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George Steinbrenner died at age 80 — an amazing bit of timing for his heirs. Newsletter , Tucson Elder Law By Robert Fleming August 8, 2010 2 Comments Would George Steinbrenner really be "rolling over in his ... Because of a lapse in the federal estate tax, Steinbrenner's family is . Taxes and George Steinbrenner (Former Owner of The New York Yankees) George Steinbrenner in 1973 was the head of a ship building and commercial real estate conglomerate. George Steinbrenner's death saves heirs money | Salon.com Now, some wealthy individuals can even manage to make/save money just based on their dates of death. Steinbrenner's death Tuesday came during an unplanned year-long gap in the estate tax, the first since it was enacted in 1916. Steinbrenner estate tax savings Archives - Unruh, Turner ... Forbes magazine has estimated Steinbrenner's estate at $1.1 billion. The federal estate tax is in abeyance this year. If Congress does not try to collect a retroactive estate tax this . You might remember that when George W. Bush was in office he signed into law tax reform that repealed the federal estate tax in 2010. George Steinbrenner's Estate Gets A Big Tax Break A 55% tax hit on that would come to more than $600 million, taking more than half of his heirs' inheritance. The New York State Tax Department has apparently decided not to appeal a Manhattan surrogate court judge's 2018 QTIP ruling. That means a potentially huge windfall for the heirs to the George Steinbrenner estate, reportedly worth more than $1 billion. George Steinbrenner died today at age 80 -- an amazing bit of timing for his heirs. Born on the Fourth of July, George Steinbrenner left the world stage with a great sense of timing too. Estate Tax Loophole Saving Heirs More Than $4.5 Billion in ... It's hard to deny the significance of such events in a year when there is no estate tax. Timing of Steinbrenner's death may save heirs millions of ... Coincidence? The timing of Steinbrenner's death, according to the New York Post, will save his family about $500 million in estate taxes. George Steinbrenner timed his death well by passing away in 2010 when there was no estate tax. You see, the . Legendary New York Yankees owner, George Steinbrenner, died on July 13, 2010, leaving an estate worth approximately $1.1 billion, according to Forbes. The new tax law sunsets, by the way, on January 1, 2026. The great American estate tax slip-up. George Steinbrenner and other billionaires have died this year and, under current law, their estates owe no federal estate tax. If he had died last year, his estate . Common superstition says that famous deaths come in threes, but the death of New York Yankees owner George Steinbrenner on July 13 makes four billionaire deaths in 2010. By dying in 2010, the billionaire and long-time New York Yankees owner's wealth avoids the federal estate tax, likely saving his heirs enough money to field an entire team of Alex Rodriguezes. Why? FILED UNDER: Quick Takes , Sports , Taxes , George Steinbrenner , New York Yankees About Doug Mataconis George . The paper says Steinbrenner's death occurred six months after the federal estate tax of 45% expired in January. Writer Michael V. Copeland examines the cases of five billionaires who died this year: Take Dan Duncan, the Houston oil and natural-gas tycoon who co-founded Enterprise Products Partners. Born on the Fourth of July, George Steinbrenner left the world stage with a great sense of timing too. All for the sake of avoiding the estate tax that went away on January 1, 2010 while waiting to return on January 1, of 2011. However, the 45% federal estate-tax law expired on Dec. 31, 2009, and was . I'll never forget my dad flipping across news channels so my family could watch Brett tear out of the dugout over and over after umpires George Steinbrenner's Estate Gets A Big Tax Break. ), the capital-gains tax applied. First, Mr. Steinbrenner could buy a life insurance policy to cover the estimated taxes on his assets and transfer ownership of the policy to a trust, removing it from his taxable estate, says Ms . (See, "Steinbrenner Goes Out A Real Winner.") Of . Steinbrenner was worth an estimated $1.5 billion, meaning his heirs could save as much as $600 million in taxes because he died this year. In fact, 2010 is the only . MEG Financial, a nationwide specialty life, disability and estate planning insurance agency comments on the death of George Steinbrenner and how he escaped paying federal estate taxes. WHY THE WEALTHY NEVER PAY ESTATE TAXES: Estates of George Steinbrenner and Dan Duncan In 2001, president Bush was "elected" president by the Supreme Court of the United States in the most controversial presidential election in United States history. There have been several pieces of legislation which would reinstate the estate tax. As you accurately stated, the federal estate tax is zero this year -- and this year only -- and thus Mr. Steinbrenner's family (and others of considerable wealth) will be spared paying taxes to the federal government based upon the value of assets, including (in this . Because Steinbrenner died in a year when there is no federal estate tax, he potentially saved his heirs a 55% estate tax on his assets — or a tax bill of about $600 . Steinbrenner to Estate Tax: Who's Boss? The federal estate tax in 2009 was 45 percent, with the $3.5 million per-person exemption. It's scheduled to come back in a new form in 2011 at a 55% tax rate. The idea of a potential repeal of the estate tax, or as the Republicans call it, the death tax, is appealing. George Steinbrenner Wins Again: This Time Against the Estate Tax. It is scheduled to be renewed in 2011, at 55%. George Steinbrenner's Yankees tortured my beloved Royals in the late 1970s and early 1980s. If Mr. Steinbrenner had passed away in 2009, when the death tax rate was 45%, he might have left his heirs a tax bill of some $500 million. George Steinbrenner, owner of one of the most valuable sports teams in the world, the New York Yankees, passed away on July 13 . Most great fortunes consist of unrealized capital gains, but after the estate tax is paid, the heirs' cost basis for the stock they inherit is bumped up to the date of death. By dying in a year when there is no federal estate tax, George Steinbrenner potentially saved his heirs a 55% estate tax on his assets -- or a tax bill of about $600 million. "Because he was smart enough to die in 2010, there is zero tax liability to . Your comments on air regarding the recent passing of George Steinbrenner and his estate tax implications were thought provoking. In 2001, President Bush wanted to provide relief to families that were devastated by the death of a family member. The estate tax was reinstated under President Barack Obama, but with a top marginal rate (40 percent) about half its level . Estate tax or not, though, I doubt Steinbrenner would have left anything to chance. . The Boss passed away during the one year in which Congress had allowed the estate tax to lapse, and it . Like Texas billionaire Dan L. Duncan, death comes in the one year when no estate taxes are are due. Tag Archives: George Steinbrenner Estate Tax or Death Tax — Who Actually Pays Any? There have been several pieces of legislation which would reinstate the estate tax. By Douglas L. Kaune. When George Steinbrenner, former owner of the NY Yankees, died in 2010, his estimated net worth exceeded $1.1 Billion. As the Post article and others have pointed out, this led to a huge tax savings for Steinbrenner's widow and four children of $500 million (based on 2009 levels) or $600 million (compared to the 2011 limit). CHICAGO (AP) — Born on the Fourth of July, George Steinbrenner left the world stage with a great sense of timing too. Steinbrenner died from a heart attack on Tuesday July 13th at age 80. Steinbrenner was a mercurial man who demanded perfection in his . Thus late billionaire owner of the New York Yankees and numerous other businesses and investments, George Steinbrenner, passed his megae state to his family members and other beneficiaries free of federal estate tax. But while the estate tax was zero in 2010 (Good timing, George Steinbrenner and John Kluge! The New York Yankees, which he acquired in 1973 for $10 million, are now worth $1.6 billion but are 95% leveraged due to debt from the new Yankee Stadium, according to Forbes. You see, the 2001 Bush tax cuts included a peculiar twist: in tax year 2010, there would NO estate tax at all. Steinbrenner s heirs will receive over 85 percent of his estate, while Tom s heirs face a different reality only 50 percent. . There are no estate taxes this year, but next year, the estate tax comes roaring back with only a $1 million exemption and a 55% tax rate. The family dodged a huge estate-tax bill when George Steinbrenner died in 2010. But since Steinbrenner died in 2010, the estate tax is … zero. In life, George Steinbrenner beat the Red Sox. But, would retroactive legislation pass constitutional muster? Steinbrenner's death on July 13 occurred six months after the federal estate tax expired. The latest Fortune tries to whip up the class envy in its discussion of the future of the federal estate tax. Hal Steinbrenner is pragmatic. Steinbrenner had purchased the New York Yankees from CBS for $10 million in 1973 with money from the family shipbuilding business. As Connections was going to press, the federal estate tax system doesn't exist for citizens dying in 2010. The man whose management styleearnedhimthenickname''theBoss''mayhave pulled off the greatest play in baseball . He has a reputation for being arrogant, bombastic, demanding, and it is usually 'his way or the highway'. As you accurately stated, the federal estate tax is zero this year -- and this year only -- and thus Mr. Steinbrenner's family (and others of considerable wealth) will be spared paying taxes to the federal government based upon the value of assets, including (in this . The longtime owner of the New York Yankees died on July 13, 2010, during the current one-year hiatus in the federal estate tax. If Congress does not try to collect a retroactive estate tax this . Steinbrenner's Death In 2010 Saves Heirs $500 Million!! Forbes magazine has estimated Steinbrenner's estate at $1.1 billion. I came of age as a Royals fan, and I agree with George Brett's comments at his Hall of Fame induction ceremony, "I don't like those Yankees still". Steinbrenner's death occured during an unplanned year-long gap in the estate tax, the first since it was enacted in 1916. However, in 2010, the estate tax was completely abolished. Forbes magazine estimates the Yankees owner's net worth was $1.15 billion, so the timing of Steinbrenner's death could save his heirs up to $500 million in federal estate taxes. Forbes magazine has estimated Steinbrenner's estate at $1.1 billion. Jim Bunning (R-Ky.) on Wednesday praised New York Yankee owner George . His personal net worth was said to exceed $1.1 billion. If he had died last year, his estate . George Steinbrenner died at age 80 — an amazing bit of timing for his heirs. The . FILED UNDER: Quick Takes , Sports , Taxes , George Steinbrenner , New York Yankees About Doug Mataconis Bible Money Matters discussed this in his No Estate Tax In 2010 Means George Steinbrenner’s Family And Others Will Save Millions In Taxes . Discover the advantages to Florida residency and strategies to create your best estate plan. [George] Steinbrenner was worth an estimated $1.5 billion, meaning his heirs could save as much as $600 million in taxes because he died this year. The Kentucky Republican noted that the wealthy Yankees owner passed away before the estate tax returns next year.Sen. By Bridget Crawford George Steinbrenner was a lucky man. But, would retroactive legislation pass constitutional muster? In death, he beat the IRS. The federal estate tax in 2009 was 45 percent, with the $3.5 million per-person exemption. Some people are very skilled at making money and protecting what they make from taxes during their lifetimes. Next year, the estate tax is slated to return, with a . If he had died last year, his estate . . You see, the 2001 Bush tax cuts included a peculiar twist: in tax year 2010, there would NO estate tax at all. The federal estate tax in 2009 was 45 percent, with the $3.5 million per-person exemption. Because there is no estate tax in 2010, meaning that the U.S. Treasury has lost billions in tax revenues unless Congress acts between now and the end of the year to reinstate the tax retroactively. The . According to the Associated Press Steinbrenner's family is set to receive a tax break of "about $328 million" because of the . This book addresses whether your will, revocable living trust, durable power of attorney, health care surrogate and living will documents from up north remain valid, the important issues you should consider when updating your documents to Florida law . Some would do so retroactively. Some would do so retroactively. We'd ask that you to wait at least a few hours before you start dispensing with the Costanza or GS quotes in Larry David's voice ("Big Stein wants an eggplant calzone!") but we realize not every one was a fan of the Boss. George Steinbrenner died six months after the federal estate tax expired, saving his wife and four children about a half billion dollars — and essentially ensuring they can keep the Yankees. By dying in 2010, the billionaire and long-time New York Yankees owner's wealth avoids the federal estate tax, which could save his heirs enough money to field an entire team of Alex Rodriguezes, The Associated Press reported. By now most of you have heard that George Steinbrenner passed away this morning at age 80. a $10 million initial investment famously grew into what's now a $3.2 billion property, . Your comments on air regarding the recent passing of George Steinbrenner and his estate tax implications were thought provoking. Thus, during 2010, folks gasped in awe as billionaires died and no tax was levied on their estates. After his election, interesting enough, President George Steinbrenner was a lucky man. That happened to be the year that billionaire George Steinbrenner died. The disappearance of the estate tax in 2010 created a unique "opportunity" for wealthy folks passing away during that year. In the year 2010 there are no estate taxes. Yankees owner, George Steinbrenner is now not only notorious for the hundreds of wins he achieved with the New York Yankees but has emerged victorious against the IRS as well; both feats that few people can claim. Well, George Steinbrenner, the legendary owner of the New York Yankees who died July 13 in Florida at age 80, may prove Franklin wrong -- at least when it comes to the federal estate tax. Born on the Fourth of July, George Steinbrenner left the world stage with a great sense of timing, too. If Steinbrenner has passed away in 2011, his estate would have faced a crippling tax The situation we have coming in 2011 is due to an interesting path of recent tax history. By dying in 2010, the billionaire and long-time New York Yankees owner's wealth avoids the federal estate tax, likely saving his heirs enough money to field an entire team of Alex Rodriguezes. Last year, Steinbrenner's heirs would have faced a tax rate of 45 percent on the bulk of his estate. Political wrangling has stalemated efforts in Congress to replace the tax . In any event, that law sunset in 2011 and the estate tax returned. (Some how, I just don't think this was a calculated move on Steinbrenner's part, given the permanence of death and all - btg) WASHINGTON -- Sen. Jim Bunning said Wednesday that New York Yankees owner George Steinbrenner made a "smart" financial move by dying this year because he was able to avoid federal estate taxes. In 2009, the estate tax rate was 45% and next year, without Congressional action, it will be 55%. The estate tax is shrinking. The timing of George Steinbrenner 's death may have ensured that the New York Yankees franchise stays in the family. The long-time owner of the New York Yankees died on July 13, 2010, during the current one-year hiatus in the federal estate tax. Like Texas billionaire Dan L. Duncan, death comes in the one year when no estate taxes are are due. By dying in 2010, the billionaire and long-time New York Yankees owner's wealth avoids the federal estate tax, likely saving his heirs enough money to field an entire team of Alex Rodriguezes. The man whose management style earned him the nickname ''The Boss'' may have pulled off the greatest play in baseball history. Personally, I think the chances of the estate tax being implemented retroactively are very slim. Familiarize Yourself with 2011 Estate Tax Laws. This past week, one bit of news seemed to be more popular on the finance front than others, the news of the death of George Steinbrenner and the impact of the 2010 estate tax laws. However, in 2008 the Treasury collected more than $28 billion in estate taxes from families. The House Ways and Means Committee, chaired by Representative Sander Levin of Michigan, and the Senate Finance Committee, chaired by Senator Max Baucus of Montana, are now . Forbes magazine has estimated Steinbrenner's estate at $1.1 billion. George Steinbrenner died today at age 80 -- an amazing bit of timing for his heirs. That means a potentially huge windfall for the heirs to the George Steinbrenner estate, reportedly worth more than $1 billion. When George Steinbrenner died in early July, many commentators noted his perfect timing. Unlike every other year since 1916, there is no federal estate tax in 2010. The reason passing away in 2010 matters is that there is no estate tax this year; the Bush tax cuts gradually phased out the estate tax before letting it lapse completely in 2010, with it . Steinbrenner's wealth — mostly consisting of the Yankees, a new stadium and a regional cable network — could pass to his wife tax-free even if the estate tax were in effect, but this year she .
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