, and Penelope would graduate from any school and graduate school without debt,” Samson said."
The established trust will also ensure that Fernandez’s mother is taken care of. Maria Arias will receive an annual sum from the trust to cover her living expenses.
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Currently the Fernandez estate faces some complications as a result of the boating accident. The families of the two friends who were with Fernandez on the night of the accident are seeking compensation. They are said to be seeking roughly $2 million each.
Earlier this year, Fernandez’s attorney told the Miami Herald that his estate did not exceed $2 million.
It is unclear if the money in the trust is impervious to those lawsuits. Samson has indicated it is, and that the money will be used to take care of Penelope.
With the family still devastated by the loss of a cherished member of their family, the trust crosses a worry off of their list. They no longer have to worry about their financial future. At a time of grief, that’s often the last thing you want to have to think about.
Next: When the Marlins turned May around
Loria covered all the costs involved with Jose Fernandez’s funeral. This offseason, the Miami Marlins will be erecting a statue in front of Marlins Park for Jose Fernandez. The statue will be nine to ten feet tall.