Jacobson was born in Chicago, Illinois on July 28, 1937. He attended New Trier High School and Grinnell College. He got a B.A. degree. He went to Columbia University in New York to receive his J.D. degree. He was married to Lynn Straus from 1960 until they divorced in the 1970s. They had two children including actor Peter Jacobson. He was married to Diana Dybsky from 1980 until they divorced. They had one child. He has been married to Susan Jacobson since 1995. 