Utah Utes Fan Board

CornellUte

Anyone here successfully transferred football season tickets to a trust?

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.  

  • Tony

    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?

    • 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.

  • 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.”)

  • 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.

    • 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).

      • UtMtBiker

        No name needs to be on the mailbox whatsoever. Postal workers use addresses rto deliver mail, not names.

  • Hellhound152

    Should be able to.  Bet they will want the transfer fee.

  • 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.

  • 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.