Schedule A Consultation Today 425-333-2358

Helping You Plan Your Future And Solve Your Problems

View Our Practice Areas

Basketball team owner alters family trust in preparation for sale

Washington families can preserve family assets through the use of legal instruments known as trusts. There are numerous types of trusts, each of which present certain advantages and disadvantages. Some families use what are called living trusts to control a family-owned business.

One such trust is at the center of a controversial legal battle. Donald Sterling, owner of the Los Angeles Clippers NBA basketball team, has recently faced serious consequences for racist comments he made. As a result of his conduct, Sterling was banned for life by the NBA, which apparently wanted to force him to sell the team. The Clippers were technically owned by the trust, for which Sterling and his estranged wife, Shelly served as trustees. Recently, Sterling was declared mentally incompetent to serve as trustee, leaving Shelly as sole trustee. Soon afterward, Shelly entered into a tentative agreement with a buyer to sell the Clippers team for $2 billion.

A trust is a legal arrangement where one person (a trustee) manages and holds property for the value of another (a beneficiary). Many people choose to set up trusts to avoid expensive and time consuming probate proceedings. Probate is the process by which courts facilitate the paying of debts and the division of property to heirs upon the death of an individual. A lot of people choose to set up living trusts for tax advantages, financial privacy reasons and facilitation of the use of an individual's assets in the event of that individual's incapacitation.

Trusts are not solely for the wealthy. They can help individuals of all classes plan their estates and ensure that their assets are well protected during and after their lifetimes. Washington trust and estate planning attorneys can provide information about how trusts can help Washington families.

Source: Chicago Tribune, "NBA, Sterling Family Trust settle ownership dispute," May 30, 2014

No Comments

Leave a comment
Comment Information

Make Your Consultation Appointment

To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Email Us

Kent Office
8407 S. 259th Street
Suite 203
Kent, WA 98030

Phone: 425-336-2908
Fax: 253-852-0400
Kent Law Office Map

Kent Office

Spokane Office
505 W. Riverside Avenue
Suite 500
Spokane, WA 99201

Phone: 425-336-2908
Fax: 509-769-0202
Map & Directions

Spokane Office