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Lakers likely to remain in the family because of trust setup

The Lakers is one of the National Basketball Association's most recognizable team names. The team is owned by a few different people, but the majority of the team had been owned by Jerry Buss, until his death this week. Before the main owner died, he had a trust set up, which gave direction to what should happen to the team after he died. The share of the team that Buss once owned is now part of a trust that is controlled by his children. The trust stipulates that the team cannot be sold unless four of the six adult children vote to sell the team.

This allowed the late owner of the team to exercise his wishes for the team. It is unlikely that the team will be sold, and it will remain in the family, owned by the six children. It is said that the Lakers team could be worth approximately $1 billion if it was sold.

The use of a trust in this way almost ensured that the children would continue to own a majority of the team. The trust also made it so no part of the 66 percent share of the team could be split up if the children wanted to sell their part of the 66 percent.

While this might seem controlling to some people, it was a way for a person to ensure that their family remained connected, through a family business. It still allowed room for the team to be sold, if most of the family didn't want to continue the legacy.

Source: Los Angeles Times, "Lakers expected to remain a Buss family-owned team," Mike Bresnahan, Feb. 19, 2013

-Our law firm set up trusts for people in New Jersey. Please visit our website to learn more.

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