After hosting a successful series in 2021, OwnerView resumed its virtual Thoroughbred Owner Conference series March 8 with a session on the accounting, legal, and insurance side of Thoroughbred ownership. The series is hosted by The Jockey Club and the Thoroughbred Owners and Breeders Association and presented by Bessemer Trust, Dean Dorton Equine, and Stoll Keenon Ogden.
Tuesday's panel was moderated by Carolyn Conley, and panelists were Davant Latham, Davant Latham Bloodstock & Insurance; Sarah Reeves, attorney and member, Stoll Keenon Ogden; and Jen Shah, director of tax services, Dean Dorton. It was sponsored by Airdrie Stud and Del Mar Thoroughbred Club.
Shah led off the session by reviewing the different government-instituted programs during the pandemic that had expired and how those changes affect horse owners. She also discussed the tax implications of considering horse ownership a business versus a hobby and the factors stated by the IRS that determine that status.
Reeves touched on the legal considerations of horse ownership, from bills of sale and vetting to the point of risk transference. She recommended that owners have a good team of advisors in all areas and that they have insurance and licensing set up before delving into ownership.
“Get everything in writing,” Reeves urged.
Latham summarized the different insurance options for horse owners and emphasized their importance. As a bloodstock agent, Latham recognizes the need to ask his clients about insurance before they bid on horses at public auction.
All three panelists offered important advice based on their backgrounds to those considering or currently involved in Thoroughbred ownership.
“Get a plan. Stay with the plan. See it through,” said Latham. Reeves and Shah both supported this idea while offering their own recommendations.
“It's an extremely risky business and you just want to be aware of that when you go into it, but it's also extremely rewarding,” Reeves said. “Have informed passion.”
“It's a very exciting sport and industry. Don't forget the good business practices that made you successful in the first place,” said Shah.
The next session will be held on April 5 at 2 p.m. ET and will focus on pedigrees and conformation. Sponsored by OBS Sales, it will be moderated by Caton Bredar and will include panelists Phil Hager, Taproot Bloodstock; Chad Schumer, Schumer Bloodstock Agency; Gayle Van Leer, Gayle Van Leer Thoroughbred Services; and Tod Wojciechowski, director of sales, OBS. Six virtual panels are scheduled in 2022, and sessions are recorded for registrants to view at their convenience if they cannot watch live.
This year, OwnerView is also hosting an in-person conference in Saratoga Springs, New York, on July 25-26. Registration information for both the in-person and virtual conferences can be found at ownerview.com/event/conference.
“The virtual sessions enable those who cannot attend our conference in Saratoga to gain meaningful insights into Thoroughbred ownership, and they complement the panels that will be offered at the in-person event,” said Gary Falter, project manager for OwnerView.
OwnerView is a joint effort spearheaded by The Jockey Club and the Thoroughbred Owners and Breeders Association to encourage ownership of Thoroughbreds and provide accurate information on aspects of ownership such as trainers, public racing syndicates, the process of purchasing and owning a Thoroughbred, racehorse retirement, and owner licensing.
The need for a central resource to encourage Thoroughbred ownership was identified in the comprehensive economic study of the sport that was commissioned by The Jockey Club and conducted by McKinsey & Company in 2011. The OwnerView site was launched in May 2012.
The post Thoroughbred Owner Virtual Conference Kicks Off With Panel On Accounting, Legal, Insurance Considerations appeared first on Horse Racing News | Paulick Report.
