Lessons From Jerry Buss’s Estate

This month, Jerry Buss, Los Angeles Lakers owner, died from kidney failure after a long battle with cancer. Evan Guthrie Law firm illuminates the most important estate planning lesson we can learn from Buss–protect the family business.  

It is best to pick a responsible family member with experience running the business to fill the role as successor of the business.  Buss passed control of the Lakers to his two children.  While choosing a successor is a very important step, it is also important to avoid estate taxes upon the death of the principle owner. Without planning, a large tax bill could force a sale of a business.  Trusts and insurance to cover estate taxes could help prevent this unfortunate result.  It may be best to consult an estate planning attorney and a CPA to plan for succession of a family business.

See Evan Guthrie Law Firm, Estate Planning: Lessons Learned From Lakers Owner Jerry Buss, JDSupra, Feb. 18, 2013.  

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.