Jacqueline Kent Cooke: Heiress Arrested

[MTK]

Jacqueline Kent Cooke, daughter of late Washington Redskins owner and billionaire Jack Kent Cooke, pleaded not guilty yesterday to charges of operating under the influence.

link: Jacqueline Kent Cooke: Heiress Arrested » Right Pundits

[saden1]

First step to dethroning Paris Hilton? Or perhaps she's depressed about her father leaving her a measly allowance? Time to grow the f'ck up.

[onlydarksets]

Maybe she should sell her Bimmer and use that money to pay her college tuition...

[Hog1]

I bet it IS a real shocker after having been raised in extreme wealth that she was.....................and be ??? Unwealthy

[onlydarksets]

I don't think she was raised in extreme wealth - saden's article said her mom and JKC divorced before she was born.

[Hog1]

...................Oh.................
@#@&&*@%%#@...I should have paid more attention

[skinsfan69]

JKC was a mean old bastard. If I had that kind of money I'd leave everything to my family memebers. Not to some trust which happens to be a bunch of people who worked for him. It makes no sense. He only left his own son 25 mil or so out of a billion?? That's crazy.

[onlydarksets]

Originally Posted by skinsfan69

JKC was a mean old bastard. If I had that kind of money I'd leave everything to my family memebers. Not to some trust which happens to be a bunch of people who worked for him. It makes no sense. He only left his own son 25 mil or so out of a billion?? That's crazy.

$25mil + 10% of the Skins ($~80mil).

Is he entitled to more?

[skinsfan69]

Originally Posted by onlydarksets

$25mil + 10% of the Skins ($~80mil).

Is he entitled to more?

it just seems like a small % to leave your oldest living son that was running your football team. you're worth 800 mil or a billion and you leave the person you're probably closest to 25 mil? i know john got 10% of the sale from the team. i know that's a shitload of cash. but why not leave the team to your own son and keep it in the family? i could never understand why jkc did that. the mara's and hunt's didn't do what jkc did. but hey....it's his $ and he did what he wanted to do.

but his own daughter can't even pay for her school. that's pretty messed up.

[onlydarksets]

Originally Posted by skinsfan69

it just seems like a small % to leave your oldest living son that was running your football team. you're worth 800 mil or a billion and you leave the person you're probably closest to 25 mil? i know john got 10% of the sale from the team. i know that's a shitload of cash. but why not leave the team to your own son and keep it in the family? i could never understand why jkc did that. the mara's and hunt's didn't do what jkc did. but hey....it's his $ and he did what he wanted to do.

but his own daughter can't even pay for her school. that's pretty messed up.

First, she can pay for her own college if she lives within her means. She gets $50k/year. I'm sure she is eligible for student loans (which is different from financial aid), even if $50k is "not enough" (wait till Schneed gets a hold of this thread).

Second, what if his son is an idiot? JKC put the Skins in the hands of the people he thought could run it best. In this case, that was the free market.

[jgalecpa]

[quote=skinsfan69;454619]it just seems like a small % to leave your oldest living son that was running your football team. you're worth 800 mil or a billion and you leave the person you're probably closest to 25 mil? i know john got 10% of the sale from the team. i know that's a shitload of cash. but why not leave the team to your own son and keep it in the family? i could never understand why jkc did that.quote]

I can tell you why he did that.

The US Estate Tax (Title 26 USC) taxes the Gross estate at about 55%.

55% of $800m is $440m.

The payment must be made in cash.

The problem is the gross estate consisted of (mostly) the Washington Redskins, a non-cash asset.

There simply was no cash to pay that kind of tax.

The estate tax does NOT apply to amounts left to a charity, hence the JKC Foundation was born.

It is a standard estate planning device.

Ask Warren Buffet, Bill Gates, Etc.

J-Dawg.

[GTripp0012]

Originally Posted by jgalecpa

I can tell you why he did that.

The US Estate Tax (Title 26 USC) taxes the Gross estate at about 55%.

55% of $800m is $440m.

The payment must be made in cash.

The problem is the gross estate consisted of (mostly) the Washington Redskins, a non-cash asset.

There simply was no cash to pay that kind of tax.

The estate tax does NOT apply to amounts left to a charity, hence the JKC Foundation was born.

It is a standard estate planning device.

Ask Warren Buffet, Bill Gates, Etc.

J-Dawg.

Good info.

[SmootSmack]

Originally Posted by skinsfan69

JKC was a mean old bastard. If I had that kind of money I'd leave everything to my family memebers. Not to some trust which happens to be a bunch of people who worked for him. It makes no sense. He only left his own son 25 mil or so out of a billion?? That's crazy.

So mean

What a bastard

[firstdown]

Originally Posted by skinsfan69

JKC was a mean old bastard. If I had that kind of money I'd leave everything to my family memebers. Not to some trust which happens to be a bunch of people who worked for him. It makes no sense. He only left his own son 25 mil or so out of a billion?? That's crazy.

He did not want to just leave everything to his son and thought they needed to work for their money. What he did get to us a a bunch of money but compared to his estate was very small. I have a friend who has become very wealthy and is worth about 14mil or more. He still did not let his son fly in 1st class when going with him on business trips becasue he felt that he needed to earn it. I thought that was a little over board but his son has grown up and is doing very well on his own. Some times tough love is the best love a parent can give. It does not seen to have work for JKC daughter.

[redskinsfanatic]

Originally Posted by skinsfan69

JKC was a mean old bastard. If I had that kind of money I'd leave everything to my family memebers. Not to some trust which happens to be a bunch of people who worked for him. It makes no sense. He only left his own son 25 mil or so out of a billion?? That's crazy.

and don't forget the fact he also did'nt leave his son the redskins!
he also had to be in his 80s when he fathered this girl too.