Prudent estate planning protects family’s ownership of team

Prudent estate planning protects family’s ownership of team

| Oct 12, 2018 | Wills And Trusts |

Estate planning can seem daunting when people take into perspective all of the different aspects that go into the creation of a well-rounded plan for their future. Many people discount the importance of planning when they are younger, healthy and without much obligation to other dependents. However, people who prioritize the process of putting together a plan for their future in Louisiana can experience many rewarding benefits including the ability to reduce familial tensions after their death, the ability to better protect their assets and the chance to dictate their wishes without the unsolicited input of others.

For one family, their father’s initiative to begin planning his estate years ago paid significant dividends when his family was able to maintain ownership of the NFL Charger team. The reason that estate taxes will not prevent the family from maintaining their ownership is that efforts were made to begin planning clear back in 1998. With careful planning, the owner transferred 60 percent of the ownership to his four children. At that same time, plans were coordinated for the payment of all estate taxes that would be owed. As a result, despite the passing of the former owner, his family has been fully able to retain their ownership stake without having to rescind any portion.

If people are interested in starting to put together an estate plan but are unsure of where to begin, they can benefit from the help of an attorney. A qualified legal professional has the experience to help people identify what needs to be done to customize their plan to meet their needs.

Source: NBC Sports, “Spanos family won’t need to sell due to estate taxes,” Mike Florio, Oct. 9, 2018