Thursday, May 29, 2014

Malcolm Glazer Dies at 85

Yesterday's passing of Buccaneers & Manchester United owner Malcolm Glazer gives everyone a chance to talk about his business successes (probably waiting a few days to he & his family have had plenty of struggles too}.

John Romano calls him "the best thing to happen to sports in Tampa Bay," and reminds readers "Glazer was a businessman, not a public servant" {link to Times' site}.

His death comes as little surprise after eight years of illnesses, so it should also be no surprise his family appears financially prepared for it.  The Times also reports the Glazer family plans to keep the team, likely after a series of legal maneuvers transferred the majority of team ownership to Malcolm's children {link to Times' site}.
The Buccaneers pledged that careful succession planning ensures ownership of the team will remain within the Glazer family "for generations to come," though it was unclear who among Malcolm and Linda Glazer's six children — five sons and one daughter — would be controlling what. Three of Glazer's children — Joel, Ed and Bryan — are currently Bucs' co-chairmen.

Typically, the surviving spouse inherits the bulk if not all of an estate to avoid federal taxes imposed when assets are passed on to the next generation. Often, it's not until the death of the remaining spouse that any estate issues surface, said Linda Hanna, a Tampa lawyer and longtime estate tax adviser.

But Hanna adds the caveat: "There is no 'typical' when you get to the range of wealth the Glazers are in. It's all very customized."

With a net worth over $4 billion, the Glazer family ranks among the wealthiest in Florida.
NOTE: $4.2 billion, for those of you counting at home.
Fueled by soaring media broadcast deals, the value of pro sports teams has risen dramatically over the past couple of decades. That has prompted some team owners to craft complex succession plans, allowing them to shield their heirs from hefty estate tax bills that could force them to sell.

"Typically there are trust agreements drafted and tweaked over time that will dictate how this gets passed on," Putrino said. "The key is the work done prior to his death."

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