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Posted on 11/11/15 at 6:02 am to VetteGuy
quote:
The bigger question is how the estate taxes will be paid when Mr. Benson passes.
Gaining control and keeping control are two different things.
I thought the team was moving to San Antonio?
Gale will be estate tax exempt. Rita has less than a 1% chance of gaining control of this team now.
If yall want, I can get yall a detailed explanation about the reason's the trust was established and the protection it provides from one of the top trust experts in the country.
Posted on 11/11/15 at 7:47 am to TigerBait1127
By all means, let's hear this exemption deal.
Posted on 11/11/15 at 7:55 am to VetteGuy
The exemption deal is different from trust.
I thought you were the expert claiming we were moving to San Antonio. Not to mention that would have to pass a league vote
LINK
LINK
I thought you were the expert claiming we were moving to San Antonio. Not to mention that would have to pass a league vote
LINK
quote:
The marital deduction. All property left to a surviving spouse passes free of estate tax. (I.R.C. § 2056(a).) This deduction is available to validly married same-sex couples, but it wasn't until the U.S. Supreme Court's 2013 decision in United States v. Windsor. The marital deduction is not allowed for property left to noncitizen spouses, but the personal estate tax exemption can be used for property left to noncitizen spouses.
LINK
quote:
If your spouse is a U.S. citizen, you can leave any amount to him or her with no federal estate tax hit. If you are a U.S. citizen, your spouse can do the same. This is the so-called unlimited marital deduction privilege. For married couples, the $5.12 million federal estate tax exemption and the unlimited marital deduction privilege provide significant federal estate tax shelter for those who die in 2012.
This post was edited on 11/11/15 at 8:01 am
Posted on 11/11/15 at 8:03 am to TigerBait1127
Yeah, good thing you edited. 
It's still stupid, but nit as bad.
Was that literally your first result on Google?
It's still stupid, but nit as bad.
Was that literally your first result on Google?
Posted on 11/11/15 at 8:04 am to VetteGuy
What?
Read up
I updated with better links if that is what you meant
She won't be paying an estate tax until she dies
Read up
I updated with better links if that is what you meant
She won't be paying an estate tax until she dies
This post was edited on 11/11/15 at 8:07 am
Posted on 11/11/15 at 8:11 am to TigerBait1127
I disagree.
You are talking about usufructuary rights of the portion of the estate not subject to the estate tax (< $11M).
You said you knew an "expert".
You even quoted the wrong year.
You are talking about usufructuary rights of the portion of the estate not subject to the estate tax (< $11M).
You said you knew an "expert".
You even quoted the wrong year.
Posted on 11/11/15 at 8:15 am to VetteGuy
quote:
You said you knew an "expert".
I do. He had not responded as of that post.
From arguably one of the top trust experts in the country:
quote:
Unlimited marital deduction and each spouse gets a $5million deduction. After the death of the 2nd spouse you die you pay taxes on everything not donated directly to charity. Highest Death tax rate now is 45%.
It is a big part of his job
This post was edited on 11/11/15 at 8:18 am
Posted on 11/11/15 at 8:17 am to TigerBait1127
Well, he better brush up on the rates.
Posted on 11/11/15 at 8:21 am to VetteGuy
He was VP of the Trust Department and Wealth Management at JP Morgan, working there for over 30 years. Ranked #2 in trust management year after year behind the New York market.
I'm going to go ahead and trust his opinion on it
I'm going to go ahead and trust his opinion on it
Posted on 11/11/15 at 8:22 am to TigerBait1127
quote:
I do. He had not responded as of that post.
Seriously, get him to post.
AFAIK, only the Hunts have been able to work around this. And that was b/c they set up stuff when the teams weren't as high of a value.
Posted on 11/11/15 at 8:25 am to TigerBait1127
quote:
He was VP of the Trust Department and Wealth Management at JP Morgan, working there for over 30 years. Ranked #2 in trust management year after year behind the New York market. I'm going to go ahead and trust his opinion on it
As would I.
Look, I'm not for paying taxes, but it looks like from what I've read, and with what's gong in, it could be a difficult deal for the Saints.
And you know how the IRS works- they declare you owe the money and then you have to prove you don't.
Posted on 11/11/15 at 8:25 am to VetteGuy
quote:
Seriously, get him to post
He's not going to have time for that.
He responds to me because I lived with him for 18 years while he raised me. Dad's do that.
For real though, I asked him to expand and I'll post what he says. I'm in IT, so I only know what the internet tells me
This post was edited on 11/11/15 at 8:26 am
Posted on 11/11/15 at 8:29 am to TigerBait1127
Would you two like to be alone?
Posted on 11/11/15 at 8:29 am to TigerBait1127
quote:
I'm in IT, so I only know what the internet tells me
You need to expand to XM as well.
quote:Good deal.
For real though, I asked him to expand and I'll post what he says
Posted on 11/11/15 at 8:30 am to VetteGuy
Here is another article on it from nola.com
LINK
LINK
quote:
Another advantage to transferring the clubs to Gayle Benson is to defer estate taxes. Benson's net worth was $1.2 billion and the Saints' franchise valued at $1.1 billion and Pelicans at $650 million, according to the latest estimates from Forbes.
The Bensons faced a potential tax of at least 40 percent upon Tom Benson's death. By passing his ownership share to his wife, Tom Benson put off paying estate taxes as long as Gayle Benson remains alive.
"This plan that's now in place will save Mr. Benson's estate a sizable fortune in estate taxes because he's leaving the bulk of his estate to his spouse," Cordes said. "So these teams will be freed up of that burden for the rest of Gayle's life."
This post was edited on 11/11/15 at 8:31 am
Posted on 11/11/15 at 8:34 am to TigerBait1127
Yeah, I'm just going to leave.
Posted on 11/11/15 at 8:35 am to VetteGuy
So this is in response to asking if Gayle would be exempt from paying the estate tax until she died and what shelter trusts can provide. It is short, because it is via text
I'll likely erase these posts around lunch
quote:
Yes and it depends on the type of trust. The only way it is not included in your estate is if you gave up the right to "control" the assets.
I'll likely erase these posts around lunch
Posted on 11/11/15 at 8:44 am to TigerBait1127
Yeah, I saw that.
As you know, that over-simplifies a bunch of things.
First, the heirs are all fighting this and I think there's a good chance they'll win.
Second, what was the value and how were the initial trusts set up?
As you know, that over-simplifies a bunch of things.
First, the heirs are all fighting this and I think there's a good chance they'll win.
Second, what was the value and how were the initial trusts set up?
Posted on 11/11/15 at 8:46 am to Uncle Stu
Click bait.
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