The New York Yankees are the iconic team of Major League Baseball and a world wide brand. Part and parcel to their fame the last 30 years has been their caustic, fired up owner George Steinbrenner. His recent passing at the age of 80 has raised any number of issues, but one is certainly how the team will pass to the next generation of Steinbrenners?

George Steinbrenner was certainly a controversial character in his time. He had plenty of admirers and critics. What nobody will contest, however, is the face he was a very smart businessman. He showed it once again when it came to planning for the future of the Yankees. He appears to have developed a succession plan, a plan that appears to be providing for a seamless transition in the ownership.

The transfer of a sports team from one generation to another is a very difficult thing. Taxes are the problem. The estate tax must be paid nine months from the date of death of the individual in question. The IRS only takes cash and the tax can be as high as 55 percent. The New York Yankees are valued at well over $1 billion, so that means an estate tax of five hundred to six hundred million dollars.

Or does it?

The Yankee ownership situation is an odd one. George Steinbrenner death occurred in 2010, obviously. It just so happens this is the last year of the "Bush Tax Cuts". As a result, the estate tax this year is set at a rate of zero percent. Yes, the Yankees may pass estate tax free to the suns. How is that for a bit of luck?

The Steinbrenner kids are not off the hook just yet. There are rumblings that Congress will not only reinstitute the estate tax, but apply it retroactively to 2010. If so, there are going to be major tax implications regarding the transfer of the team. Somehow, I think George Steinbrenner planned ahead for this as well.