X

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
Steinbrenner Heirs Will Dodge Massive Estate Tax
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.

story continues below

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. (Read more inheritance tax stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X