Anyone here successfully transferred football season tickets to a trust?

Viewing 6 reply threads

- 03/25/2020 at 10:09 AM #122194
  
  CornellUte
  Ute Fan
  
  @cornellute
  
  Parents are looking into transferring tickets to a trust; is that something anyone here has attempted to do/know if that’s feasible with the ticket office? No info I can find on their website giving any helpful information.
- 03/25/2020 at 10:47 AM #122199
  
  Tony (admin)
  Admin/Founder
  
  @admin
  
  We heard of some friends, and are considering, transferring it to an LLC. Problem with that is then you have to register the LLC and file taxes on it and all that. What would be the advantages/disadvantages of doing it in a trust?
  - 03/25/2020 at 11:48 AM #122201
    
    PlainsUte
    Ute Fan
    
    @plainsute
    
    You can create a revokable trust and put your assets in it. Then when you die the assests in the trust are distributed according to the plan written in the trust and overseen by the trustee(s) without going through probate. It works like a will with more options and smoother handling; there are other benefits, too. There are no tax returns for that sort of trust; any income flows through to the trustee(s) and is their responsibility to report and pay taxes on it. How ticket rights are handled is up to the University’s policy. I recommend that OP call the U Ticket office; hopefully there’s someone there to answer or refer to someone working from home.
- 03/25/2020 at 11:49 AM #122202
  
  CornellUte
  Ute Fan
  
  @cornellute
  
  The advantage (hopefully) would be transferring the tickets to be held by an entity such that our family could own them in perpetuity (rather than having them go away upon death). Also avoids my parents having to deal with paying for the tickets, etc. but allows my siblings and I to deal with it.
  
  the downside, as you put it, are that you have costs administering an entity that owns the tickets, etc. and you also probably have to get the blessing from the ticket office, for which I’m guessing at a minimum they’ll extract their pound of flesh (or tell you “no.”)
- 03/25/2020 at 5:03 PM #122210
  1
  
  Charlie
  Ute Fan
  
  @charlie
  
  Goodness. Keep the original account owner’s name on the account. Provide mailing address and email of the person that will do the admin. Continue for decades. As long as the tickets are paid it continues. No one at the U is running down deceased or moved away account owners. Let us know if this ever does not work.
  - 03/25/2020 at 9:29 PM #122213
    
    PlainsUte
    Ute Fan
    
    @plainsute
    
    Just be sure that person’s name is on the mailbox of the person doing the admin. Post Office may not deliver mail to a person whose name is not on the box (except if the last names match, they probably won’t sweat the detail).
    - 03/27/2020 at 1:52 PM #122242
      
      UtMtBiker
      Ute Fan
      
      @utmtbiker
      
      No name needs to be on the mailbox whatsoever. Postal workers use addresses rto deliver mail, not names.
- 03/25/2020 at 6:59 PM #122211
  1
  
  Hellhound152
  Ute Fan
  
  @hellhound152
  
  Should be able to. Bet they will want the transfer fee.
- 03/27/2020 at 1:55 PM #122243
  
  UtMtBiker
  Ute Fan
  
  @utmtbiker
  
  Why not just transfer them to you now? Ticket rights arent taxable assests. Technically its ticket prevliges because the school doesn’t guarantee you’re ability to purchase tickets in perpetuity. They could change the policy wherever they want.
- 03/27/2020 at 2:52 PM #122244
  
  Charlie
  Ute Fan
  
  @charlie
  
  At one time, I seem to remember, you were allowed make a transfer once. Don’t know the current practice for sure. I expect if there was an issue they would allow a one time transfer to other family members. I have just not seen any effort to take tickets away from families, that would surprise me. I expect much less symphony if you wanted to transfer them to non family third parties which could possibly be a sale. Keep paying for the tickets and likely no worries.