Jul 14, 2010, 10:30 AM EDT
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.
- So that Juan Uribe trade to the Braves is back on … 5
- Ruben Amaro apologizes for comments about fans, admits he may have been late on rebuild 16
- Jonathan Lucroy expected to rejoin the Brewers on Monday 0
- More drama in Miami: Marlins demote third base coach Brett Butler after “confusion” over signs 33
- Ruben Amaro dismisses fans who “bitch and complain” about the Phillies’ moves 70
- And That Happened: Monday’s scores and highlights 67
- Reds finally shut down Devin Mesoraco seven weeks after hip injury, surgery may be needed 7
- Mike Napoli continues to kill the Angels 7
- And That Happened: Wednesday’s scores and highlights (133)
- Bryce Harper on Marvin Hudson ejection: “I don’t think 40,000 people came to watch him ump” (132)
- Bryce Harper ejected for second time in a week (122)
- And That Happened: Tuesday’s scores and highlights (101)
- And That Happened: Thursday’s scores and highlights (96)