SKOOBY Posted April 28, 2009 Author Share Posted April 28, 2009 Skooby, if you honestly believe he hasn't done any estate planning you are naive. You just dont like his estate plan- in fact, taking the highest bidder for his team is estate planning, as he is attempting to ensure his estate garner the highest value possible. bladiebla, it would not be simple to leave the team to his daughter as estate tax would still be due, which in all likelihood would mean the team would have to be sold in order to pay the tax bill. The only way he can (temporarily) get around the estate tax would be to leave the team to his wife. He still could put the team up for sale, end the guessing for his family / town. Link to comment Share on other sites More sharing options...
djcalvin79 Posted April 28, 2009 Share Posted April 28, 2009 Wherever the Bills move, they WILL have to pay a relocation fee, which will compensate the NFL for losing a potential expansion site off-set by the gain of Buffalo as an expansion site. As you can imagine, the fee for moving to Los Angeles from Buffalo will be large. http://www.stadiumwall.com/style_images/bi...es/rte-list.gif now if, and it's a very big IF, the Bills move to LA, does the NFL redo all the divisions? how does that work out? here's an idea - Bills to NFC West - welcome to the easiest division in football Colts to AFC East - Colts vs. Patriots twice a year!! Rams to AFC South - meh, that division becomes easier anyways.. we still want the Bills to stay right here in Buffalo where they've always been and always will belong Link to comment Share on other sites More sharing options...
VJ91 Posted April 28, 2009 Share Posted April 28, 2009 Ralph is older than water and needs to protect his legacy. I have 0 faith in him making it past this season, seriously. This highest bidder stuff concerns me. If this team moves after Ralph's death, I will personally dig his azz up and rebury him in love canal for a lifetime of festering iindignity. If any of you think I am joking, you don't know me. News flash Skooby, Ralph Wilson has already covered this subject. He's the owner until he dies. Then his heirs will be selling the team to whoever they want, despite the fact that "this highest bidder stuff concerns you." I've posted many times how he should just sell the team to the alleged Jim Kelly group now, if he really gave a crap about his "legacy." If Kelly really kept the team in Buffalo without changing the name to "Niagara Bills" - both Kelly (with this alleged group of billionaires who love Western New York), and Wilson would secure their "legacy" as heroes for the next 50 years. But that's fantasy, and we must live in the real world. Here in the real world, 90 year old Ralph Wilson owns the team till he's gone, and then it gets sold. Period. End of story. Link to comment Share on other sites More sharing options...
Beerball Posted April 28, 2009 Share Posted April 28, 2009 But that's fantasy, and we must live in the real world. Here in the real world, 90 year old Ralph Wilson owns the team till he's gone, and then it gets sold. Period. End of story. yup Link to comment Share on other sites More sharing options...
Tbone Posted April 28, 2009 Share Posted April 28, 2009 He still could put the team up for sale, end the guessing for his family / town. Guessing is really only haunting the town Skoob... I doubt his family is kept awake at night by his decision to hold the team and net them another 100 million. Link to comment Share on other sites More sharing options...
Ray Posted April 28, 2009 Share Posted April 28, 2009 He does not need to sell the team....all he has to do is leave them to his wife. Why not let her have the team for a little over a year and then she can sell the team and just pay capital gains tax instead of the heinous estate tax Link to comment Share on other sites More sharing options...
Kelly the Dog Posted April 28, 2009 Share Posted April 28, 2009 I am completely against banning any poster, at any time at all, for any reason whatsoever. And I'll stand by that until I die. But can we ban this guy? Link to comment Share on other sites More sharing options...
GG Posted April 28, 2009 Share Posted April 28, 2009 I am completely against banning any poster, at any time at all, for any reason whatsoever. And I'll stand by that until I die. But can we ban this guy? Think of it as catharsis. You may have a bad day. You may have said something inadvertently stupid. How would you fix it? Easy. Simply log in here, read a daily dose of Skoobysnack, and instantly feel better about yourself. Link to comment Share on other sites More sharing options...
ChevyVanMiller Posted April 28, 2009 Share Posted April 28, 2009 I wrote a column on this (serious) subject a couple weeks back. For what it's worth here's my two cents on how it should be handled: Hail Mary Pass Needed to Save Bills Link to comment Share on other sites More sharing options...
Tbone Posted April 28, 2009 Share Posted April 28, 2009 He does not need to sell the team....all he has to do is leave them to his wife. Why not let her have the team for a little over a year and then she can sell the team and just pay capital gains tax instead of the heinous estate tax First of all I think its presumptuous to assume that one of us knows more than Wilson's highly paid lawyers and accountants, but I will explain why I dont think that would work... The reason is that I don't think Wilson is intending on leaving the bulk of his estate to his wife. If they did as you suggest, she would be entitled to the entire estate (or the portion of it that the team makes up)... even if there was an agreement that she would, subsequent to the sale, give large portions of the proceeds away to those he wanted it to go to (assuming that such a plan would not violate the IRS's rules, which I think it would) there would be gift tax to pay on the transfer of assets from his wife to those other parties- this tax would roughly equal the estate tax and therefore his "estate" would be taxed twice. I believe the best solution for him is to die, while holding the team... the team gets sold, the estate pays the tax and transfers the assets as he directs, no capital gains tax would be paid. Link to comment Share on other sites More sharing options...
Talonz Posted April 28, 2009 Share Posted April 28, 2009 I am completely against banning any poster, at any time at all, for any reason whatsoever. And I'll stand by that until I die. But can we ban this guy? *PLEASE* This guy is a cancer on TBD and is bring this whole board down a level or two.... Link to comment Share on other sites More sharing options...
Ray Posted April 28, 2009 Share Posted April 28, 2009 If he transfers the team to his wife there is ZERO tax. If she sells the team a couple years later she pays capital gains (20% now) instead of 55% estate tax. Much better option for bills fans/Buffalo/etc..... I would imagine that he has had some estate planning and some plans to transfer the team but who knows. I can certainly understand why he does not want to talk about it.....I just wish he would be more confident the team stays in Buffalo as he can make that happen. Link to comment Share on other sites More sharing options...
Ish Posted April 28, 2009 Share Posted April 28, 2009 like it has been stated before ralph wilson will outlive each and everyone one of us Link to comment Share on other sites More sharing options...
Tbone Posted April 28, 2009 Share Posted April 28, 2009 If he transfers the team to his wife there is ZERO tax. If she sells the team a couple years later she pays capital gains (20% now) instead of 55% estate tax. Much better option for bills fans/Buffalo/etc.....I would imagine that he has had some estate planning and some plans to transfer the team but who knows. I can certainly understand why he does not want to talk about it.....I just wish he would be more confident the team stays in Buffalo as he can make that happen. Ray I am not sure where you get that there is "ZERO" tax if it is transferred to his wife. While you are correct there is no estate tax levied at his death on assets bequested to his wife she holds any assets with the same basis as he did if he was alive (meaning literally all of the teams value less 25k will be gain). BUT beyond his wife the estate will be taxed either when she dies, or in transfer taxes from her... the money WILL be taxed twice... I paraphrase a famous saying that you can delay the death tax but like death it will always apply (unless he dies in 2011). Clearly he wants to bequest portions of his estate to those other than his wife, in the vein your original statement that he should give her the team and then she can sell it after a year to avoid the estate tax wont work unless she keeps all the money associated with the sale- once it goes beyond her it is taxed at the same rate as the estate tax. Link to comment Share on other sites More sharing options...
Delete This Account Posted April 28, 2009 Share Posted April 28, 2009 I am completely against banning any poster, at any time at all, for any reason whatsoever. And I'll stand by that until I die. But can we ban this guy? Whether it's wild or unsubstantiated speculation or hateful remarks as noted in the original post, the value of this poster has proven negligible except for feeding an apparent insecure and narcissistic ego devoid of shame, logic or lucidity. I'd rather not remark on many of these inane - drunken? - babblings, but as a member of this board, it would be wrong to stay silent because it could be interpreted that I agree with such ugly comments included in the original post. For the record, I do not. That the OP fails to retract his/her initial comments seems to suggest that he/she finds nothing wrong with making such remarks while vaulting the line of good taste and reason. jw edit in green, clarifies to note "original post." Link to comment Share on other sites More sharing options...
Beerstm Posted April 29, 2009 Share Posted April 29, 2009 Water is useful... Ralph on the other hand is.... never mind. Link to comment Share on other sites More sharing options...
Dan Posted April 29, 2009 Share Posted April 29, 2009 News flash Skooby, Ralph Wilson has already covered this subject. He's the owner until he dies. Then his heirs will be selling the team to whoever they want, despite the fact that "this highest bidder stuff concerns you." I've posted many times how he should just sell the team to the alleged Jim Kelly group now, if he really gave a crap about his "legacy." If Kelly really kept the team in Buffalo without changing the name to "Niagara Bills" - both Kelly (with this alleged group of billionaires who love Western New York), and Wilson would secure their "legacy" as heroes for the next 50 years. But that's fantasy, and we must live in the real world. Here in the real world, 90 year old Ralph Wilson owns the team till he's gone, and then it gets sold. Period. End of story. And 50 years from now, there will still be people bitching at Ralph because he didn't secure the team's really long, long term future. Because by selling it to Kelly he somehow made money off of it and hence, we only got a cumulative 100 years of NFL football. In other words some people will always find a reason to B word. Kinda like how someone starts a thread stating that Ralph should sell the team a day after what is arguably our best draft* in a decade. Incredible. *Disclaimer: By best draft I refer to the many pundits who rated it highly based on purely arbitrary rankings and in no way do I verify that this draft was either good nor our best. In short, I mostly wanted to make a point so I used hyperbole. Link to comment Share on other sites More sharing options...
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