Steinbrenner Heirs May Save Hundreds of Millions of Dollars due to Estate Tax Lapse

by

Via the Washington Post

George Steinbrenner, the long-time owner of the New York Yankees who passed away this week, is estimated to have amassed a personal net worth of $1.15 billion.  Had he died last year, his estate would have faced an estate tax bill of 45% due to the federal government, and if he died next year, that bill would have been 55%.  However, because of a congressional impasse which has allowed the estate tax to lapse, his heirs will most likely end up saving hundreds of millions of dollars in estate tax.

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