As I write this on June 17, the City of Los Angeles honored the Lakers for winning their 15^th championship in the NBA.  There was a parade attended by hundreds of thousands of people and a ceremony in front of over 90,000 in the Los Angeles Coliseum.  Only the Celtics have more championships and they only have two more.

The Lakers have been owned by Jerry Buss since 1979.  Obviously he deserves a great deal of credit for the success of the team during that span with fifteen trips to the finals and nine championships during that span.  When he bought the team, he was in his forties.  Now at age 76, he realizes that he has to plan for the future.

Since he has owned the team, he has seen up close that estate planning has caused the O’Malley family sell to sell the Dodgers and the Autry family to sell the Angels. 

Many who follow the Lakers, have known that Buss has taught his children the business of running the franchise and he has the next generation ready to both own and run the franchise upon his death.  However, in a recent interview published in the Los Angeles Times Magazine, Buss was quoted as saying of the estate tax issue: “It’s a severe economic issue for me.  It’s an ongoing one, and I’m addressing it as best I can.  I’m prepaying the taxes, and I’m keeping my fingers crossed that I live long enough to accomplish the whole thing.”

Buss acknowledged that it could force a sale stating “There are rules and regulations, but we’re getting to a point where I’m pretty sure my family can hold on to the team.”  Most Lakers’ fans, were they to think about it, hope he is right!