Rahm Emanuel is a notable name in Chicago’s history. He was born here in 1959 and eventually became the city’s mayor in 2011. He’d go on to serve eight years in office before moving on to become the United States ambassador to Japan under the Joe Biden administration. What many don’t know is that he has a famous brother, Ari Emanuel. He’s known as one of the biggest power brokers in Hollywood and has a character modeled after him on the famous show Entourage. It seems the 64-year-old drew some attention for comments about the Chicago Bears recently.
Emanuel appeared on The Pat McAfee Show to discuss various topics. It was then that he, unprompted, raised the topic of the Bears and their ownership situation. Carmen & Jurko on ESPN 1000 got the audio, in which he openly stated his belief that McCaskey could sell following Virginia’s death. Why? Much of it has to do with fears of getting slapped with a hefty estate tax.
The Chicago Bears faced a massive hit if they didn’t prepare.
Often called the “death tax,” the estate tax is the federal government’s tax on any transfer of property above $14 million following someone’s passing. What’s worse, Illinois is one of 13 states with an estate tax. That means the McCaskeys would get hit twice. We’re talking many millions of dollars at stake. The most obvious way for the family to avoid the issue would be to sell the team. Washington sold recently for $6 billion. Most believe the Chicago Bears would command significantly more due to being in a larger market. As Emanuel said, the starting point is probably around $8 billion.
That is a lot of money. George McCaskey has made it clear he has no intention to sell. Virginia was adamant the franchise be kept in the family. There is a strong probability they prepared for this moment. That said, many of the younger generation McCaskeys reportedly want out. If they apply enough pressure, it could lead to something.
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In a family with this much wealth, they certainly have access to high priced legal advice. If the team isn’t in a generation skipping trust, or something like that, they are complete idiots. FWIW, rich people who are complete idiots generally don’t stay rich.
Personally, I suspect that they have a long term plan that includes methods to avoid inheritance taxes, as well as a succession plan. After all, you don’t expect a 102 year old woman will live another two decades. We’ll find out what it is eventually.
@TGena: Blagojevich thinks that jail sucks and he’s glad he’s out.
If Dr. Sallie gets more downvotes than me on here I’m gonna be pissed
@Skee I completely understand what you are saying, but my only worry would be two words David Tepper. Some people have more dollars than sense. The last thing we need is a football ignorant, meddling owner. That would be worse than the current situation.
What does Rod Blagojevich think?