Estate plans can include a variety of legal documents that can significantly impact a person’s estate, family and business. One legal document business owners should consider including in their estate plan is a trust. A trust can offer tax benefits as well as make sure your company is managed properly after you pass away.
The recent death of Buffalo Bills owner Ralph Wilson is an example of how a trust can be used in a person’s estate plan and the impact it can have on your business. The trust now has ownership of the NFL team. How can a trust own a football team? The trust will keep control of the team and the executors of the trust will manage the business.
The current management of the team will remain the same despite the trust and executors taking ownership. They said the team’s business will stay the same for a while until the team is eventually sold.
The fact that the man put the ownership of the team in his trust is a unique option many business owners in Nevada may not often consider. It may be beneficial to address what will happen to your business in your estate plan, including if your trust will have ownership of your business until the business is sold or new ownership takes over.
A trust can address many different business and personal issues. Trusts can cover a variety of topics and can include stipulations that can be very specific for your beneficiaries. Because trusts can vary from person to person, it may be helpful to work with an estate planning attorney to address your specific needs.
Source: Buffalo Rumblings, “Buffalo Bills controlled by trust following Ralph Wilson’s passing,” Brian Galliford, March 25, 2014