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To: Rummyfan

And it’s a near-certainty that one or all his kids will eventually succeed him as the owner, as Texas has no inheritance tax or estate tax.


6 posted on 08/04/2025 8:59:38 AM PDT by jpl ("You are fake news.")
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To: jpl

If they actually hire a GM the team will improve.


20 posted on 08/04/2025 9:14:45 AM PDT by discostu (like a dog being shown a card trick)
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To: jpl

But there is a federal estate tax.


32 posted on 08/04/2025 11:21:14 AM PDT by maro (MAGA!)
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To: jpl
".... as Texas has no inheritance tax or estate tax."

If I recall correctly, when the former deceased owner {Jack Kent Cooke} of the Washington Redskins (woke name now is the Washington Commanders,) back when he owned the both the stadium & the team franchise, his kids had to sell the stadium to pay the FEDERAL INHERITANCE TAX (or maybe it was estate tax.)

If Jack Kent Cooke had bequeathed the {Washington Redskins} team and the {Washington Redskins} stadium to his son, John Kent Cooke would have had to pay estate taxes, which run as high as 55 percent. Such taxes present a formidable barrier to the transfer of great wealth among generations, but with planning and foresight, rich people who want to leave a business or other large asset to their descendants can usually do it.

Cooke bequeathed the bulk of his estate, valued at between $500 million and $825 million, including the Redskins and Jack Kent Cooke Stadium, to a charitable foundation whose mission is to support scholarships and school for underprivileged children.

Source:https://www.washingtonpost.com/archive/sports/1998/12/19/experts-cooke-was-left-in-taxing-situation-by-father/063a3968-ecd2-4723-959d-c2617b91e4fd/

December 18, 1998. More than 26 years ago.

Now knowing the terms of the will, i.e., the "Charitable (Remainer) Foundation," the old man {Jack Kent Cooke} either didn't trust the son, John Kent Cooke or as the article states: me reading between the lines so to speak, yeah you were born with the silver spoon in your mouth, but if you want to keep it there, your gonna have to work for it.

37 posted on 08/04/2025 1:50:19 PM PDT by Stanwood_Dave ("Testilying." Cop's lie, only while testifying, as taught in their respected Police Academy(s). )
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