26 minute read
Golf
Dermot Gilleece traces the always fascinating playing and business career of Greg Norman
The ‘invincible’ Great White Shark
When interviewing him in the buildup to his dramatic collapse in the 1996 Masters at Augusta National, Greg Norman’s first wife, Laura, made a fascinating observation about her husband. ‘Greg loves being good at things,’ she said. ‘Sometimes I think he believes he's invincible.’
It’s a notion which is proving to be quite helpful in Norman’s current role as chief executive of LIV, the Saudi Arabian backed rebel golf tour. And given that the Australian never appeared to be over-burdened by humility, he is bound to view his ongoing international prominence as a bonus, more than 12 years since he quit serious competitive golf.
Fans around these parts will retain memories of his appearances in various stagings of the Irish Open, dating back to his debut at Portmarnock in 1977, when he was tied third behind American, Hubert Green. Then there was the remarkable challenge he staged against Padraig Harrington in the 2008 Open Championship, before sharing third place once more, as the Dubliner retained the title at Royal Birkdale.I have found Norman to be a fascinating sportsman, who I had the privilege of actually playing golf with at Doonbeg, the links he designed in west Clare, in 2002. He was a golf-writer’s dream, not only for his spectacular play but for a readiness to be interviewed. In fact I can never recall being rejected by him. You may not always have received the length of time you desired, but a response was invariably forthcoming.
Long, straight driving made his game a natural fit for the Masters, a tournament he coveted above all others. And this from a player who achieved 88 professional wins during a career in which he also reigned as world number-one, for 331 weeks. Against this background, it will come as no surprise to learn that Norman is a perfectionist, who carries all the baggage this affliction entails. He doesn't suffer fools gladly and at one time, possessed the impetuosity of the road-hog, driving cars at breakneck speeds and generally trying to fit 30 hours' activity into every day.
Yet there is also a disarming, boyish warmth about him. For instance, at the peak of his playing powers, early in the 1990s, he was followed for 20 miles by a Florida police car, doing 120 mph in his Ferrari Testarossa while weaving in an out of traffic and emergency lanes. When finally pulled in by the tenacious highway patrolman, Norman turned on one of his broadest smiles for the cop while brashly suggesting: ‘Wanna drive it?’ He didn't get a ticket.
His shock defeat by Nick Faldo in the ’96 Masters was his 52nd runner-up finish on tour. And he duly turned up for the post-round press conference, just as he had done for all the others, notwithstanding the painfully insensitive questions he knew awaited him. Even this, his most crushing set-back was borne with a patient shrug.
While clearly respecting his fans, he readily acknowledged that the Great White Shark image was a media creation which he could profitably perpetuate. Which did much to explain the lucrative contracts which came his way over the years. And I can recall the stunned reaction, even from Jack Nicklaus, no less, when it was revealed that he had received $45 million for his share of Cobra Golf. His one-time manager, Frank Williams, observed: ‘The reason Greg is so wealthy is that he has a sharp, business mind. The only thing he puts his name on that he doesn't own part of, is Chevrolet.’
His shock defeat by Nick Faldo in the ’96 Masters was his 52nd runner-up finish on tour.
Greg Norman: While clearly respecting his fans, he readily acknowledged that the Great White Shark image was a media creation which he could profitably perpetuate. Which did much to explain the lucrative contracts which came his way over the years.
larger Horn of Africa region has been gripped by a severe dry spell over the last four years with four consecutive failed rainy How is UNICEF helping? How is UNICEF helping? seasons. Coupled with the ongoing conflict, depleted water Due to climatic changes, South-West Somalia, including the
sources, and destroyed crops, there are almost one million Somalis displaced nationwide. Across Somalia, hungry families are making desperate journeys to urban centres, seeking food Children in Somalia larger Horn of Africa region has been gripped by a severe dry spell over the last four years with four consecutive failed rainy seasons. Coupled with the ongoing conflict, depleted water According to the UN, more than 7 million people in Somalia are critically food insecure and UNICEF estimates that half a million children are expected to suffer from severe acute malnutrition this year. According to the UN, more than 7 million people in Somalia are critically food insecure and UNICEF estimates that half a million children are expected to suffer from severe acute malnutrition this year.
Their journey is long and arduous and for some it’s already too late. It was already too late for 10-year-old Salut. His mother Fatuma set out from her village with her five children. Having walked for three days over the desolate countryside, withering under yet another failed rainy season that has devastated crops and decimated livestock, Fatuma finally reached the outskirts of the city of Baidoay in the South West state of Somalia. Somalis displaced nationwide. Across Somalia, hungry families are making desperate journeys to urban centres, seeking food and shelter. Their journey is long and arduous and for some it’s already too late. It was already too late for 10-year-old Salut. His mother Fatuma set out from her village with her five children. Having walked for three days over the desolate countryside, withering under yet UNICEF is on the ground working with its partner and are stocking health and nutrition centres with therapeutic foods and medicines to prevent malnutrition and to treat common illnesses increasing emergency trucking of clean drinking water, conducting immuni nutrition evaluations of children in the camps, and rolling out programmes to provide children within the camps a space to learn. UNICEF is on the ground working with its partner and are stocking health and nutrition centres with therapeutic foods and medicines to prevent malnutrition and to treat common illnesses increasing emergency trucking of clean drinking water, conducting immuni nutrition evaluations of children in the camps, and rolling out programmes to provide children within the camps a space to learn. Due to climatic change, Somalia, including the larger Horn of Africa region has been gripped by a severe dry spell over the last two years with four consecutive failed rainy seasons. Coupled with the ongoing conflict, depleted water sources, and destroyed crops, there are almost one million Somalis displaced nationwide. Across Somalia, hungry families are making desperate journeys to urban centres, seeking food and shelter. Their journey is long and arduous and for some it’s already too late. another failed rainy season that has devastated crops and decimated livestock, Fatuma finally reached the outskirts of the city of Baidoay in the South West state of Somalia.
It was already too late for 10-year-old Salut. His mother Fatuma set out from her village with her five children. Having walked for three days over the desolate countryside, withering under yet another failed rainy season that has devastated crops and decimated livestock, Fatuma finally reached the outskirts of the city of Baidoa in the South-West state of Somalia. There, the family were provided with a space at the Hagarka Camp, one of more than 400 camps in Baidoa for internally displaced persons (IDPs). However, the following day, her little boy Salut died from complications due to severe acute malnutrition, a condition caused by the lack of food whereby the body becomes so weak and emaciated, that a common illness can prove fatal. Fatuma and her children are just one of millions of families in Somalia at the mercy of this cruel mix of climate-induced disaster and decades of conflict now heading towards famine.
© UNICEF/ Somalia, 2022/Giri
© UNICEF/ Somalia, 2022/Giri
© UNICEF/Somalia, 2022/Yusuf
Fatuma with her children outside her tent at the Hagarka Camp, in South West state of Somalia. © UNICEF/ Somalia, 2022/Giri There, they were provided with a space at the Hagarka Camp, one of more than 400 camps for Fatuma with her remaining children outside her make-shift tent having internally displaced persons (IDPs). However, the following day, her little boy Salut died from walked for three days to reach the Hagarka Camp. Fatuma with her children outside her tent at the Hagarka Camp, in South West state of Somalia. There, complications due to severe acute malnutrition, a condition caused by the lack of food whereby the they were provided with a space at the Hagarka Camp, one of more than 400 camps for body becomes so weak and emaciated, that any common illness can prove fatal. internally displaced persons (IDPs). However, the following day, her little boy Salut died from complications due to severe acute malnutrition, a condition caused by the lack of food whereby the Fatuma and her children are just one of millions of families in Somalia at the mercy of this cruel mix body becomes so weak and emaciated, that any common illness can prove fatal. of climate-induced disaster and decades of conflict, now heading towards famine. Fatuma and her children are just one of millions of families in Somalia at the mercy of this cruel mix of climate-induced disaster and decades of conflict, now heading towards famine.
Two-year-old Sabirin tastes ready-to-use therapeutic food (RUTF) at a UNICEF-supported health clinic. UNICEF procures 80% of this lifesaving food to treat severe acute malnutrition in children and 90% of children treated with RUTF recover. UNICEF procures 80% of this life-saving food and here two-yearfood (RUTF) at a UNICEF-supported Health Centre. 90% cent of the children treated for severe acute malnutrition with RUTF recover. Photo UN0719418 UNICEF procures 80% of this life-saving food and here two-year-old Sabirin tastes ready food (RUTF) at a UNICEF-supported Health Centre. 90% cent of the children treated for severe acute malnutrition with RUTF recover. Photo UN0719418 A health worker instructs Khadijo and her children on nutrition at the UNICEF-supported health clinic on the outskirts of Mogadishu, Somalia.
© UNICEF/Somalia, 2022/Yusuf
How is UNICEF helping?
According to the UN, more than 7 million people in Somalia are critically food insecure and UNICEF estimates that half a million children are expected to suffer from severe acute malnutrition by July of next year. UNICEF is on the ground working with its partners and are stocking health and nutrition centres with therapeutic foods and medicines to prevent malnutrition and to treat common illnesses. It is increasing emergency trucking of clean drinking water, conducting immunisation campaigns and nutrition
evaluations of children in the camps, and rolling out ‘Education in Emergencies’ programmes to provide children within the camps a space to learn. pg. 1 UNICEF is also working to prevent and respond to cases of gender-based violence and to protect children from abuse and harm, through the establishment of a 24/7 hotline telephone. This includes a referral and treatment centre for victims. More needs to be done and more resources are needed to prevent a catastrophe. If you would like to learn more about UNICEF’s work on the ground in Somalia and how you can help go to - unicef.ie/horn-of-africa
© © UNICEF/Somalia, 2022/Yusuf UNICEF/Somalia, 2022/Yusuf A health worker instructs Khadijo Mohamed Aden and her children on nutrition at the UNICEFA health worker instructs Khadijo Mohamed Aden and her children on nutrition at the UNICEF Weydow Health Centre on the outskirts of Mogadishu, Somalia. Weydow Health Centre on the outskirts of Mogadishu, Somalia.
pg. 1
Donald Trump with Greg Norman for whom he designed the Doonbeg links course in Co Clare
Ken Schofield, then executive director of the European Tour, was involved with Greg Norman in a major rumpus over appearance money relating to the Irish Open in 1995.
suggested bitterly that there's no room for anybody else at a table where Norman and his ego are already seated. He found this attitude odd, especially for America. ‘America was built by people who started as shoeshine boys and ended up owning the shoe factory,’ he said. ‘I don't understand begrudgery.’
Norman was at one stage at the centre of a major rumpus involving appearance fees paid to him by Murphy’s Brewery for an appearance in the 1995 Irish Open at Mount Juliet. Their advance payment to the Shark was estimated at $350,000 and in the wake of an impressive if unavailing challenge in Dubai in early March 1997, the Shark kicked up his own desert storm. Citing three tournaments, including that particular Irish Open, the focus of his anger was Ken Schofield, executive director of the European Tour.
The most intriguing aspect of the attack was that it came totally without prompting. It arose during a meeting I had with him in Dubai, where I pointed to the record crowds he had attracted to Mount Juliet two years previously. ‘I love going to Ireland,’ he said. ‘You say the attendance figures were up in 1995. That's the first time I've ever heard that, and it makes me feel good, though I don't know whether it had to do with me or the way Murphy's marketed the event. ‘But I'll tell you what: out of that year, 1995, the thing that disappointed me the most --and here I am being forthright again --was the way Ken Schofield treated me about the appearance money issue. Singling me out about the Dubai Desert Classic, the Irish Open and the Swiss Open.’ Schofield wrote letters to this effect to the organisers of those three events. Based on figures bandied about in Dubai, the Irish Open payment to Norman was talked of as $350,000 for his Mount Juliet appearance.
Those letters of censure hurt the Shark. ‘These people here in Dubai wanted me to come back last year,’ he said. ‘But I couldn't come back. And to make matters worse, the whole matter was made into a public spectacle. I'm not a person to make things public, when it should have been kept on a one-on-one basis [between Norman and Schofield].’ It so happened that around that time, he was also at loggerheads with Tim Fincham, commissioner of the PGA Tour, over tournament matters in the US. Looking back at those events on either side of the Atlantic, it is interesting to note that where Schofield came into golf administration from banking, Finchem was a practising lawyer. And a particularly shrewd one at that.
Those of us of a certain age will recall how, despite the financial backing of Fox News Network, Finchem brilliantly out-manoeuvred Norman when the Shark attempted to launch a world tour in the 1990s. With delicious timing, the American delivered the coup de grace during the week of the 1997 Tour Championship in Houston where, as spokesman for the world's five major tours, he announced the creation of three $4m World Golf Championship events for 1999 and a fourth a year later. Clearly stunned by this, Norman could only respond: ‘Hopefully, the arrows can now come out of my back. Let them have it and let them see what they can do.’ All of which prompts the thought that as a preamble to this latest move, Norman had set his heart on settling old scores.
From a purely business perspective, one could question why, at 67 and with more money than he could ever hope to spend, Norman wouldn’t simply climb aboard his yacht, Aussie Rules, and sail off peacefully into the sunset. The answer may lie in what he perceives as the temerity of tour officials in attempting to get the better of him.
While there’s nothing he can do to repair the hurt Faldo inflicted on him at Augusta National 26 years ago, he can rectify much of what he perceived as the actions of mindless tour officials. And as he sees it, time is not on his side. ‘I don't know what it is,’ he said. ‘I guess there's this hidden thing in me that wants to get everything done before I die.’
€9.99
Finance Providing for Inheritance in a Tax Efficient Manner Financial adviser Peter Heuston explains
What happens after you are gone, especially to your loved ones,is something that's worth considering now. Inheritance Tax Planning is not something that only the very wealthy need to be concerned about.
The rate of Capital Acquisitions Tax (CAT) has increased from 20% in 2008 to 33% in 2022 whilst the thresholds from parents to children have dramatically reduced,for example from €521,208 in 2008 to €335,000 in 2022.
The threshold is €32,500 where the beneficiary is a grandchild,sibling or niece/nephew of the person who left them the assets.For other people,including couples who live together but are not married to one another or civil partners,the threshold amount is just €16,250. Anything over that is taxed at 33%. For example, a €500,000 inheritance by a child would be liable to €54,450 inheritance tax if the full threshold of €335,000 was available to them (€500,000 - €335,000 = €165,000 X 33%)
Solution
One of the most tax efficient ways of providing for CAT is to take out a Whole of Life policy which is written under Section 72 of the CAT Consolidation Act 2003. As the name suggests,it provides life cover for the rest of your life. So as long as you keep paying your premiums, it will pay out a lump sum to your personal representatives whenever you die - guaranteed . So you can have peace of mind knowing that you have helped to take care of your family financially after you have gone. By choosing Whole of Life you know that your cover amount and regular premium payments will stay exactly the same throughout your life. This was not always the case in the past when premiums were reviewed every 5 years and tended to increase significantly. The proceeds from a Section 72 policy are tax free when used to pay CAT. Whole of Life is available to residents of the Republic of Ireland between the ages of 18 and 74, with cover starting from €10,000 .
Who is covered under this type of policy ?
To use your policy for inheritance tax purposes for relief under Section 72, you have a choice of single life cover or joint life second death cover between spouses or civil partners. Single Life cover - Cover is provided on one life only and the policy will pay out once after that person dies . Joint Life second death - Cover is provided for two lives who are both insured for the same amount. The policy will pay out once, after the second death. This means that when the first person dies, no money is paid out and premiums must continue to be paid by the remaining person. The premium payable is less expensive when the policy is on a joint life last death basis and can be particularly useful where the health of one of the parties may not be great. A Whole of Life policy is different to a Term policy where with a term policy you take out cover for a fixed period of time and if you survive the period the policy just lapses with no payout. It would be similar to insuring your car for a year.
How much cover do you need ?
The amount of life cover you need will depend on your personal circumstances.When considering your cover amount,it's important to think about who you want to inherit and their relationship to you to determine their liability.
How much do you pay ?
You pay a fixed premium amount every month or year by direct debit.When you start your policy, this payment amount depends on factors such as: - the amount of cover you choose - if you add your spouse or partner to the policy - your age - whether or not you smoke - your health,occupation and pastimes - whether you choose to add additional features like indexation or Life Changes Option to the policy
Example
Husband & Wife - both aged 65 (non smokers) Estimated Inheritance €1,000,000 2 Children - €500,000 each Inheritance Tax Liability €108,900 Monthly Cost to insure this risk €260 If last surviving spouse lives 25 years total cost is €78,000 Payout is €108,900 Regarding affordability it is key in any financial plan. If it's the case the premiums leave one stretched then you can reduce
Regarding affordability it is key in any financial plan andif it'sthe case thepremiums leave one stretched then youcan reduce thesum assured to a more affordable level of premium that is manageable therefore you findyourself striking the balance of havingcover in place at an affordable level soit is feasible to service the policy.
the sum assured to a more affordable level of premium that is manageable, therefore, you find yourself striking the balance of having cover in place at an affordable level so it is feasible to service the policy.
Why specifically a Sec.72 Whole of Life Policy
Section 72 Life Insurance is set up to help pay any inheritance tax bill your loved ones would face after you die.It is a very tax efficient solution and, with the right amount of cover in place,it can mean that your beneficiaries will not have to sell part of their inheritance (usually the family home) or have to borrow money to pay their inheritance tax liabilities. This policy provides a lump sum whenever you die which your loved ones use to pay any tax bill that arises when they inherit.The money itself is free from any Inheritance Tax liability as long as it is used for that purpose. Example The table below shows the normal tax advantage of a Sec72 Life Insurance policy compared to ordinary life cover. Your assets very quickly add up and with the current value of housing being what it is the family home for many could wipe out thresholds and very quickly your tax bill is mounting. The average listed price of a house in Ireland in the third quarter of the year was €311,514,with this rising to €427,000 in Dublin, according to the latest Daft.ie report,this means in conjunction with any savings, pensions or death policies you already hold we could already be in substantial tax liability territory without really realising it. If you had ordinary life cover of €200,000,when you died the money would become part of your estate (the assets you leave behind after you die) because the policy was not specifically set up for inheritance tax purposes. Therefore it could be liable to inheritance tax. If there was no threshold amount available to your beneficiaries,they would have to pay 33% inheritance tax on the money paid out. In this example that would be €66,000. With a Sec72 Life Insurance policy, your beneficiaries will not normally have to pay inheritance tax on the money paid out, where it is used exclusively to pay inheritance tax. So you can think of it this way, you are just transferring a taxable asset into a tax free asset, provided of course you continue paying the premiums and can afford the premiums. Needless to say you should ensure that you have enough money going forward as you get older.
Life Changes Option
There is one specific life insurance office that offer an extremely inovative policy whereby they offer an exit strategy built into the plan should, over the years, an individual's circumstance changes e.g. should the estate decrease to a level where the inheritance tax liability no longer exists. With a more traditional policy should you wish to exit the contract early there is no return. From year 15 onwards you have the choice of discontinuing the policy if you so wished. This unique option is all about giving you choice and control. Circumstances can change over time and what suits you now, may change in
the future.Your premiums could become unaffordable,or tax thresholds could increase and inheritance tax may no longer be a concern. Whole of Life is designed to pay out whenever you die.But if Whyspecifically aSec.72WholeofLifePolicy you stop paying premiums before you die then your policy ends Section 72LifeInsurance is set up to helppay any and you get nothing back. With this option,if you want to stop inheritance tax billyour loved ones would face your premium payments in the future and still get something after you die.It is a very tax efficient solution and, back, you can - provided you've had your policy,and paid with the right amount of cover in place,it can mean that your beneficiaries will not have to sell part of their inheritance (usually the family home) or have to borrow money to pay their inheritance tax premiums, for at least 15 years. The option costs an extra 10% on your premium and it must be included when you first take out the policy. It cannot be added at a later date. liabilities.Thispolicy provides a lumpsum whenever Your choices you die which your loved ones use to pay anytax If you stop paying premiums at any time after you have had the bill that arises when they inherit.The money itself isfree from anyInheritance Tax liability aslongas it isused for that purpose. policy for at least 15 years,you can choose between two options. You can have a lower amount paid out when you die or you Example can take an immediate cashback amount and end the policy. After 15 years, the longer you continue to pay premiums before stopping, the higher the claim amount or cashback amount will be. If you wish to know specifics that pertains to you please email me your date of birth,smoker/non smoker and level of cover.
Other ways of reducing Inheritance Tax
- Drawing up a will (very important regardless) or altering an existing one in such a way as to gain maximum advantage of class thresholds and reliefs. - Ensuring small gift exemption of €3,000 per annum per disponer is used up annually. - Ensuring compliance with the conditions of various reliefs The main purpose of a Sec72 policy is to protect your hard won gains. If one spends a lifetime in building up what you have through investments,savings and planning without a Sec72 plan you run the risk of depleting your estate and allowing a transfer to the Revenue Commissioners. For those who hold ARF's and have children over the age of 21 inheritance tax thresholds do not apply so straight away this pot is subject to income tax of 30% and the Sec72 policy can be used to cover that bill as well. Sec72 policies can also be used for gift tax. In summary, a Sec72 policy is probably the most tax efficient way of transferring assets to ultimate beneficiaries.
The table below showsthe normal tax advantage ofaSec72 Life Insurance policy compared to ordinary life cover.
Type of Cover Maximum CAT Money Policy Amount owedoninheritance Remaining
Ordinary Policy €200,000 €66,000 (33% of €200k
plan premiums stretched then youcan reduce thesum assured to a more affordable level of premium that is manageable therefore you findyourself striking the balance of havingcover in place at an affordable level soit is feasible to service the policy.
Whyspecifically aSec.72WholeofLifePolicy
Section 72LifeInsurance is set up to helppay any inheritance tax billyour loved ones would face after you die.It is a very tax efficient solution and, with the right amount of cover in place,it can mean that your beneficiaries will not have to sell part of their inheritance (usually the family home) or have to borrow money to pay their inheritance tax liabilities.Thispolicy provides a lumpsum whenever you die which your loved ones use to pay anytax bill that arises when they inherit.The money itself isfree from anyInheritance Tax liability aslongas it isused for that purpose.
Example
if no threshold available) €134,000
The table below showsthe normal tax advantage ofaSec72 Life Insurance policy compared to ordinary life cover.
Type of Cover Maximum CAT Money Policy Amount owedoninheritance Remaining
Ordinary Policy €200,000 €66,000 (33% of €200k if no threshold available) €134,000 Sec72 Policy €200,000 €0 €200,000 Sec72 Policy €200,000 €0 €200,000
To receive a specific quote with no obligations please email
peter@heuston.ie
Reduce Your Inheritance Tax Liability
Insure against the risk of an inheritance tax liability through a Life Cover plan. Proceeds of the policy are tax free if used to discharge Inheritance Tax. Rather than letting tax legislation decide how your estate will be distributed you can pass on your assets in the way you wish - and plan for tax consequences.
Peter Heuston FCA, QFA, FLIA, AITI is a Qualified Financial Adviser and managing Director of Heuston Financial Planning Ltd t/a Retirement ireland, specialising in the area of Retirement/Inheritance tax planning.
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