Friday, August 5, 2011
State Bar of Wisconsin, Estate Planning for Green Bay Packers Season Tickets
In my estate planning practice, many clients have had Green Bay Packers season tickets, and for the most part, dealing with their tickets has been easy. The Packers organization has a very clear-cut policy for passing along season tickets at death, and the ticket office at Lambeau Field has a transfer form that is easy to complete. As attorneys, we are taught to think of worst-case scenarios, and to plan for the worst. If a Green Bay Packers season-ticket holder dies without completing a transfer form, the worst-case scenario for the estate would be that the beneficiaries cannot agree how to take ownership of the tickets, and the tickets revert back to the Packers to be sold to one of the 87,000 people on its waiting list.
In a typical simple estate plan, the decedent’s assets usually pass to the spouse. If there is no spouse or if the spouse dies before the decedent, then the assets go to the decedent’s children in equal shares. If the children are equal beneficiaries, there could be issues transferring Packers tickets. The Green Bay Packers policy requires that the owner of a season ticket be either an individual or a business. If a ticket owner has five children, and each child wants to own the season tickets, they might not agree on one owner. Even bigger problems could arise if the family situation is more complicated or if the tickets are a part of a more complicated business situation.
(Hat Tip: The Faculty Lounge.)