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Steinbrenner's estate tax feat

Wednesday, July 14th, 2010

Yankees owner George Steinbrenner’s death this week is a sad occasion for his family and friends. But because it happened this year, it resulted in a huge tax savings for his heirs. As explained in this Wall Street Journal article, the 2001 Bush tax cuts left a quirky Federal estate tax repeal for this year only. Congress did nothing to fix this anomaly.

With Mr. Steinbrenner’s estate estimated at $1.1 billion,  that means his heirs will inherit as much as $600 million that would have gone into the Federal treasury, based on the rate when the estate tax resumes in 2011 (55% maximum on estates over $1 million). He joins another high-profile billionaire whose passing we wrote about a few weeks ago.

Here’s a morbid thought: Will death become the ultimate tax-planning tool this year? I shudder at the thought.

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Tags: estate tax, family, IRS, Steinbrenner, tax, tax planning, Wall Street Journal, Yankees

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