Thursday, June 5, 2014
Robert L. Moshman, Esq. recently published an article entitled, Billionaire Blues: Planning Donald Sterling’s Estate, The Estate Analyst, May 2014. Provided below is the introduction to the article:
Harry Truman once made a distinction between a recession, which is when your neighbor loses his job, and a depression, which is when you lose your job. Life hurts the most when it affects you directly, in your own wallet; that’s when it becomes real.
When a publicly disgraced billionaire loses his job, it is a surreal spectacle that virtually no one can relate to. It is instant karma, a morality play, and a media feeding frenzy in an explosion of news, sports, and reality entertainment. It’s a happening.
Here, we take an academic look at the tax and legal implications of the forced sale of the Los Angeles Clippers and how the capital gains and estate planning consequences might be addressed by the man of the hour and focal point of this titanic cyclone, Donald Sterling.