How George Steinbrenner Saved His Heirs a $600 Million Tax Bill by Dying in 2010

Wall St. Journal:  “Did George Steinbrenner save his heirs millions by dying in 2010?  Forbes recently estimated the Yankees owner’s net worth at $1.1 billion, largely from the YES network.  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.  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 million.”