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.”

Related posts:

  1. George Steinbrenner’s Will
  2. George Steinbrenner’s Heirs Avoid Estate Tax – or do They?
  3. Family Swindled By Madoff Fights $61 Million IRS Bill
  4. Dying 13 hrs. Too Soon Cost $3 Million in Estate Taxes