{"id":393,"date":"2010-07-01T17:31:10","date_gmt":"2010-07-01T17:31:10","guid":{"rendered":"http:\/\/old.sommers-taxapedia.com\/archives\/?p=393"},"modified":"2012-10-26T17:32:34","modified_gmt":"2012-10-26T17:32:34","slug":"george-steinbrenner-and-estate-tax-repeal-part-1-or-2","status":"publish","type":"post","link":"https:\/\/sommers-taxapedia.com\/archives\/george-steinbrenner-and-estate-tax-repeal-part-1-or-2\/","title":{"rendered":"George Steinbrenner and Estate Tax Repeal (Part 1 or 2)"},"content":{"rendered":"

Introduction<\/strong><\/p>\n

Legendary New York Yankees owner, George Steinbrenner, died on July 13, 2010, leaving an estate worth approximately $1.1 billion, according to Forbes.<\/p>\n

Because there is no estate tax this year, Steinbrenner’s family may save approximately $500 million in taxes. How did this happen?<\/p>\n

Estate Tax<\/strong><\/p>\n

In 2001, Congress decided to increase the estate tax exemption over the next 8 years, to a maximum of $3.5 million a person in 2009. In 2010, the estate tax was repealed, but in 2011, the exemption reverts to 2001 levels ($1.0 million a person).<\/p>\n

Thus, a huge windfall for billionaires in 2010 could become a disaster for estates worth more than $1.0 million in 2011.<\/p>\n

President Obama has proposed retaining the estate tax exemption at $3.5 million a person, but Congress refuses to act.<\/p>\n

Steinbrenner<\/strong><\/p>\n

Steinbrenner joins billionaires Walter Shorenstein of San Francisco and Houston’s Dan Daniels whose estates will escape estate taxes because they died in 2010..<\/p>\n

Steinbrenner hedged his bets against a retroactive change: According to his Will, if the law remains unchanged, the 2010 law will apply; otherwise the bulk of his assets will be transferred in trust for his wife’s benefit (called a “Q-TIP” trust), which will postpone any estate tax until her death.<\/p>\n","protected":false},"excerpt":{"rendered":"

Introduction Legendary New York Yankees owner, George Steinbrenner, died on July 13, 2010, leaving an estate worth approximately $1.1 billion, according to Forbes. Because there is no estate tax this year, Steinbrenner’s family may save approximately $500 million in taxes. How did this happen? Estate Tax In 2001, Congress decided to increase the estate tax …Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,6],"tags":[],"class_list":["post-393","post","type-post","status-publish","format-standard","hentry","category-general-tax-information","category-wealth-preservation"],"_links":{"self":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts\/393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/comments?post=393"}],"version-history":[{"count":1,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts\/393\/revisions"}],"predecessor-version":[{"id":394,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts\/393\/revisions\/394"}],"wp:attachment":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/media?parent=393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/categories?post=393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/tags?post=393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}