Steinbrenner is even shrewd in death

[JohnnyHopkins]

I guess even death can't stop Steinbrenner from making the right moves. His estate avoided the dreaded "Federal Estate Tax" due to his dying this year and saved his family ridiculous amounts of money....

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.

http://www.msnbc.msn.com/id/38232917/ns/business-personal_finance/

 

[kristie]

whoa!!! crazy!

 

[YosemiteSam]

They will probably just slap Hank and his brother with income tax. I believe that wasn't done before due to double taxing because of the Estate Tax.

 

[burmafrd]

The "DEATH" tax should have been abolished years ago. The government has no right to someones money just because they died.

 

[casmith07]

The "DEATH" tax should have been abolished years ago. The government has no right to someones money just because they died.

Estate is treated as income to those inheriting it.

I don't agree with it either, though, but death is a business just like everything else. If you believe that, then I say funeral homes should be not-for-profit.