George Steinbrenner, billionaire and long term owner of the New York Yankees, left this world with a great sense of timing. Steinbrenner passed away last week, leaving his heirs possibly hundreds of millions more. Since he died in 2010, his heirs do not have to pay an estate tax on his estate, estimated to be worth $1.1 Billion.
According to an article on MSNBC:
“Forbes magazine has estimated Steinbrenner’s estate at $1.1 billion. The federal estate tax in 2009 was 45 percent, with the $3.5 million per-person exemption. If he had died last year, his estate could thus have faced federal taxes of almost $500 million, depending on how the estate was structured.
That doesn’t mean his heirs permanently escape all taxes related to his assets. They will still have to ultimately pay a capital gains tax if and when assets are sold. And due to a change in tax law this year, the tax would be applied to the amount by which the assets have appreciated since Steinbrenner acquired them.”
Click here for the complete article: http://www.msnbc.msn.com/id/38232917/ns/business-personal_finance/
This article is a great reminder to talk to your clients about estate planning and how you can help them. Call or email anytime I can help further.
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