Jerry Buss structured his estate to keep the Los Angeles Lakers in the family after his death. But some of the safeguards meant to preserve that legacy have driven his children apart, according to trusts and estates attorneys.
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While few family businesses are like the Lakers, the broad strokes of the Buss family’s predicament are familiar, according to lawyers who spoke to CNBC. These succession conflicts are also likely to grow more common with the great wealth transfer underway and baby boomers passing on businesses to their children, said Sean Weissbart, partner at Blank Rome LLP.
Trusts and estates attorneys pointed to three steps that can make family business transitions smoother.
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Fox and Weissbart each recommended using life insurance to essentially buy grandchildren’s equity. Typically, the trust would take out policies on the children of the patriarch or matriarch. After the child dies, their shares revert to their surviving siblings while the grandchildren receive cash from the life insurance payout.
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"What the Buss Family Lakers Dispute Can Teach the Wealthy About Trusts," by Hayley Cuccinello was published in CNBC on August 27, 2026.