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WBEN NewsRadio 930>Audio & Video on Demand>>Devising; Dividing Trusts

Devising; Dividing Trusts

Mar 27, 2014|

Roy Cunningham; Pt II

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Automatically Generated Transcript (may not be 100% accurate)

We are talking about the Ralph Wilson trust the -- Wilson of state. A real studio justice Roy Cunningham is an attorney and partner would look at those Mathias Wexler Friedman LLP. And it's coming -- specializes in trusts in the states and elder law. -- -- We've been talking about this is sort of complicated. We keep hearing that no one in mr. Wilson's family wanted to. The Buffalo Bills now if my father. Left me a National Football League -- I would say thank you dad and I would take it now what if I did. What would -- be in for. -- relative to that. It depends and a lot of that and I certainly am not expert on the afterward a lot of it has to do with what the NFL requires you have to have. And her approval for the other owners to be in their own or. There's a whole bunch of those type of requirements that you for the other piece to it is if your dad leaves you a football team. You know. It's a big asset it's an illiquid asset. You have. Federal state tax in new Michigan has an estate estate tax but the federal state taxes. Can be 40% of roughly whatever that number is so you're gonna have a big. Pool of money it's either going to be do nine months after date of death or sometimes these larger states with businesses. Use set up payments with the. Right there have been reports that Ralph Wilson. Probably hand I'll an ironclad agreement not to relocate the team would -- be specified in -- trust. Now that we're -- that's going to be an agreement between him in what could be that would be an agreement between him in this in -- the county in the city and with there's been you know has been talked apparently there's a four remain our penalty that we within seven years and so important so warm. Com he could have very well put in the trust that the team is never to leave buffalo. He could he could it. And then that's going to be an issue of quite frankly Michigan trust -- hand. You can in the trustees do -- that just his intentions were or -- mean there's so much vagueness as to what he could very could have put in there he could also put in the air. There certain groups of people or certain folks that he wanted to have. A right of first refusal -- would they have a right to -- the team at price X -- price wire whatever he can put that in there as well. And there's there's just a lot of we don't know is is you know if you if you can think of something that you know some possible. Set of facts that sort of makes sense then that's a possibility supposed. Okay you say that we don't know what mr. Wilson has. And he probably did this several years ago. The question is when will now follow those -- Most likely won't know when the team is sold or if the trustees decided that it's time to disclose there or. In terms of the trust you may never know all of the terms of the trust you may just know. You know -- you know you for example there can be. An agreement where. There's a sail between party X reported why he was a favor party over the trust agreement and they come out make an announcement that this was what happened. And that's I mean that may be all you reverend I mean it's very. Most of these things and the reason why people particularly wealthy people or critically famous people use these type of trust or most trust. He is one of the compelling reasons of privacy. Because will will will is if the Willis used and will. Is a pro -- document it's filed in court somewhere. If you're an interest to party in non interest of party. If you see in the port whoever they are willing to pay whatever the fee is which is usually five dollars a page or ten dollars a page -- your copy of -- -- as well. Eventually comes with the public records for a sport that's. You know Ralph Wilson was Smart businessman and he had to be thinking he was. Thinking of the best way to handle pass. Is it with business people I deal with a lot of business people cuts a couple ways -- of business people around. If you look at his career with and I didn't know a lot of stuff employed to Berkshire resort for a couple days ago. Our recently he made very astute business decisions within the NFL. I have to think there he probably. Had really good warriors in Michigan him. Rupp who pushed him along and said this is what we're gonna do when the teams in the transfer to a crossed. And we're gonna do this no way to minimize estate taxes over a whole bunch of years and Udonis. You know. 1520 years ago where the whole thing could be it was a statement or big portion of it to be dependent structured different. War the other -- with -- part of -- there's business owners that focus solely on their business and solely on math and our farm with some people it's very hard to do will to a trust do in the of this type of documents because it causes someone to address. There -- mortality. And that becomes a big issue with a lot of those folks are never as long as I and sort of the theory -- -- that Clinton's. Are never going to -- so as Wallace I don't do what I do will or trust I've affirm the fact yes I am going to. Okay we've -- Ralph Wilson is the owner of the Buffalo Bills. But what about his other businesses now he had an insurance company that trucking company he was involved in and other businesses. Do all these other investments need to be handled separately or in bulk with -- with the Buffalo Bills. It's your depend more on Watson. We are presuming may have won trustee may have multiple truck has to be what's and each trust. Our relative for state tax purposes they're all sort of added together and other words. You know for lack of a better description. You add up the total of all of the assets you pair of when your date of death and -- the number. What some deductions that number with which the estate tax is computed and all this will play out in Detroit. It will play out of his residence yes Oprah enormously quickly out of Michigan most of what will play out will not be seen by the public because. Most. If everything is in trust which aren't I I would be fairly certain that it is. He will have a will that has two pages that says anything that's not in whatever trust -- one and and put it in that trust and that's it -- be some -- actors appointed him whenever. They'll be probably a more robust document will be the trust it'll be won't worry it'll be more detail you'll actually be the you know for lack of better word the guts of his estate. OKMR Cunningham thank you for coming in this morning we appreciate your time thank you Roy Cunningham is an attorney and partner would look this Mathias Wexler Friedman LLP. We've been talking about the Ralph Wilson the state.

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