Jauronimo Posted April 3, 2014 Share Posted April 3, 2014 Why is this surprising? Who else could the team be passed to without a tax liability? Don't stop them. They're rolling. Link to comment Share on other sites More sharing options...
Canadian Bills Fan Posted April 3, 2014 Share Posted April 3, 2014 Nothing that we didnt expect. CBF Link to comment Share on other sites More sharing options...
Chef Jim Posted April 3, 2014 Share Posted April 3, 2014 No estate taxes or cap gains due at this time. Link to comment Share on other sites More sharing options...
Just in Atlanta Posted April 3, 2014 Share Posted April 3, 2014 Always loved the Supremes. Link to comment Share on other sites More sharing options...
GG Posted April 3, 2014 Share Posted April 3, 2014 Don't stop them. They're rolling. Almost took up the entire page ... Link to comment Share on other sites More sharing options...
Canadian Bills Fan Posted April 3, 2014 Share Posted April 3, 2014 I hope she likes Buffalo as much as Ralph did CBF Link to comment Share on other sites More sharing options...
richNjoisy Posted April 3, 2014 Share Posted April 3, 2014 (edited) Well, someone has to "own" the team before it's sold. It just would seem this should have been messaged before he passed. It appears like "now what do we do?" despite the guy being 95. And Mary is cheap. I do not think this is correct - Ralph could have left his estate in trust and authorized the sale of his assets and the proceeds to be distributed. Mary , his wife, is the one of the few who can inherit without paying taxes. Her being declared, "sole owner", for now means the team is hers and is not in The Trust - this may not mean any slowdown in sale of the team but it certainly does not speed it up. More likely, this buys time tax free and without as much urgency to find a "suitable" purchaser. I assume this was discussed at length between Mary and Ralph. She probably has her instructions and will sell the team and then distribute the proceeds. I am anxious to hear some analysis from lawyers and some people more in-the-know but I believe this is good news for Bills fans. Edited April 3, 2014 by richNjoisy Link to comment Share on other sites More sharing options...
Wayne Cubed Posted April 3, 2014 Share Posted April 3, 2014 Link to comment Share on other sites More sharing options...
Canadian Bills Fan Posted April 3, 2014 Share Posted April 3, 2014 I do not think this is correct - Ralph could have left his estate in trust and authorized the sale of his assets and the proceeds to be distributed. Mary , his wife, is the one of the few who can inherit without paying taxes. Her being declared, "sole owner", for now means the team is hers and is not in The Trust - this may not mean any slowdown in sale of the team but it certainly does not speed it up. More likely, this buys time tax free and without as much urgency to find a "suitable" purchaser. I assume this was discussed at length between Mary and Ralph. She probably has her instructions and will sell the team and then distribute the proceeds. I am anxious to hear some analysis from lawyers and some people more in-the-know but I believe this is good news for Bills fans. I sure hope your right CBF Link to comment Share on other sites More sharing options...
Dorkington Posted April 3, 2014 Share Posted April 3, 2014 Adds a little stability until we get new owners. Not a bad thing, imo. Link to comment Share on other sites More sharing options...
26CornerBlitz Posted April 3, 2014 Share Posted April 3, 2014 Adds a little stability until we get new owners. Not a bad thing, imo. Ding! Link to comment Share on other sites More sharing options...
BearNorth Posted April 3, 2014 Share Posted April 3, 2014 Wonder if any tax lawyers are on the board. I remember when my dad passed, that the stocks they jointly held stepped up in basis on the day of his death. Wonder if that happens with football teams. If so, she just had close to a billion dollars evade the tax man, especially since she lives in Florida. Link to comment Share on other sites More sharing options...
GG Posted April 3, 2014 Share Posted April 3, 2014 I do not think this is correct - Ralph could have left his estate in trust and authorized the sale of his assets and the proceeds to be distributed. Mary , his wife, is the one of the few who can inherit without paying taxes. Her being declared, "sole owner", for now means the team is hers and is not in The Trust - this may not mean any slowdown in sale of the team but it certainly does not speed it up. More likely, this buys time tax free and without as much urgency to find a "suitable" purchaser. I assume this was discussed at length between Mary and Ralph. She probably has her instructions and will sell the team and then distribute the proceeds. I am anxious to hear some analysis from lawyers and some people more in-the-know but I believe this is good news for Bills fans. The team could very well have been put in a trust, and she's the trustee. Note the language - Ralph Wilson was the sole owner and Mary Wilson is now the controlling owner, not the sole owner. Makes perfect sense from a tax & transition standpoint. Wonder if any tax lawyers are on the board. I remember when my dad passed, that the stocks they jointly held stepped up in basis on the day of his death. Wonder if that happens with football teams. If so, she just had close to a billion dollars evade the tax man, especially since she lives in Florida. She gets the property tax free in any event, as a spouse. Link to comment Share on other sites More sharing options...
Gugny Posted April 3, 2014 Share Posted April 3, 2014 I sure hope your right nut is okay. CBF Fixed. Link to comment Share on other sites More sharing options...
Dean Cain Posted April 3, 2014 Share Posted April 3, 2014 Out of curiosity, anyone know her age? I believe she's born in 1946, putting her at 68 this year. If she were to live as long as Ralph, that would make her owner till 2041, another 28 seasons. Link to comment Share on other sites More sharing options...
BearNorth Posted April 3, 2014 Share Posted April 3, 2014 The stepped up basis thing is huge I think. Ralph's basis is $25K. Her's is the fair market value on the date of his passing [e.g. $1BB or so]. Link to comment Share on other sites More sharing options...
Tisker A Tasker Posted April 3, 2014 Share Posted April 3, 2014 ...and she's a fit world-class tennis tennis player. Its possible she could keep the loooong time. I believe she's born in 1946, putting her at 68 this year. If she were to live as long as Ralph, that would make her owner till 2041, another 28 seasons. Link to comment Share on other sites More sharing options...
Bocephuz Posted April 3, 2014 Share Posted April 3, 2014 There's big difference if the team is owned by at "Trust" or by an "Invididual" If the ownership has moved into a "Trust" then technically the entity of the Trust owns the Bills and the "Trustee" or "Trustees" must manage the asset according to how the Trust was written. For example, Ralph could have written specific instructions in his trust such as " The team may not be sold for x years" or " The team must be sold to the highest bidder" etc. It is then up to the "Trustee" to manage the asset according to the rules of the Trust. In essence, the Trustee doesn't have much power .. they basically have to follow the instructions of the Trust. If the ownership has moved to an "Individual" this is a completely different situation. If Mary Wilson is the sole owner as an indvidual she can do as she damn well pleases. Link to comment Share on other sites More sharing options...
A Dog Named Kelso Posted April 3, 2014 Share Posted April 3, 2014 So the way I read the news is that an ownership group has an agreement to buy the team and she will be the controlling owner of the group. Is that how others understand the news? Link to comment Share on other sites More sharing options...
Wayne Cubed Posted April 3, 2014 Share Posted April 3, 2014 RIght, the title of the thread is incorrect. Mary Wilson was named controlling owner, not sole owner. There's a difference. Link to comment Share on other sites More sharing options...
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