will the mccaskey’s have the cash to keep the team?

[WestCoastBearsFan]

once virginia dies. i saw it on reddit but have no clue how accurate it is. basically, virginia owns 80% of the team and once she passes, her kids inherit those shares. the problem for the mccaskey’s is that the inheritance tax would be 40% of the $4B the team is valued at, and the mccaskey’s definitely don’t have that type of cash lying around to pay it, which would kinda force their hand into selling.

thoughts?

 

[Anytime23]

IDK but if true, i'm about to pray for something terrible.

 

[Robocop 80]

once virginia dies. i saw it on reddit but have no clue how accurate it is. basically, virginia owns 80% of the team and once she passes, her kids inherit those shares. the problem for the mccaskey’s is that the inheritance tax would be 40% of the $4B the team is valued at, and the mccaskey’s definitely don’t have that type of cash lying around to pay it, which would kinda force their hand into selling.

thoughts?

Good question. I dunno, but I was wondering yesterday...how many McCaskey’s are there besides George? And how old is George? I tried looking up his age yesterday and it was nowhere to be found, including Wikipedia.

 

[WestCoastBearsFan]

something else i forgot: once virginia passes her 80% ownership which is equivalent to 3.2 billion dollars. that 3.2B divided 11 ways, through inheritance at a 40% estate tax, means each of the 11 who inherit Virginia’s money has 9 months to come up with $126M, or sell.

 

[CygnusX44]

once virginia dies. i saw it on reddit but have no clue how accurate it is. basically, virginia owns 80% of the team and once she passes, her kids inherit those shares. the problem for the mccaskey’s is that the inheritance tax would be 40% of the $4B the team is valued at, and the mccaskey’s definitely don’t have that type of cash lying around to pay it, which would kinda force their hand into selling.

thoughts?

Interesting!

 

[WestCoastBearsFan]

Interesting!

it’s sad that our best hope for a better team is George Halas’ daughter dying.

 

[Hawkeye OG]

These people are billionaires. You can almost guarantee that they have a continuity plan set up that is going to shield them from a lot of tax liability. All of Virginia's assets are in a trust and will pass to the whoever is named in the trust upon her death and they would only be liable for taxes if they sold those assets. I'm not an expert by any means especially when you're talking about the complexity of a multi billion dollar estate tho so I could be way off base.

@remydat @RacerX seem like the guys who could expand upon this

 

[WestCoastBearsFan]

Good question. I dunno, but I was wondering yesterday...how many McCaskey’s are there besides George? And how old is George? I tried looking up his age yesterday and it was nowhere to be found, including Wikipedia.

not sure about how many mccaskey’s there are but i did see her shares will be split 11 ways, meaning each have to pay $126M within 9 months of inheritance to meet the tax.

 

[RacerX]

These people are billionaires. You can almost guarantee that they have a continuity plan set up that is going to shield them from a lot of tax liability. All of Virginia's assets are in a trust and will pass to the whoever is named in the trust upon her death and they would only be liable for taxes if they sold those assets. I'm not an expert by any means especially when you're talking about the complexity of a multi billion dollar estate tho so I could be way off base.

@remydat @RacerX seem like the guys who could expand upon this

I am no estate lawyer and only have a limited knowledge base in this niche practice, but I guarantee they have taken many measures to minimize tax liabilities.

Summary and conclusion: Bears fans still fucked.

 

[Anytime23]

Season ticket prices about to go up 500%. Wear your finest Foles jersey, Bears fans.

 

[Rob219_CBMB]

they got money, this team is never gonna be sold.

George would be like..

 

[Leomaz]

it’s sad that our best hope for a better team is George Halas’ daughter dying.

It’s sad that you think just because someone dies the team has hope. It could be worse

 

[Angry Boomer]

once virginia dies. i saw it on reddit but have no clue how accurate it is. basically, virginia owns 80% of the team and once she passes, her kids inherit those shares. the problem for the mccaskey’s is that the inheritance tax would be 40% of the $4B the team is valued at, and the mccaskey’s definitely don’t have that type of cash lying around to pay it, which would kinda force their hand into selling.

thoughts?

I read something similar a few years ago..That the taxes the heirs would have to pay would be astronomical.

 

[Anytime23]

Remember when we liked Virginia?

 

[Robocop 80]

they got money, this team is never gonna be sold.

George would be like..

“Billionaire” really took a nosedive last season. Short on the episodes too.

 

[and 69 others]

Max in taxes they’ll pay is around 3% if they set up a trust/grat. This is the last thing they would have to worry about.

I think the hope should be they decide to sell the team and cash out simply bc they’re not as interested or devoted.

 

[Angry Boomer]

“Billionaire” really took a nosedive last season. Short on the episodes too.

That show got cancelled..I loved it

 

[Robocop 80]

That show got cancelled..I loved it

Fuck. I did not know that. Paul Giamatti and Damian Lewis were fantastic. Oh well.

 

[JesusHalasChrist]

I doubt they would have spent all that money renovating HH if they needed it for taxes. George will be leading the bears to pathetic, but collaborative, seasons for decades to come.

 

[TexasBearfan]

i just read an article on this a few days ago, of course i didn't save it but it said something to the effect that once the kids split it up one of the non family members would own the largest share, he own's 20% i think