Steinbrenner Heirs Will Dodge Massive Estate Tax

Billionaire, 80, died the right year
By Mary Papenfuss,  Newser User
Posted Jul 14, 2010 2:25 AM CDT
New York Yankees owner George Steinbrenner waves to fans in 2003.   (AP Photo/Chris O'Meara, File)

(Newser) – It's an auspicious year for Yankees owner George Steinbrenner to die—at least for his heirs. They'll dodge massive estate taxes because the federal inheritance tax law has expired, leaving legacies largely untapped by Uncle Sam. Steinbrenner's estate is estimated at $1.1 billion. Had he died last year, his estate could owe some $500 million in inheritance taxes, reports AP.

Even with capital gains taxes on the increased value in Steinbrenner's assets, his heirs still stand to save some $330 million. To put it in perspective: A Rod's salary this year was a "mere" $32 million. "If you're super wealthy, it's a good year to die," an attorney told AP. One asset that's staying in the portfolio is the team. "The team will not be sold," said Yankees president Randy Levine.

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