Republic: Don't sell Colangelo's legacy short

[Ouchie-Z-Clown]

Originally posted by Skkorpion
Selling the team does nothing to protect an estate from inheritance taxes.

Hopefully, a competent tax lawyer will see this thread and elaborate but the reality is that any estate over $750,000 is taxed at a rate that is the same, regardless of the composition of the assets.

Trusts can be used to help shield against taxes. However, if an estate is valued at say $320 million, the taxes will be the same regardless if that estate is all in cash or all in hotel properties.

Selling raises cash. That's all.

skorp, as a competent tax attorney, you are basically correct. in fact, it would almost behoove a wealthy team owner to continue to hold the asset (verses liquidate) as there could be some play with the valuation process, thereby saving some cash in estate taxes. however, since BC will not be rolling in money, and JC's estate, outside of his sports interests, will not generate incredible amounts of money, bequething a team would result in disastrous consquences for the beneficiaries who, in turn, would be forced to sell the major assets (i.e., the team) in order to pay the taxes due.