Steinbrenner Heirs Will Dodge Massive Estate Tax

Billionaire, 80, died the right year

By Mary Papenfuss, Newser Staff

Posted Jul 14, 2010 2:25 AM CDT

(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.

New York Yankees owner George Steinbrenner waves to fans in 2003. (AP Photo/Chris O'Meara, File)

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Steinbrenner Steals Spotlight One Last TIme

In death, Yankees owner overshadows All-Star Game

George Steinbrenner Dead at 80

Heart attack fells legendary Yankee owner

Steinbrenner Misses Shot at Hall of Fame

Ex-Blue Jays GM Pat Gillick selected

'That Cracker Made a Lot of African-American Millionaires'

Radio hosts eulogizes George Steinbrenner, sort of

$23M Lawsuit: Steinbrenner Stole My Idea

Former exec claims credit for Yankees' TV network YES

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