Let’s assume that the Steinbrenner estate was properly planned. What would that have entailed? (1) Delaware situs trusts. Delaware law permits unlimited term “dynasty trusts”. This would permit a Trust to be formed which would last forever. What would be the tax implications of that. No transfer tax until George Steinbrenner’s grandchildren die. That means that the Yankees would be in the family for two generations without estate or GST tax. That means that as long as the team is kept in the family, the team, the stadium, and the YES network all stay in the family. Further, suppose that the YES network gets spun off down the road, so long as the family gets stock from the takeover candidate that transaction is tax free until they cash in the stock. So, for example if FOX bought the YES network and gave NEWSCO stock to the trustees, the transaction would not be taxed. Further even if the team were sold, it could be sold in a tax deferred way to increase cash flow to the beneficiaries. This is a decision for the family, not constrained by taxes or charitable trustees. (2) The Trust would provide that family members serve on the mandatory investment advisory board or as investment trustees. This would avoid implication that the trust is a NY situs trust, while maintaining their control over investment decisions. (3) The trust would provide for sprinkling of income among generations in the Trustee’s discretion. This would permit spendthrift protection for the trust should one of the beneficiaries marry badly or get sued.