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.
- VIDEO: Derek Jeter passes Carl Yastrzemski for seventh on all-time hits list 6
- Ray Rice is awful, but let’s not pretend baseball has a great record on domestic violence 75
- And That Happened: Sunday’s scores and highlights 49
- Mariners’ interest in Matt Kemp is “very real” 29
- Astros players upset over Mark Appel’s promotion to Double-A, bullpen session in Houston 45
- Four theories about the Hall of Fame voting changes 24
- Troy Tulowitzki is visiting a sports hernia surgeon 10
- Settling the Score: Saturday’s results 29
- Expert’s Corner: How to troll fans of all 30 teams (201)
- Verducci: baseball should think about an “illegal defense” rule to combat shifts (165)
- Yankees acquire Chase Headley from Padres (108)
- David Ortiz passes Carl Yastrzemski on the all-time home run list — is he a Hall of Famer? (92)
- Ten years ago today the Alex Rodriguez-Jason Varitek brawl changed the narrative of the Sox-Yankees rivalry (88)