Vince McMahon the CEO of Worldwide Wrestling Entertainment has sold off a large number of shares in the company as part of his estate planning.
In recent months rumors have circulated that Worldwide Wrestling Entertainment might be sold. While the company has officially denied that CEO and majority owner Vince McMahon has any plans to sell the company to new ownership, it did announce that McMahon sold 1.55 million shares in the company.
Bloomberg reports this development in “WWE CEO Vince McMahon Sells 1.55 Million Shares in Estate Move.”
The shares are valued at $32.5 million.
According to regulatory filings, the stock sale was done as an estate planning move. As McMahon’s overall estate plan is not a matter of the public record, we can only speculate on the exact purpose of the move.
Quite often, these moves are done for a number of different reasons.
The cash might be used to pay an anticipated estate tax bill. This could also be done to equalize the inheritances for different heirs. It could also be done to have the cash available for a trust that is to be created for charitable or other purposes.
An important takeaway to keep in mind is that McMahon’s stock sale illustrates that when making estate plans you are not limited to what you can do with your assets. You can adjust them as necessary to make your plan more effective.
A qualified estate planning attorney can help you weigh the best options for all concerned.
Reference: Bloomberg (Aug. 17, 2016) “WWE CEO Vince McMahon Sells 1.55 Million Shares in Estate Move.”
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