As reported in the news, the iconic owner of the New York Yankees, George Steinbrenner died on July 12, 2010. Because he died in 2010, his wealth and the New York Yankees get to stay in his family without the payment of any estate tax. On April 6, 1997, Jack Kent Cooke passed away. He was a very wealthy man, reputed to be in the billions of dollars. He also owned the Washington Redskins, who during his ownership won three Super Bowls. In order to avoid the crippling nature of the estate tax and in an attempt to keep the Washington Redskins under control of his son, John, Mr. Cooke placed the bulk of his estate in a charitable foundation. Because the team was worth a reported $800 Million dollars and needed an owner per the NFL rules, it had to be sold. John Cooke and Dan Snyder each bid on the team. Snyder’s bid was higher and the Trustees had to accept his bid despite their love for the Cooke family.

Let’s look at the facts, Jack Kent Cooke by all indications wanted his son to own the Redskins and used a tax advantaged method to get it to him. George Steinbrenner due to timing of his death will if his estate was properly planned be able to leave the New York Yankees in his family without estate tax or generation skipping tax for two generations. This means that there will probably be a Steinbrenner running the Yankees for the rest of my life and the lives of anyone reading this blog. The Redskins are now owned by Dan Snyder, not John Cooke. A simple twist of fate and tax.