Kirby Jackson Posted April 3, 2014 Share Posted April 3, 2014 This is the best news possible. It means that Ralph did exactly what many of us in the estate planning world hoped he would do. He transferred ownership to his much younger and healthier spouse using the unlimited marital transfer provision of the tax code. Essentially, the estate tax issues that have been discussed ad nauseum have now been postponed in full until Mary passes, which is hopefully a long, long time. In addition, unlike executors or trustees, she has no obligation to sell to the highest bidder. The Bills asset can now be transferred as she sees fit. Hopefully she remains the owner or has it in mind to sell to local interests as long as a competitive bid is made. This is important and great news that contradicts directly many things we were told prior to Ralph's passing, namely that no one in the Wilson family had any interest in owning the team. I suspect Ralph and Mary felt it was no one's business that they had made this plan. Great stuff and thanks for the clarification!! Link to comment Share on other sites More sharing options...
Canadian Bills Fan Posted April 3, 2014 Share Posted April 3, 2014 guess she could change her mind and choose not to sell  Doubt it   CBF Link to comment Share on other sites More sharing options...
KD in CA Posted April 3, 2014 Share Posted April 3, 2014 So he met her in 1989, when he was 71 and she was 43 .... Â Nicely done, Ralph! Link to comment Share on other sites More sharing options...
YoloinOhio Posted April 3, 2014 Share Posted April 3, 2014 (edited) Great stuff and thanks for the clarification!! Since I know you love Massare, lol, check out his Twitter TL. He is celebrating this news as he says he reported it first with his breaking story the other day. Says it is the first step. Edited April 3, 2014 by YoloinOhio Link to comment Share on other sites More sharing options...
mannc 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? A trust. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 3, 2014 Share Posted April 3, 2014 (edited) Since I know you love Massare, lol, check out his Twitter TL. He is celebrating this news as he says he reported it first with his breaking story the other day. Says it is the first step. I already saw it, ha ha. He said something like, "I always knew being good friends with Littman's kids would pay off." I am about to unfollow him. I don't mind Massare's reporting; I can't stand his touchdown celebrations. Edited April 3, 2014 by Kirby Jackson Link to comment Share on other sites More sharing options...
Max997 Posted April 3, 2014 Share Posted April 3, 2014 Who own da Bills? Â Â OWWWWNNNNS! OWWWWWNNNNNS! Â I get it Link to comment Share on other sites More sharing options...
Max997 Posted April 3, 2014 Share Posted April 3, 2014 (edited) This is the best news possible. It means that Ralph did exactly what many of us in the estate planning world hoped he would do. He transferred ownership to his much younger and healthier spouse using the unlimited marital transfer provision of the tax code. Essentially, the estate tax issues that have been discussed ad nauseum have now been postponed in full until Mary passes, which is hopefully a long, long time. In addition, unlike executors or trustees, she has no obligation to sell to the highest bidder. The Bills asset can now be transferred as she sees fit. Hopefully she remains the owner or has it in mind to sell to local interests as long as a competitive bid is made. This is important and great news that contradicts directly many things we were told prior to Ralph's passing, namely that no one in the Wilson family had any interest in owning the team. I suspect Ralph and Mary felt it was no one's business that they had made this plan.  I think you are taking this a little too literally. Just because she is considered the owner now doesnt mean she has any interested in owning the team longterm  This is simply a formality until the team is sold Edited April 3, 2014 by Max997 Link to comment Share on other sites More sharing options...
mannc Posted April 3, 2014 Share Posted April 3, 2014 Mary Wilson obviously is entitled to percentage of the franchise via the trust. Assuming Ralph's 2 surviving daughters and Mary Wilson are to split the estate in 1/3s and given the owner's equity rule for the Rooney family in Pittsburgh it's conceivable Mary Wilson could be a minority owner of the franchise, while the other 2/3 of the team is sold. Mary Wilson's equity ownership of the franchise would also be subject to zero estate taxes. That is simply not true. It is possible that Mary is a beneficiary of the trust, but that does not make her the owner of the team or any particular percentage of the team. Either the team is "owned" by the trust, or it's not. If Mary is the majority or controlling owner, then the team is not owned by the trust. If true, this is most definitely unexpected and contrary to what we had been told earlier. As another poster said, if Mary is the owner then she can do with the team as she likes, although I am not sure what the NFL's internal rules are with regard to a team being passed on to a spouse or other beneficiary under the terms of a will. Link to comment Share on other sites More sharing options...
BobbyC81 Posted April 3, 2014 Share Posted April 3, 2014 Last time something like this happened.. Vince Ferragamo ended up sleeping in the former owners bed... Holy Carol Rosenblum... Say it ain't so!!! Be very careful Mary, JP Losman might be lurking in the bushes... Â Ferragamo and Georgia F. ? Link to comment Share on other sites More sharing options...
Wayne Cubed Posted April 3, 2014 Share Posted April 3, 2014 That is simply not true. It is possible that Mary is a beneficiary of the trust, but that does not make her the owner of the team or any particular percentage of the team. Either the team is "owned" by the trust, or it's not. If Mary is the majority or controlling owner, then the team is not owned by the trust. If true, this is most definitely unexpected and contrary to what we had been told earlier. As another poster said, if Mary is the owner then she can do with the team as she likes, although I am not sure what the NFL's internal rules are with regard to a team being passed on to a spouse or other beneficiary under the terms of a will. Â Where is it stated that the trust does not exist or that the team is not run by the trust? Ralph Wilson was the sole owner. Mary Wilson is now controlling owner. See the difference. As controlling owner she can't just do as she please, if she could they would have named her sole owner. The NFL needs to recognize a majority owner of the team, a controlling owner. It could very well be that there a multiple trustees and that Mary, in the will, was named as the head of the trust. Link to comment Share on other sites More sharing options...
BarkLessWagMore Posted April 3, 2014 Share Posted April 3, 2014 I think you are taking this a little too literally. Just because she is considered the owner now doesnt mean she has any interested in owning the team longterm  This is simply a formality until the team is sold  everyone right now is guessing, including you. Link to comment Share on other sites More sharing options...
TSOL Posted April 3, 2014 Share Posted April 3, 2014 Oh my god! With the rampant speculation and uncertainty, unprecedented nature of this most complex situation is anyobe going to even care as this drags out for 6 years. Im rapidly losing interest in this situation. If the nfl wants to rip the heart out of a deep rooted die hard franchise that it built its empire on then seriously, eff um! Link to comment Share on other sites More sharing options...
Just in Atlanta Posted April 3, 2014 Share Posted April 3, 2014 I am anxious to hear some analysis from lawyers and some people more in-the-know I'm not a lawyer or in-the-know, but I play them on this board. Link to comment Share on other sites More sharing options...
Jauronimo Posted April 3, 2014 Share Posted April 3, 2014 Oh my god! With the rampant speculation and uncertainty, unprecedented nature of this most complex situation is anyobe going to even care as this drags out for 6 years. Im rapidly losing interest in this situation. If the nfl wants to rip the heart out of a deep rooted die hard franchise that it built its empire on then seriously, eff um! Shake is right. Psychotic, but right. We gotta take these bastards. Now we could do it with conventional weapons, but that could take years and cost millions of lives. No, I think we have to go all out. I think that this situation absolutely requires a really futile and stupid gesture be done on somebody's part! Link to comment Share on other sites More sharing options...
TSOL Posted April 3, 2014 Share Posted April 3, 2014 The new downtown stadium will be called "The Mary" Link to comment Share on other sites More sharing options...
mannc Posted April 3, 2014 Share Posted April 3, 2014 (edited) Where is it stated that the trust does not exist or that the team is not run by the trust? Ralph Wilson was the sole owner. Mary Wilson is now controlling owner. See the difference. As controlling owner she can't just do as she please, if she could they would have named her sole owner. The NFL needs to recognize a majority owner of the team, a controlling owner. It could very well be that there a multiple trustees and that Mary, in the will, was named as the head of the trust. Read my post. Mary can't be the controlling owner if the team is held by the trust. If the team is now held by the trust, then the trustee of the trust controls the team. Shortly after Ralph's death, it had been reported that the team is held by a trust and that Litman was the trustee. If true, this obviously contradicts that previous report. If Mary is the owner (or even the controlling owner, whatever that means) then the team is not held in trust but passed to her through Ralph's will. I am not sure what the tax implications of that are. I should add that it is possible that this most recent report is mistaken, and that Mary is simply the trustee of the trust that holds the team, rather than the "controlling owner". Edited April 3, 2014 by mannc Link to comment Share on other sites More sharing options...
A Dog Named Kelso Posted April 3, 2014 Share Posted April 3, 2014 The statement on the site says :"A process will be established at an appropriate time for the sale of the franchise" She does not need to buy the team so I am unsure why that would be stated besides the fact that she is not going to be the only person(or a person) owning the team. Link to comment Share on other sites More sharing options...
mannc Posted April 3, 2014 Share Posted April 3, 2014 And a trust can have multiple trustee's. Littman is just one of them. And that would make Mary a trustee, not an owner or controlling owner. Link to comment Share on other sites More sharing options...
YoloinOhio Posted April 3, 2014 Share Posted April 3, 2014 I already saw it, ha ha. He said something like, "I always knew being good friends with Littman's kids would pay off." I am about to unfollow him. I don't mind Massare's reporting; I can't stand his touchdown celebrations. Saw that too. lol. Link to comment Share on other sites More sharing options...
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