Miller is taking steps to protect the franchise.
The world of professional sports is unpredictable.
Players get traded.
Teams move to new cities.
With so many uncertainties, ownership would be a primary concern.
What happens when an owner dies?
Depends on estate planning.
According to a recent Associated Press article titled “Jazz Ownership transferred to trust,” the owners of the Utah Jazz have intentionally planned for the welfare of their NBA team.
Gail Miller received complete ownership of the Jazz after her husband passed.
They purchased half of the team together in 1985 and the other half in 1986.
They wanted to ensure the team would remain in Salt Lake City after moving from New Orleans in 1979.
Through her estate planning, Gail has now guaranteed the future of the Jazz in Utah.
She transferred ownership of the Utah Jazz as well as the Vivint SmartHome Arena to a legacy trust.
What does this mean?
The team will remain in her family for generations.
How does this "legacy trust" work?
Gail Miller will remain the trustee as long as she is alive.
After she passes, the trust will be managed by a board.
The board contains six members of the Miller family, including four children and a grandson.
Why is this newsworthy?
This may be the first franchise in all of the U.S. professional sports leagues to be included in a legacy trust.
It took a year of working with the NBA to complete the transfer.
Are there any benefits besides keeping the team in Utah?
There will be some tax advantages as well.
Whether you are a fan of the Jazz or not, you have to applaud this hall of fame estate planning decision.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Associated Press (January 23, 2017) “Jazz ownership transferred to trust.”