Recent Transfer of Utah Jazz Provides Case Study in Dynasty Trust Benefits

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by Jeramie J. Fortenberry, JD, LLM (Taxation) | Legal Education Staff, WealthCounsel

Utah Jazz Owner Gail Miller recently made basketball news by announcing that she and her family had transferred the NBA team and the Vivint Smart Home Arena into a dynasty trust. Gail Miller and her late husband, Larry Miller, bought the franchise in 1985 for $26 million. The transfer into the dynasty trust was part of a larger family estate plan. According to Miller, the trust will “last forever, as long as we have people who are willing and able to take care of it.”

Although the details of the trust are private, the Miller family and their advisors have made several public statements about the transfer. These statements provide hints about the trust design and illustrate the flexibility and benefits offered by dynasty trust planning. Download this article to learn more the use of dynasty trusts.