George Steinbrenner has hit a home run. Well, sort of... The legendary cantankerous Yankees owner died today at age 80. Because he died in 2010, when there is no estate tax, his family is set to inherit his one billion dollar plus fortune without paying a cent to the IRS in estate taxes. And how about this: Florida was Steinbrenner's legal residence, and unlike New York, Florida does not have a state estate tax. Double header?
It may be indelicate to say it, but the truth is, as far as the family's finances go, the timing couldn't have been better. That's because the estate tax is scheduled to return in 2011, most likely on estates over $1 million and at a top rate of 55%. What a difference a year makes! There's also speculation that the estate tax in some form will be made retroactive back to Jan. 1, 2010. This of course would impact the Steinbrenners. The likelihood the family will meekly hand over what the IRS wants if this comes to pass: In my opinion, slim to none. Read more anout the Steinbrenner family and the current estate tax situation here.
Posts
No comments:
Post a Comment