The BBJ’s Jon Chesto has a big story about how one of the sons of New England Patriots owner Bob Kraft is claiming he’s effectively getting squeezed out of the family business after a “falling out” with his famous dad.
From Jon’s story:
David Kraft, the only brother who is not married and doesn’t have children, said he left his job at the Kraft Group in Foxborough last fall amid a falling out with his father. He said he believed at the time that his inheritance could be in jeopardy and sought to hire his own lawyers.
“My concern is I’m being robbed blind,” said David Kraft, who said he hasn’t received one distribution from the family trust yet. “Until I did this, I knew nothing about my trust. It was hushed up and never talked about.”
The dispute centers on a relatively arcane legal move by the family to switch a trust, established by Robert and the late Myra Kraft for their four sons in the early 1980s, into a new trust. One of the stated goals of the move: To avoid potentially high “generation skipping” taxes down the road.
But David isn’t buying the explanations:
The South End resident said he worries that his father is simply using the maneuver, known as decanting, to keep his portion of the family trust out of his reach.
“It’s one more way to keep it further from me and for my father to basically consolidate his grip, to keep his control as long as he wants,” David Kraft said.
Great story. Jon has more at a separate blog post.
Photo via WikiMedia Commons.