Wednesday, April 3, 2013

Jerry Buss the Sugar Daddy

Los Angeles Lakers owner, Jerry Buss, died in February at the age of 80.  He was known for epitomizing California cool and was often seen with one or more young women on his arm.  In his will, he left a Honolulu condo and a 2009 Bentley to his 20-something girlfriend, and the rest of his assets to his trust.    

For privacy reasons, he could have transferred the condo and car to his trust, and made the bequest from the trust.  This also would have avoided the cost of ancillary probate in Hawaii.  

Of course, privacy might have defeated the purpose of letting the world know that at the time of his death he was an 80 year old man with a late 20's girlfriend.    Estate planning always has trade-offs.