Let There Be Parental Peace: Gabby Douglas’ Millions Are Going Into a Trust

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Wow, we are in Gabby Douglas’ business! Just yesterday, there were sources saying that the Olympic gold medalist was in the middle of a family brouhaha over the millions ($10 million now and $100 million over the course of many years, according to estimates from the National Enquirer (?)) that she’ll be making in endorsement deals.

Today, RadarOnline.com is reporting that actually there is no warring over money because it’s going into a trust.

“Any money she earns from future endorsements will go towards paying for her college education, as well as be put aside for when she’s finished her studies,” a “family insider” (publicist?) is now telling Radar, which, by the way, also picked up on the family feud story yesterday. That’ll teach you to report on things you see in The National Enquirer.

Let’s hope the latter is true.

You might be asking, “What exactly is a trust?” Good question. “Essentially, it is an arrangement whereby you give assets to a legal entity (the trust) created in a separate agreement to be administered by an individual or institutional trustee for a beneficiary, who may be yourself or some other person,” Kiplinger informs us. You can click on that link to learn more about the benefits of a trust and how to create one.

Separately but related, Douglas is getting a new ‘do from celebrity stylist Ted Gibson.

“Gibson’s pricey signature service offers clients like Jolie and Union a relaxing scalp and hand massage as well as upbeat conversation and the perk celebrities often value most: privacy,” The Daily Beast reports. According to his New York salon’s website, a haircut from Gibson’s hand costs $950. Douglas was on the couch on The Tonight Show last night and will be on Oprah’s Next Chapter  on August 26.

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