Estate planning has become a significant driver of team sales in professional sports, often more so than fans realize. The recent announcement of the Boston Celtics being up for sale, less than two weeks after securing their 18th National Basketball Association (NBA) championship, is a recent example of this trend. The controlling consortium cited "estate and family planning considerations" for selling their shares. Often dismissed as PR-speak, this explanation reflects a genuine concern among many sports team owners. Estate planning complexities arise as franchise values soar, making it costly to transfer ownership within families due to substantial tax implications. For instance, the Celtics, purchased in 2002 for $360 million by Irving and Wyc Grousbeck, are now valued at $5.12 billion. Irving Grousbeck's advanced age has prompted careful consideration of how to handle this valuable asset. The family decided to sell in two phases to balance control and financial prudence.
RMO LLP
Legal Services
Los Angeles, California 2,721 followers
Experienced, strategic, effective probate litigation legal services in California and Texas.
About us
Welcome to RMO LLP! We started RMO to provide responsive, personal, efficient litigation services to our individual and institutional clients. That remains our mission, and we strive every day to bring you results that not only add to our clients' bottom line, but to their peace of mind. We appreciate your taking the time to check out our LinkedIn page as you consider who should handle your trust, estate and probate litigation matter. Come back often. - RMO
- Website
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https://rmolawyers.com/?utm_source=linkedin&utm_medium=social&utm_campaign=profile
External link for RMO LLP
- Industry
- Legal Services
- Company size
- 11-50 employees
- Headquarters
- Los Angeles, California
- Type
- Privately Held
- Founded
- 2016
- Specialties
- Trust estate and probate litigation, Trust litigation, Probate litigation, Estate litigation, Financial elder abuse, Conservatorships, and Guardianships
Locations
Employees at RMO LLP
Updates
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What is a settlor of a trust? RMO LLP Founding Partner Scott Rahn -- Trust, Estate, Probate Litigator sits down to discuss the web’s most searched #probate, #trust, and #inheritance dispute questions, defining what is a settlor of a trust and their role and relationships in trust and estate administration.
What Is a Settlor of a Trust? | RMO Lawyers
https://www.youtube.com/
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Being named the executor of a will brings a wide variety of important duties that must be carried out to meet the wishes of the decedent, including determining what the decedent owned and owed, paying creditors and taxes, and distributing assets to heirs. The process can be even more complicated when the decedent does not leave a will, causing extra costs, delays, and potential disputes among family members. Though it's common for family members to be chosen as executors, it's important to choose someone who can remain objective, manage family dynamics, and have the bandwidth for the tedious role. By choosing a professional fiduciary to handle the estate, you can remove much of the emotion and challenges that may otherwise present themselves in the administration process.
Grief, Then Paperwork: The Messy, Thankless Job of an Estate Executor
wsj.com
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The Food and Drug Administration has approved Eli Lilly’s Alzheimer’s donanemab drug Kisunla. The drug is the second of its kind on the market, offering a new treatment option that slows disease progression in early-stage Alzheimer’s patients by targeting amyloid plaque in the brain. You can help reduce the risk of young-onset Alzheimer’s with physical exercise, a healthy diet, maintaining strong social contacts, and engaging in intellectual activities. The Alzheimer's Association® (www.alz.org) is a go-to resource for more helpful information. #ENDALZ
FDA approves a second Alzheimer's drug that can modestly slow disease
npr.org
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Each generation faces unique financial challenges and opportunities, and by learning from each other’s experiences, one can avoid common pitfalls in estate planning and wealth management. This article from Moneyweb highlights important considerations for Baby Boomers, Generation X, Millennials, and Generation Z, including the importance of keeping estate planning documents current and tips for risk coverage and how to preserve wealth across generations. Consulting with an estate planning attorney and financial advisors is essential for all generations to ensure their legacies are protected as they intended.
Financial wisdom across generations: Tips for boomers, Gen X, millennials and Gen Z
moneyweb.co.za
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RMO LLP Dallas Managing Attorney Matthew Bourque recently presented as part of the WealthWise Financial Services series. In his presentation, Matthew covered financial capacity planning tools, how they can help your loved ones, common pitfalls to avoid, and legal remedies to prevent harm when it’s too late to plan. Click the following link to access the full presentation: https://lnkd.in/gt5vkcJR
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In British Columbia, the Supreme Court recently disqualified an attorney for misusing privileged documents in an estate litigation case, highlighting the significance of attorney-client privilege. In De Cotiis Estate, 2024 BCSC 1024, the decedent's former attorney and named executor sought orders against the attorney representing the decedent's child, demanding the return of all documents removed from the decedent's residence and disqualification of the attorney and his firm from involvement in any related matters. The court determined that the documents were protected by attorney-client privilege, which had not been waived. Despite knowing their privileged status and being warned, the attorney repeatedly used these documents in various court proceedings. The court found this conduct egregious and ordered the attorney's disqualification from all matters related to the estate. It emphasized the critical role of attorney-client privilege in the justice system and the attorney's failure to prove that confidential information would not be misused. The Supreme Court mandated the return and destruction of all copies of the privileged documents, reinforcing the protection of attorney-client privilege.
BC Supreme Court disqualifies lawyer over misuse of privileged documents in estate litigation
canadianlawyermag.com
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Do all heirs have to agree to sell property? RMO LLP Founding Partner Scott Rahn -- Trust, Estate, Probate Litigator sits down to discuss the web’s most searched #probate, #trust, and #inheritance dispute questions, highlighting whether all beneficiaries or heirs need to agree to sell estate property in trust or estate administration and litigation.
Do All Heirs Have to Agree to Sell Property? | RMO Lawyers
https://www.youtube.com/
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Rushing to get ready for an event, much like hastily organizing an estate plan, often leads to complications. Properly planning your estate, especially for affluent individuals with diverse assets, is crucial to avoid future litigation among beneficiaries. Tangible personal property can cause disputes due to their emotional and subjective value, with ambiguity in estate planning documents leading to disagreements and legal battles. To mitigate these risks, it's essential to clearly delineate intentions regarding the distribution of personal property, seek professional valuations for valuable items, and maintain open communication among beneficiaries. Proper estate planning may not "spark joy" like organizing a wardrobe, but it will certainly bring peace of mind to your fiduciary and beneficiaries.
Avoid Estate Disputes Over Family Treasures
msn.com