Utah Jazz Ownership Restructured and Placed in Family Trust

[str8line]

Happy to share my love of the Jazz with another generation, my son, thanks to Larry and Gail Miller's sacrifice. As a matter of fact we are going to tonight's game against OKC.

 

[BTP]

He has **** to do man

He's like:
"Damn, I thought it would be worth to skip the last few classes at school today"
"Can they finally stop talking, I need to do my homework"

 

[Ogden-Hinckley]

Woo Hoo!!! Jazz stay in Utah for a very long time yes!!!

 

[BTP]

So lawyer ppl how does that trust work? Will the beneficiaries of the trust vote one person to represent the owner's group, so no Buss family drama situation happens, where individuals get too involved and push themelves into the franchise?

 

[FabioJazz]

Yeah! I will visit Salt Lake City someday! I will be in a Jazz game

 

[MDAV28]

So lawyer ppl how does that trust work? Will the beneficiaries of the trust vote one person to represent the owner's group, so no Buss family drama situation happens, where individuals get too involved and push themelves into the franchise?

I don't really know the answer to the specific question but I do think there are really heavy estate and gift taxes when a huge asset like a professional sports team is passed down to an heir. But I think having it is a trust can almost eliminate the tax. Extremely wealthy people do it a lot to transfer assets to family members.

 

[DasAuto]

I hope NBA2k18 won't allow to move the Jazz to another city as principle..

 

[r_u_s_t_b_u_c_k_e_t]

gail could probably flip the team for north of a billion dollars, so this is pretty impressive.

 

[colton]

I don't really know the answer to the specific question but I do think there are really heavy estate and gift taxes when a huge asset like a professional sports team is passed down to an heir. But I think having it is a trust can almost eliminate the tax. Extremely wealthy people do it a lot to transfer assets to family members.

That was one of my thoughts as well, that the trust will probably help minimize estate taxes.

 

[colton]

So lawyer ppl how does that trust work? Will the beneficiaries of the trust vote one person to represent the owner's group, so no Buss family drama situation happens, where individuals get too involved and push themelves into the franchise?

[MENTION=39]Sirkickyass[/MENTION] Can you comment?

 

[David Ginola 14]

I love this family..

 

[colton]

Will that make getting into luxury tax more or less likely?

I'm guessing it makes it less likely. But maybe [MENTION=39]Sirkickyass[/MENTION] can comment on this one as well.