Jamalisms Posted April 22, 2012 Author Report Share Posted April 22, 2012 Bastards.. lol yet if i bust my arse to leave my kids half a mill, uncle sam will want his half off the top.. Bunch of scam artist.. You should start a lobbying group on behalf of of US tinmen... Link to post Share on other sites More sharing options...
tinman Posted April 22, 2012 Report Share Posted April 22, 2012 I am surprised there are not yearly property taxes on yoru grave yard plot... Back to the subject.. The saints will be nothing agian soon enough.. Link to post Share on other sites More sharing options...
cenj Posted April 22, 2012 Report Share Posted April 22, 2012 In the Titans situation, I think the rich grandkid inheriting the team will be an improvement on the current situation. Link to post Share on other sites More sharing options...
OILERMAN Posted April 22, 2012 Report Share Posted April 22, 2012 In the Titans situation, I think the rich grandkid inheriting the team will be an improvement on the current situation. Yea hopefully the kid doesn't care about the team and stays out of everything. I read at one point Bud's daughters had no interest in the team and that's why the grandkid started getting groomed Link to post Share on other sites More sharing options...
Denali Posted April 22, 2012 Report Share Posted April 22, 2012 So, I've always had this opinion on ownership that I assume is irrational for one reason or another, but I've never figured out what those reasons are... when compared to how ridiculous the current way is. Consider, for instance, the Saints succession woes: http://m.nfl.com/new...n-unpaid-leave/ Who wants that entitled princess owning a team? Who thinks she's really going to care once grandpa is gone? It's a disaster waiting to happen, which is why I want to know what's wrong with how I think things should work. In my opinion, inheriting teams is a joke. It leads to lazy, disinterested people who think the team is a playtoy... even more than normal owners. The sense of true ownership, which carries inherent senses of duty and responsibility, is gone. Why not have a by-law which mandates the sale of a team to a new owner after the passing of the primary owner? The family still gets the money and benefit, but the fanbase gets an owner who actively wants the team and will work for it. The league gets to vet new owners as well, which again leads to better owners. What about public team ownership (for example, the $250 ownership that you have in the Green Bay Packers)? Couldn't that also lead to ownership by disinterested people that simply plopped down some money to buy shares (I am NOT saying that is the case with you). Link to post Share on other sites More sharing options...
Jamalisms Posted April 22, 2012 Author Report Share Posted April 22, 2012 We have no real power, so... no. Link to post Share on other sites More sharing options...
Alcibiades Posted April 22, 2012 Report Share Posted April 22, 2012 Something like 80% of all wealthy people are self made, the people who inherit that wealth usually squander it. I'd guess that in a situation like this it would be impossible for the grand-daughter to squander it but I'm sure it will be wasted Depends on how you define wealth, but you just pulled that number out of your ass. 80-90% of Americans will end up in the same social-economic class as their parents. But yeah, most wealth is self-made. Poor people are just lazy, and wealthy people all busted their asses to get where they are. Some did, and all credit for that. But the children of NFL owners did not. But that's a political discussion for the other sub-forum. I have no problem with leaving wealth to a child, but this is an NFL team we are talking about, not money. I agree with Jamal on this one. It doesn't make sense. The NFL doesn't allow just any wealthy person to have an NFL team. There are processes you have to go through. You pretty much have to prove yourself worthy of having a team. That's why the case of simply inheriting a team seems really odd to me. I'm not sure why the NFL allows it. Maybe they DO have a system of tests and such still. Anyone know? Link to post Share on other sites More sharing options...
OILERMAN Posted April 22, 2012 Report Share Posted April 22, 2012 Depends on how you define wealth, but you just pulled that number out of your ass. 80-90% of Americans will end up in the same social-economic class as their parents. No I got it from the book "the millionaire next door". I guess the term wealth was people who are worth 1 mill plus. In the book he says 80% of millionaires are self made and also says the kids who inherit it usually end up blowing it. Link to post Share on other sites More sharing options...
Alcibiades Posted April 22, 2012 Report Share Posted April 22, 2012 Ah, well if you push wealth up a bit more, to the truly wealthy (where NFL owners reside), things aren't quite the same: http://www.fairecono...1997_forbes_400 That's from 1997, but it hasn't changed in 15 years. In fact, income inequality has gotten worse over that period, and wages have stagnated for pretty much everyone but the top quintile. I certainly agree that in the million dollar range, you have a lot of self-made people, though. Sorry for the 'out of your ass' comment. It was overly snarky. Link to post Share on other sites More sharing options...
OILERMAN Posted April 22, 2012 Report Share Posted April 22, 2012 I previously stated someone as wealthy as an NFL owner wouldn't qualify Link to post Share on other sites More sharing options...
Starkiller Posted April 24, 2012 Report Share Posted April 24, 2012 Bastards.. lol yet if i bust my arse to leave my kids half a mill, uncle sam will want his half off the top.. Bunch of scam artist.. You don't know what you're talking about. The federal inheritance tax doesn't even touch the first $5 million. Link to post Share on other sites More sharing options...
Starkiller Posted April 24, 2012 Report Share Posted April 24, 2012 I may be mistaken, but , my understanding is that most teams are in a family trust of some sort, which avoids the estate tax that would ordinarily occur.. assuming the Titans are worth 805 million , give or take to make the math easier, the tax burden in 2012 would be around $280 million (35% of dollars above 5.2 million) and will be $442 million in 2013 (55% of dollars above $1 million )unless the law is changed.. no one would want to incur that kind of liability even a billionaire.. The tax issue there is who owns what percentage of that trust. Bud owns some huge percentage now. His family members will inherit his share and pay taxes on that value. Link to post Share on other sites More sharing options...
wiscotitansfan Posted April 24, 2012 Report Share Posted April 24, 2012 Interesting concept and I agree somewhat, but what if there is a genuinely interested and willing heir to the throne. Would that be up for an owners meeting vote, and if it is denied can you imagine any sort of law suit that would follow. Link to post Share on other sites More sharing options...
Starkiller Posted April 24, 2012 Report Share Posted April 24, 2012 Ownership of a team is no different than ownership of anything else. Family is going to inherit whatever Bud leaves behind. Franchises don't belong to the players or the fans, they belong to whoever the owner is. Link to post Share on other sites More sharing options...
Jamalisms Posted April 24, 2012 Author Report Share Posted April 24, 2012 Ownership of a team is no different than ownership of anything else. Family is going to inherit whatever Bud leaves behind. Franchises don't belong to the players or the fans, they belong to whoever the owner is. It is entirely different, as it is governed by the league. Heck, look at baseball and how they can force a sell. Franchises belong to the league. Link to post Share on other sites More sharing options...
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