The_Philster Posted October 6, 2009 Posted October 6, 2009 The heirs are going to pay taxes on the estate regardless. You can reduce those but not eliminate them. Cap gains on the other hand......that team will be sold within 9 months of Ralph's passing. Mark my words. that's what I mean...double taxation is what will happen if anything but this scenario happens When Ralph passes, Mary gets the team and sells it...spouse doesn't have to pay inheritance tax
DC Tom Posted October 6, 2009 Posted October 6, 2009 Hmmm...Kelly "working on some things" right now...Ralph Wilson "afraid for his job"...hmmm.... Anyone know if Tony Soprano has been spotted at the Buffalo Airport recently?
Chef Jim Posted October 6, 2009 Posted October 6, 2009 (edited) that's what I mean...double taxation is what will happen if anything but this scenario happens When Ralph passes, Mary gets the team and sells it...spouse doesn't have to pay inheritance tax Depends on how the team is held. And I don't think NY is community property. She'd not get the full step up in basis. If it's held in trust the trust gets full step up. Edited October 6, 2009 by Chef Jim
Thoner7 Posted October 6, 2009 Posted October 6, 2009 Him and Schopp were talking about Marty Shottenheimer coaching the team, thurman said he wished to god he had some influence with Ralph. He went on to say that the only person that actually has influence and pull with Ralph is Jim Kelly. He then said jim is..and then he paused thought about it..and said working on some "things" right now. This is conjunction with Kelly saying this is a huge year for jauron and edwards before the season starts makes me wonder if he has intentions of an ownership group taking a run at buying the team soon. Just pure speculation but thomas definately confirmed Kelly is atleast TRYING to do something. Dont know if im so bummed about the team that grasping at straws here but i hope there really is soemthing here What I am really hoping for is that Ralphs heirs give Jim and his investors the last right of refusal to the sale of the team. Hopefully they give him some kind of home-town discount.
billsfreak Posted October 6, 2009 Posted October 6, 2009 Marty is a football coach, 66 is not too old... I agree, I think we had a coach older than that that took us to more than a few consecutive playoff appearances. The fact that Marty was one of the original Bills might give him a little more desire to come here too. One can only dream I guess, looking forward to another promotion from within, a washed up career losing head coach or another "up and coming" coordinator (i.e., Greg Williams, etc.). The knock on Marty has always been he can't win in the Playoffs, but heck, I don't remember what the playoffs are like, and would be happy for the time being just to be playing after week 17 for a change.
John Adams Posted October 6, 2009 Posted October 6, 2009 If Jimbo can come up with a cool billion with investors, I don't think there's a person not named Wilson against it. You've gotta love the spirit of a Bills fan. Even faced with perhaps the bleakest season since the 70s, we can still make up **** to give us hope!
DCBongo Posted October 6, 2009 Posted October 6, 2009 Did everyone hear about Darryl Talley's twitter: "So, while sitting in front of the television in his Orlando home, via his Twitter account, Darryl Talley ripped off a couple memorable and scathing tweets: "Does anyone out there have 1 billion I can borrow? I'd like to buy the Bills and give back to the good people of Buffalo the team they deserve." And then there was this: "The Bills need to fire more than a coach. I see a few players who need to be sent packing." http://www.democratandchronicle.com/articl...ion+by+Dolphins
Lori Posted October 6, 2009 Posted October 6, 2009 Did everyone hear about Darryl Talley's twitter:"So, while sitting in front of the television in his Orlando home, via his Twitter account, Darryl Talley ripped off a couple memorable and scathing tweets: "Does anyone out there have 1 billion I can borrow? I'd like to buy the Bills and give back to the good people of Buffalo the team they deserve." And then there was this: "The Bills need to fire more than a coach. I see a few players who need to be sent packing." http://www.democratandchronicle.com/articl...ion+by+Dolphins Glad Sal picked up on that. Figured if I retweeted those, he'd see them...
keepthefaith Posted October 6, 2009 Posted October 6, 2009 I've said over and over again. No one is buying that team while Ralph is still alive. That would be financial stupidity on Ralph's part. Well, that just isn't true. I've posted the detail before and won't get into the nitty gritty now, but cap gains taxes are quite low now and the political climate is ripe for big increases in those and the death tax rate. Selling now could be very financially advantageous for Ralph. There are also trusts that can or may already be established that could shield him from tax.
Chef Jim Posted October 6, 2009 Posted October 6, 2009 Well, that just isn't true. I've posted the detail before and won't get into the nitty gritty now, but cap gains taxes are quite low now and the political climate is ripe for big increases in those and the death tax rate. Selling now could be very financially advantageous for Ralph. There are also trusts that can or may already be established that could shield him from tax. So you're suggesting he sell now and pay 15% cap gains on the team a team worth what $800 mil with a cost basis of $25K (that's over $127 mil in taxes) when if a trust is the beneficiary it gets a step up in basis to CMV then the can be sold for zero cap gains? Would love to hear your nitty gritty.
Kelso_Helmet Posted October 6, 2009 Posted October 6, 2009 Been reading a lot about former Bills like Kelly, Thurman, Talley....I guess we all like to hope that these guys will somehow rejuvinate this franchise even though their playing years are long past. Maybe it's wishful thinking that compels us to read into a twitter post or an off-hand remark on a radio program and hope that it means these guys will come riding in to save the day and make our team relevant again. But there is something to the way these guys approached the game that we want to see again, perhaps more so than them actually being the ones to turn things around like we hoped Marv would a few years ago with his return. Maybe we caught lightning in a bottle with those guys for that run in the early to mid 90s and the Bills will never see their like again. But even if Jim Kelly isn't the one to come in on his white horse and rescue the Bills...and even if Ralph will obviously never sell this team...what is clear is that this front office and coaching staff are not equipped to put together a product deserving of the fan base it has. The definition of insanity is doing the same thing over and over.....Jauron has made us all lose our minds.
Orton's Arm Posted October 6, 2009 Posted October 6, 2009 I heard that also. The only thing I can think of is Kelly played for a team Donald Trump owned in the USFL and they remained friends so it's possible that he's in the "group" Kelly speaks of. If Donald Trump ends up owning the Bills, do you really think he'd keep the team in Buffalo if another city made a better offer?
Chef Jim Posted October 6, 2009 Posted October 6, 2009 If Donald Trump ends up owning the Bills, do you really think he'd keep the team in Buffalo if another city made a better offer? If Donald Trump ends up owning the Bills I'll deny I was ever here.
sfladave Posted October 6, 2009 Posted October 6, 2009 So you're suggesting he sell now and pay 15% cap gains on the team a team worth what $800 mil with a cost basis of $25K (that's over $127 mil in taxes) when if a trust is the beneficiary it gets a step up in basis to CMV then the can be sold for zero cap gains? Would love to hear your nitty gritty. Meh...what's $127 these days? Wasn't there an exception for the estate tax in the 2010 tax year with no estate taxes but on that year only?
Chef Jim Posted October 6, 2009 Posted October 6, 2009 Meh...what's $127 these days? Wasn't there an exception for the estate tax in the 2010 tax year with no estate taxes but on that year only? Yes but there is zero step up in 2010 and the trust or the benes inherit his $25k cost basis. 2010 is going to be ugly for everyone regarding that.
keepthefaith Posted October 6, 2009 Posted October 6, 2009 So you're suggesting he sell now and pay 15% cap gains on the team a team worth what $800 mil with a cost basis of $25K (that's over $127 mil in taxes) when if a trust is the beneficiary it gets a step up in basis to CMV then the can be sold for zero cap gains? Would love to hear your nitty gritty. Yes, there is a way and trusts are part of the answer, but it is not simple. At Ralph's level, I would expect his advisors to know which scenarios will protect him and his family from taxation. Bottom line is Ralph won't sell because he doesn't want to give up control of the team.
Pine Barrens Mafia Posted October 6, 2009 Posted October 6, 2009 If Jimbo can come up with a cool billion with investors, I don't think there's a person not named Wilson against it. You've gotta love the spirit of a Bills fan. Even faced with perhaps the bleakest season since the 70s, we can still make up **** to give us hope! That and we can laugh when all hope is lost. Sometimes.
Bruuuuce Posted October 6, 2009 Posted October 6, 2009 I agree, I think we had a coach older than that that took us to more than a few consecutive playoff appearances. The fact that Marty was one of the original Bills might give him a little more desire to come here too. One can only dream I guess, looking forward to another promotion from within, a washed up career losing head coach or another "up and coming" coordinator (i.e., Greg Williams, etc.). The knock on Marty has always been he can't win in the Playoffs, but heck, I don't remember what the playoffs are like, and would be happy for the time being just to be playing after week 17 for a change. We all love Marv to death but this isn't the same league as it was when he was coaching, coaches are getting younger. Look at how well Harbaugh and McDaniels (so far) are doing. Look at Tomlin. 56 percent of the league's head coaches are under 50. Now I'm not necessarily saying Buffalo needs to go after a young coach somewhere, just pointing out that 66 is awfully old in todays NFL.
Kettle Creek Football Posted October 6, 2009 Posted October 6, 2009 I heard that also. The only thing I can think of is Kelly played for a team Donald Trump owned in the USFL and they remained friends so it's possible that he's in the "group" Kelly speaks of. I think you are right on that one. They are definitely friends and have made several appearances at each other's events over the years.
Chef Jim Posted October 6, 2009 Posted October 6, 2009 Yes, there is a way and trusts are part of the answer, but it is not simple. At Ralph's level, I would expect his advisors to know which scenarios will protect him and his family from taxation. Bottom line is Ralph won't sell because he doesn't want to give up control of the team. I'd like to hear what you're talking about. Are you refering to a defered sales trust? I can't imagine there's a way to avoid the cap gains without having to pass.
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