Mar 25, 2014|
Glenn explains to Tom Bauerle what a trust does for a franchise after its owner dies.
Automatically Generated Transcript (may not be 100% accurate)
His contributions to the city of buffalo over his fifty plus years of owning the bills were immeasurable and his legacy in western new York and the sports world will be long lasting. With his passion for the game and never ending loyalty to the great fans of buffalo he embodied what all owners in sports strive to be. On behalf of the Buffalo Sabres we would like to offer heartfelt condolences to his wife Mary the Wilson family and everyone in the Buffalo Bills organization buffalo sailor are sabres owners Terry and Kim grew. Just the perfect words Tuesday by the guru is and wow. Now unfortunately folks and you've lost people are close to you I'm sure in your own life. And the sad reality is death as a business aspect to. And when you were talking about an organization worth hundreds of millions of dollars. It really has a business aspect to it and let's talk about that joining us right now we have Glen wiggle. One of the F financial guys you can hear their show Saturday afternoons from one to three here and news radio 930 WB EM. Glenn the team goes into what trust what does that mean. Well Heidi assume that Ralph Wilson has everything set up very well star's estate planning goes so. That it will transfer to most likely a standalone type the trust apple manages the affairs of the organization. You know the trust depending on the type the trust you know can be long lasting it can be one generation can be multiple generations so. You know he's never very been very public about the estate planning or what he's done the preserve the teams so you know a lot of that wolves will come out over the next couple of days a couple of weeks I'm sure. But tell what exactly does that mean in terms about taxes and the viability financially. Of the organization. I'm I'm not a lawyer and you're not lower your financial guide you deal with this stuff. Well transferring any asset upon whether beat to a trust or to another individual with the exception of the spouse. Was still triggered estate tax so it in the us also about example that the goes to. A standalone type the trust Soviet states taxes do and again you know you and hoping you would think that you know somebody that well. Somebody that's stature you know certainly would have had you know the proper attorneys and you know financial advisors around in the use some level estate planning at the hope is that. The other some life insurance or other liquid assets like insurance as often as they used to provide liquidity upon that. In just such that the instance we've got a a large you know who illiquid type of asset whether it be a business like this sorely sports franchise or. We're just regular business you know that life insurance up at times can provide that liquidity. To pay some of those estate taxes so that business in this case a franchise to stay intact. And the lease signed with Erie county. And the Buffalo Bills should guarantee the team is going to be here for well the lease was signed in 2013. Nine warriors. We're 10 warriors I am not sure wet what the start date was of the least. Yeah I can't comment on that I mean certainly you know it's something we're chains and I'm I'm certain that they'd be able though to probably negotiate something out of that I don't know. What the value that we says the comparison of the value of the team you know you would hope that would be the case I mean certainly we all hope for the Buffalo Bills they western new York and you know it sounds like there may be plans says to have that happen and there's certainly you know we all hope that is the case you know certainly with a losing. A Ralph Wilson. It is a huge deal for Western New York it's a sad sad day for now the Buffalo Bills fans but I what do buffalo is done. So much you'll find very few people that have been so committed for so long to western new York and you know certainly a real lot so. You know hopefully the business aspect will stay together the hope that this is a Western New York you hope that the plans have been made but you know we won't know that it's helping to release. Glenn do you have any Ralph Wilson story is. And any fund Ralph also stories because what are things I've learned about Ralph Wilson to make two things number one he was genuinely be leavened by the people who worked for him. I'm I'm hearing genuine that. Heartbreak in the voices I'm hearing on my show of those who knew him best. But I'm also eye catching glimpses of a sense of humor and a gregarious. Nature. You know I think he was a very approachable guy I've met him once and it was it will bring early in my career before I was on the radio and got chance do interviews India. It socialist like years' time. Mike and I were at a bar on main street via happy hour and a few drinks afterwards and I turn sound and parents sitting in a boot. There was Ralph Wilson than you know turnaround side on and it sits at the time the thought it was a few minutes ago about was was very kind of what we were probably. You know 2223 year old young punks at times so you know just it struck me as a very genuine very nice very down to earth guy. That was very approachable so. You know it was a great opportunity to meet and I'm glad they had that opportunity and in which adapted no further for sure. So Glenn though the bottom line with this trust situation into which the team will now fall ears. You know what when and where I guess the question is when fans here of the Buffalo Bills will now be taking care of by eight trust that means blank. Well that means that there's been provisions put in place so the ongoing management of the organization which is a good thing again a lot depends on you know what type of trust that is. Is that every vocal we'll let the trust they are able clauses you know standalone player the trust of situation I don't know that answer at this point. But the good news is that you know obviously it does seem like there were preparations put in place obviously you would think that would be the case. For the ongoing management reorganization so that they can continue on forward at least for the time being. Without skipping a beat it and and without having to go to undo you know legal appeals court probate type of you know type scenario. And Glen Day do you assurance that if we invest 45000 with you you can turn it into hundreds of millions of dollars. I'm glad they not also regard this is a celebration of capitalism today by the way or another may be unpopular. Dell had absolutely having you're talking about somebody who is so committed to a small franchise fifty years of an instrumental in the in India now the out of balance. You know it's just a great story all around so you're actually right there. Glad it's always a pleasure speaking with you and I'll be listening one to three on Saturday you and Mike Lomas the financial guys.