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: Rusney Castillo notches his first major league hit 0
- Michael Wacha cleared to return Saturday vs. Reds 0
- Marlins officially shut down Giancarlo Stanton for the season 5
- Umpire Joe West suspended for one game for his part in the Jonathan Papelbon incident 53
- And That Happened: Tuesday’s scores and highlights 83
- Jose Altuve breaks Craig Biggio’s franchise record, tallying his 211th hit of the season 12
- Orioles beat Blue Jays to clinch AL East title 38
- Tanner Roark dominates as Nationals clinch NL East 22
- Chris Davis suspended 25 games for amphetamine use (92)
- Giancarlo Stanton diagnosed with multiple facial fractures and dental damage (91)
- Bud Selig can’t remember the last domestic violence incident in Major League Baseball (88)
- A couple of initial thoughts on the Chris Davis suspension (83)
- And That Happened: Tuesday’s scores and highlights (83)