What the Buss Family's Lakers Dispute Can Teach the Wealthy About Trusts The recent dispute within the Buss family over the ownership of the Los Angeles Lakers has shed light on a pressing issue affecting many ultra high net worth families: the perils of poorly designed trusts.
Jerry Buss, the late owner of the team, left behind a complex web of estate planning that now threatens to tear his children apart.
The "last man standing" clause, which was intended to preserve family legacy by incentivizing siblings to sell their shares during their lifetime, has instead driven them apart.