When a celebrity passes away, it is often interesting to see if there is anything that we can learn from their estate. All too often, we learn the many ways that the celebrity did not plan their estate in an ideal way. However, sometimes, we find out that the celebrity did everything the right way.
It is still early in the estate process, but at this point it appears that Lakers owner Jerry Buss did a good job in planning his estate. The big issue with his estate was the ownership of the basketball team. The value of the team is high enough that there are obvious estate tax issues. Buss needed a way to leave the franchise to his family without forcing a sale to pay the estate tax. Initial reports indicate that he did this and his children will inherit the franchise. That is good news for Lakers’ fans.
It also good news for business owners everywhere. It lets you know that it is possible to leave your business to your family and not lose it to the estate tax. There are several different ways to accomplish this. If you have a business that you would like to leave to your family, then talk to an estate planning attorney about what your options are and how to pick the best option for your business and for your family.
Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.