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The heir apparent O's owner


wildcard

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Georgia K Angelos.   (76)  Peter's wife. Please tell me why she does not inherit  the O's?   Of course Peter's will would have to state that she inherits but there would be no inheirtance tax.   Her boys can run the team.

https://www.mylife.com/georgia-angelos/georgiakangelos

Why do I not read anything about her being the owner if Peter  passes?

 

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6 minutes ago, wildcard said:

Georgia K Angelos.   (76)  Peter's wife. Please tell me why she does not inherit  the O's?   Of course Peter will would have to state that she inherits but there would be no inheirtance tax.   Her boys can run the team.

https://www.mylife.com/georgia-angelos/georgiakangelos

Why do I not read anything about her being the owner if Peter  passes.

 

maybe she doesn't want to?

This would not be the first time a man left a business to his son.

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8 minutes ago, wildcard said:

Georgia K Angelos.   (76)  Peter's wife. Please tell me why she does not inherit  the O's?   Of course Peter will would have to state that she inherits but there would be no inheirtance tax.   Her boys can run the team.

https://www.mylife.com/georgia-angelos/georgiakangelos

Why do I not read anything about her being the owner if Peter  passes.

 

I don't think it is that simple.  She isn't an owner of the Orioles to my knowledge, so this isn't a joint ownership of an asset type situation.  There is also I believe, and I am no expert on this, a limit on the federal tax exemption.  

 

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1 minute ago, baltfan said:

I don't think it is that simple.  She isn't an owner of the Orioles to my knowledge, so this isn't a joint ownership of an asset type situation.  There is also I believe, and I am no expert on this, a limit on the federal tax exemption.  

 

I believe the owners of the Orioles are Baltimore Orioles L.P a corporation with Peter as the Majority Owner, and as many as 10 minority owners. Not sure if Clancy's wife sold her shares or not.

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I believe any competent estate planner could set things up so that the partnership shares of Baltimore Orioles, LP now controlled by Peter Angelos could be controlled by Mrs. Angelos after his death, without incurring estate taxes.    I’d be surprised if this hasn’t been done.   

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1 hour ago, VaBird1 said:

Good question.  Does anyone know who the other partners are in the Orioles?

I can list who the investor were.  I don't know the current status:

Tom Clancy's wife,   Wanda King, Harvey Meyerhoff, David Bernstein, Edward Brush, Barry Levinson, Roger Blunt, Pam Shiver, William Beatson, Alfred Tyler II,  George Stamas, James Riepe, John Laporta, Wayne Gioiose Sr, Jack Dunn  IV

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54 minutes ago, Frobby said:

I believe any competent estate planner could set things up so that the partnership shares of Baltimore Orioles, LP now controlled by Peter Angelos could be controlled by Mrs. Angelos after his death, without incurring estate taxes.    I’d be surprised if this hasn’t been done.   

Agreed, but part of that assumes that the ownership structure allows Peter to "bequeath" (looks like I remembered something from law school, after all) his shares tkvhis wife, or anyone else. Some partnerships would have the first right to buy those shares back, force a sale, or whatever. 

In short, this question is far too complicated to speculate about. 

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1 hour ago, wildbillhiccup said:

Anyone watching "Succession" on HBO? I'm beginning to think Season 2 should focus on the Angelos family ;)

I've watched the first episode, and Immediately drew this parallel haha.  Good show so far with my admittedly SSS but the actor playing Kendall is stiff as a board and it bugs me.

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30 minutes ago, 99ct said:

Agreed, but part of that assumes that the ownership structure allows Peter to "bequeath" (looks like I remembered something from law school, after all) his shares tkvhis wife, or anyone else. Some partnerships would have the first right to buy those shares back, force a sale, or whatever. 

In short, this question is far too complicated to speculate about. 

Well, you are right about that.    It would be surprising to me if the partnership documents would preclude or require consent to a transfer of that kind, but I certainly am just speculating.    

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5 minutes ago, joelala said:

I've watched the first episode, and Immediately drew this parallel haha.  Good show so far with my admittedly SSS but the actor playing Kendall is stiff as a board and it bugs me.

I thought the same thing. I stuck with it though and it's amazing how every member of the family is completely morally reprehensible, each in their own way. They're all truly despicable human beings. 

 

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1 minute ago, wildbillhiccup said:

I thought the same thing. I stuck with it though and it's amazing how every member of the family is completely morally reprehensible, each in their own way. They're all truly despicable human beings. 

 

Probably would make good sports team owners.

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