Steinbrenner Family Saves Millions in Estate Taxes
George Steinbrenner, who was known to spend money on New York Yankee player contracts, died June 13, 2010 at the age of 80. Although Steinbrenner spent millions, his family just saved millions by passing in 2010. Details of Steinbrenner’s estate plan have yet to be released.
They saved so much money due to the fact that there is no estate tax in place in 2010. Congress tried to get a patch in place by the end of 2009 but were unsuccessful in getting anything passed. Congress will miss out on almost $15 billion this year due to their inactions. Remember though that the estate tax is scheduled to return in 2011 with an exemption of $1 million per person at a tax rate of 55% for anything above the exemption.
Steinbrenner is the fourth billionaire to pass away this year. Mary Janet Cargill (worth approximately $1.6 billion), Dan Duncan (worth approximately $9.8 billion) and Walter Shorenstein (worth approximately $1.1 billion) all passed away earlier this year.
To learn more on the estate tax and not letting the IRS get anymore money than they are entitled to, consult with our Jacksonville estate planning and tax lawyer.
