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.

 

[JAZZGASM]

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

There are certain trusts where you can use transfer your basis at current FMV, and when the assets sale, no tax is paid on the difference between basis at grant.

It would be interesting to be a trustee of a family trust when you get a substantial offer to sale from an outside party. You have a fiduciary duty to maximize trust assets...

 

[bigb]

How does that affect anything?

I'm not exactly a lawyer (paging [MENTION=39]Sirkickyass[/MENTION]) but I'm guessing it means the family gives up the right to receive material benefits (profits) and makes it virtually impossible to sell.


Sent from my iPhone using JazzFanz

 

[Avery]

As the new owner of the org, I am having each of you sniped by nightfall tonight out of general principle.

 

[MoTappin]

Awesome. The Jazz have always been about family, and this solidifies it more.

 

[JazzForLifee]

Love this family. As I am experiencing chargers moving to LA because of their greedy owner, miller family is the best.

 

[fishonjazz]

How does that affect anything?

This.
Why do we care? Why the announcement?

 

[MT Steve]

This.
Why do we care? Why the announcement?

I have a friend who supports the Jazz and up until a week ago the San Diego Chargers. This announcement meant the world to him.

 

[DasAuto]

I've always asked myself if fans from US rather stick with the team or with the city/state.