Are you a Redskins fan? Do you have season tickets? Are you not willing to EVER give them up? Well, here is some important information to consider after purchasing your season tickets. Let’s say you are 80 years old and have had season tickets for 50 years. Death could be imminent, yet you want to keep the seats for somebody else if anything were to happen. According to the Washington Redskins terms and conditions, only immediate family members are eligible to receive a transfer of season tickets. This means your parents, spouse, children, and siblings are the only entitled family members to receive your tickets. This also means tickets cannot be transferred between businesses, from a business to an individual, or between non-immediate family members. Unfortunately, if you were an uncle that wanted to give seats to your nephews and nieces, it would not be possible.
Prior to inheriting any tickets, the account holder must fill out a transfer form. While making estate plans, it is imperative the holder keep the filled out transfer form with his/her last will so the tickets will be guaranteed following their death. Also, a name should be put down of who would inherit the tickets following the family member’s death. If there is a complicated family situation, it might be best to transfer the tickets while still alive to avoid any problems.
The Redskins will require you to present them with a copy of the death certificate if the family member died while still under his/her ticket contract. In addition, they will need proof of relationship (birth certificate, marriage license, adoption papers etc.) between the existing account holder and the beneficiary account holder. If the transfer is granted, the Redskins charge a $100 per seat transfer fee and will remain subject to the Redskin’s ticket terms, conditions and policies. Redskins have the power to revoke licenses and future renewals of the tickets as well. The waiting list for season tickets is one of the largest in the NFL – over 160,000 names! As a result, the Redskins organization will have no problem revoking season ticket holders if there is any confusion or problems with transfers.
Upon retrieval of the tickets, you are personally liable for how much they are worth. So the IRS can charge you taxes on the face value of every ticket you own. Unfortunately, these tickets can only be tax deductible if they are work-related expenses. Considering businesses cannot transfer tickets, the Washington Redskins Organization is helping the IRS get more money off their clients.
Estate planning covers all of your assets, whether it be season tickets or a condominium you own. Thus, it is important to properly plan for an easy transfer of all your assets so your family members will receive what you have maintained during your life. For further advice or questions please call JDKatz, P.C. at 301-913-2948.