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re: Should we take the Benson ownership appeal as a serious threat to stability?
Posted on 11/11/15 at 10:49 am to goatmilker
Posted on 11/11/15 at 10:49 am to goatmilker
quote:I like you.
Its a free service that comes with joining the best site around.
I can't tell you how many times I've had suggestions given to me about where to go. Very helpful folks here.
0
Posted on 11/11/15 at 11:51 am to N2cars
quote:
NO doesn't have as many millionaires as other cities.
I'm working on it, but I may need more time. Maybe I could set-up a GoFund me page?
Posted on 11/11/15 at 1:09 pm to Weekend Warrior79
I have heard through the grapevine that a settlement is imminent. Rita and her mom are going to get paid and ride off into the texas sunset with no further claim or interest in the teams.
Posted on 11/11/15 at 1:17 pm to NOFOX
quote:
When Benson passes Gayle will receive controlling interest as per his estate planning. There will be no shortage of people and institutions willing to loan her the money necessary to pay off the taxes if she even needs it at that point considering NFL franchises print money.
Your post, while accurate, combines two separate events.
Yes, Mr. Benson will not be found incompetent, even on appeal.
However, the issue now is, can he revoke the trust?
I don't think he can.
In regards to whomever gets the team, yes, many would line up to be owners for an interest in the team. This cash could be used to pay the estate taxes. But, they will want controlling interest, I assume, or they will want to buy the whole thing. No investor is (ultimately) going to cede control of a $4-500M investment to loony Rita.
Posted on 11/11/15 at 1:18 pm to DandyPimp
quote:
I have heard through the grapevine that a settlement is imminent. Rita and her mom are going to get paid and ride off into the texas sunset with no further claim or interest in the teams.
Doubtful.
Posted on 11/11/15 at 10:33 pm to N2cars
The trust guarantees Rita and company a certain value, not any particular assets.
But there are other questions. Does Gayle have any children? That will be the next issue in the future.
But there are other questions. Does Gayle have any children? That will be the next issue in the future.
Posted on 11/11/15 at 11:22 pm to TigerBait1127
quote:
I think everyone agrees that the team is fricked if Rita takes over, but the NFL isn't going to let that happen either way
FIFY
Posted on 11/11/15 at 11:24 pm to DandyPimp
quote:
I have heard through the grapevine that a settlement is imminent. Rita and her mom are going to get paid and ride off into the texas sunset with no further claim or interest in the teams.
yep
Posted on 11/12/15 at 7:09 am to N2cars
quote:
Also, Benson is well liked in owner's circle.
Rita?
According to the internet rumors, she was not well liked in the ownership circles.
Posted on 11/12/15 at 7:11 am to Bestbank Tiger
quote:
But there are other questions. Does Gayle have any children? That will be the next issue in the future.
Gayle doesn't have children but remember there is another granddaughter of Benson's that took his and Gayle's side when the lawsuit was first filed so she and her kids could be potential heirs down the road.
Times Picayune article on granddaughter Dawn:
LINK
Posted on 11/12/15 at 8:08 am to Cammie74
quote:TheSadBanana checks Tinder...
Times Picayune article on granddaughter Dawn
Posted on 11/12/15 at 8:18 am to Cammie74
quote:
Gayle doesn't have children but remember there is another granddaughter of Benson's that took his and Gayle's side when the lawsuit was first filed so she and her kids could be potential heirs down the road.
Times Picayune article on granddaughter Dawn:
Excellent. That's good news for us if the team can stay within the family. I'm sure Pat Taylor's family could buy the team too, but it's better to not have them on the market.
TB was on the news when he donated the money for the cancer patients and he looked lucid to me. I think Rita is just doing a cash grab.
Posted on 11/12/15 at 8:24 am to N2cars
quote:
Your post, while accurate, combines two separate events.
Yes, Mr. Benson will not be found incompetent, even on appeal.
However, the issue now is, can he revoke the trust?
I don't think he can.
In regards to whomever gets the team, yes, many would line up to be owners for an interest in the team. This cash could be used to pay the estate taxes. But, they will want controlling interest, I assume, or they will want to buy the whole thing. No investor is (ultimately) going to cede control of a $4-500M investment to loony Rita.
He can't revoke the trust, but he can take the shares of the Saints and Pels out of them. He has to replace them with assets that are worth what the shares are worth because basically once placed in a trust you no longer own them the trust does. So he would have to buy the shares from the trust.
Also why are yall worried about estate taxes? That is the whole purpose of a irrevocable trust. Benson doesn't own the assets anymore. He is just the trustee of the trust (I would assume) and when he dies Gayle becomes the trustee, but she doesn't inherit the assets so she does not have to pay taxes. I am amateur on this, but here is an article that uses Mitt Romney's fortune as an example of how you get around the estate tax LINK. Here are 2 articles that gives the options for what Ralph Wilson could have done with the bills. It is all speculation because the details were never made public. Ppl just assume it was sold because of estate taxes, but I highly doubt that was the case. LINK LINK Here is one about the Raiders. So basically with good planning estate taxes are not going to be a problem and force a sale.
Posted on 11/12/15 at 8:26 am to WeeWee
Gayle doesn't have to pay estate taxes as his spouse. She is exempt. When she dies, that becomes an issue.
And you're right about the reasons for creating the irrevocable trust
However, as has been stated, the shares in the trust were non-voting shares. We have little reason to care who wins that as they will have zero actual control over the team
LINK
LINK
And you're right about the reasons for creating the irrevocable trust
However, as has been stated, the shares in the trust were non-voting shares. We have little reason to care who wins that as they will have zero actual control over the team
LINK
quote:
(b) Tax treatment of trust
(1) Imposition of estate tax
There is hereby imposed an estate tax on—
(A) any distribution before the date of the death of the surviving spouse from a qualified domestic trust, and
(B) the value of the property remaining in a qualified domestic trust on the date of the death of the surviving spouse.
LINK
quote:
(a) Allowance of marital deduction
For purposes of the tax imposed by section 2001, the value of the taxable estate shall, except as limited by subsection (b), be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate.
This post was edited on 11/12/15 at 8:45 am
Posted on 11/12/15 at 8:49 am to TigerBait1127
quote:
Gayle doesn't have to pay estate taxes as his spouse. She is exempt. When she dies, that becomes an issue.
It would become an issue if they didn't plan for it have it set up. A good estate planner, account, and tax lawyer and those become a nonissue. What is more concerning than estate taxes or anything is who gets control after Gayle. I know Tom and the Saints say their is a plan in place, but they don't give any details. Since it is pretty safe to assume that it will not go back to Rita, I am guessing they would be sold, but that is just a guess.
Posted on 11/12/15 at 8:51 am to WeeWee
Spot on from my understanding of it
Posted on 11/12/15 at 10:04 am to WeeWee
quote:NFL now allows trust ownership
It would become an issue if they didn't plan for it have it set up. A good estate planner, account, and tax lawyer and those become a nonissue.
Look, everybody says this, but from what I've seen (obviously amts. over $11M), estate taxes are a problem and will directly affect (ultimately) who controls the team.
Now that the NFL allows trusts to own teams (this change occurred in May), that helps. The NFL also now allows controlling interest as low as 5%. That is another recent change.
The problem is Mr. Benson is trying to revoke the trust he set up. I don't think he'll be able to, but it certainly puts questions on who will own the team and how estate taxes will be assessed.
quote:
Gayle doesn't have to pay estate taxes as his spouse. She is exempt. When she dies, that becomes an issue.
This 100% false. Mr. Benson's estate well exceeds the $11M threshold for exemption.
ETA: even after the trusts are accounted for, she will not be exempt.
This post was edited on 11/12/15 at 10:08 am
Posted on 11/12/15 at 10:11 am to WeeWee
quote:
Also why are yall worried about estate taxes? That is the whole purpose of a irrevocable trust. Benson doesn't own the assets anymore. He is just the trustee of the trust (I would assume) and when he dies Gayle becomes the trustee, but she doesn't inherit the assets so she does not have to pay taxes. I am amateur on this, but here is an article that uses Mitt Romney's fortune as an example of how you get around the estate tax LINK. Here are 2 articles that gives the options for what Ralph Wilson could have done with the bills. It is all speculation because the details were never made public. Ppl just assume it was sold because of estate taxes, but I highly doubt that was the case. LINK LINK Here is one about the Raiders. So basically with good planning estate taxes are not going to be a problem and force a sale.
Thanks for posting that, I replied to your last post, then saw this one.
Will read links.
Posted on 11/12/15 at 10:23 am to WeeWee
they have a plan set up, and the Archdiocese approves...
Posted on 11/12/15 at 10:25 am to WeeWee
On the Raiders deal, at the time of his death, Al only owned about 35-40% of the team, so that helped. I couldn't read that article, you have to be a member.
So Mr. Benson is trying to revoke the trust, by placing assets = to the value of the trusts. This is what Rita and the other heirs are fighting, correct?. (I think we all agree)
So, let's say he isn't successful and Rita et al. get the Saints/Pels when he passes. The way I understand it, even with a trust, they will still be responsible for the taxes on trust at the time the assets were placed in the trust, but not the appreciation since that time.
From 2015:
In general, whether an irrevocable trust will be subject to estate tax at the death of the person who set up the trust will depend on the trust's terms and what the person did in setting up the trust. Typically, because the irrevocable trust is a separate legal entity, it isn't included in the estate of the person who created it. The creation of the trust is often a taxable gift that requires a gift tax return, and that can have implications for eventual estate tax liability, but even there, heirs get the benefit of having avoided estate tax on the appreciation in the trust property's value.
So Mr. Benson is trying to revoke the trust, by placing assets = to the value of the trusts. This is what Rita and the other heirs are fighting, correct?. (I think we all agree)
So, let's say he isn't successful and Rita et al. get the Saints/Pels when he passes. The way I understand it, even with a trust, they will still be responsible for the taxes on trust at the time the assets were placed in the trust, but not the appreciation since that time.
From 2015:
In general, whether an irrevocable trust will be subject to estate tax at the death of the person who set up the trust will depend on the trust's terms and what the person did in setting up the trust. Typically, because the irrevocable trust is a separate legal entity, it isn't included in the estate of the person who created it. The creation of the trust is often a taxable gift that requires a gift tax return, and that can have implications for eventual estate tax liability, but even there, heirs get the benefit of having avoided estate tax on the appreciation in the trust property's value.
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