Jul 14, 2010, 10:30 AM EST
Say what you want about George Steinbrenner, but he was a hell of a businessman. From turning a tiny initial investment in the Yankees into a billion-dollar franchise, to starting his own regional sports network, rarely did the man make a business mistake. The pattern continued even until his death:
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
death Tuesday came during an unplanned year-long gap in the estate tax,
the first since it was enacted in 1916. Political wrangling has
stalemated efforts in Congress to replace the tax that expired in 2009.
Because no one really knows his estate plan or the extent of his holdings, it’s hard to tell how much money he saved by going in 2010, but the back-of-the-envelope calculations in the linked article figure that, at a minumum, Big Stein’s heirs have saved $300 million+ by him passing in 2010 instead of 2009 or 2011.
Suggestion: whatever big free agent the Yankees sign this winter be given the nickname “tax break” or “death tax” or something like that.
- Francisco Rodriguez re-signs with the Brewers 8
- If addiction is an illness — and it is — Josh Hamilton shouldn’t be suspended 272
- Pirates open to massive extension for Andrew McCutchen 16
- Report: Josh Hamilton had a relapse this offseason that “involved at least cocaine” 85
- Yankees don’t plan on having to pay A-Rod’s $30 million in home run milestone bonuses 49
- San Francisco — and all of California — will consider a smokeless tobacco ban that includes MLB parks 131
- Rob Manfred says a return to a 154-game season could happen one day 66
- Report: The Yankees were “fuming” at how A-Rod handled his early arrival to spring training 114
- If addiction is an illness — and it is — Josh Hamilton shouldn’t be suspended (275)
- San Francisco — and all of California — will consider a smokeless tobacco ban that includes MLB parks (131)
- Report: The Yankees were “fuming” at how A-Rod handled his early arrival to spring training (114)
- Cuban prospect Yoan Moncada reportedly signs with the Red Sox for $31.5 million, plus $31.5 million in penalties (106)
- Gregg Zaun says young players should be physically abused and hazed by veterans. So they can learn respect. (105)