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.
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- Trea Turner’s agent is unhappy his client is in limbo after trade to Nationals 47
- Nexen Heroes accept Jung-Ho Kang posting fee from unidentified MLB team 33
- Giants acquire Casey McGehee from the Marlins 16
- The Padres have given their fans something to talk about. Which is badly needed in San Diego. 64
- Justin Upton traded to the Padres for three prospects 79
- Bud Selig will get a $6 million a year pension. Which is obscene. 145
- Jake Peavy agrees to a two-year, $24 million deal to stay with the San Francisco Giants 26
- Bud Selig will get a $6 million a year pension. Which is obscene. (145)
- The United States will seek to normalize relations with Cuba (144)
- Cubs, Red Sox, Dodgers, Padres, Rangers, and Astros interested in Phillies’ Cole Hamels (111)
- Rays, Padres, Nationals agree to 11-player trade (97)
- Chase Headley signs a four-year deal with the Yankees worth at least $52 million. (95)