Battle Continues Over Louisiana’s Largest Fortune
Two days after Tom Benson announced a drastic shift in his succession plan, experts say that a newly launched court battle could come down to the trusts that Benson has created over the years.
This includes a key document, which was drawn up in 2009, when Benson named his now-estranged daughter and grandchildren as the majority beneficiaries to his sports empire in an irrevocable trust. “An irrevocable trust is a trust generally created during someone’s lifetime that is exactly what it says—it can’t be revoked.”
Now, Benson will leave his billion-dollar-plus fortune to his current wife of ten years, Gayle Benson. However, due to the irrevocable trust, this will not be easy. “A lot of what’s going to play out is what’s actually in that trust itself. Especially when you’re trying to divest a beneficiary of their interests in the underlying assets, it’s especially difficult to do.”
Attorneys in the suit will return to court February 10th for procedural matters.
See Fight Over Louisiana’s Largest Fortune Continues, WDSU News, Jan. 23, 2015.