The legendary Yankees' owner died on Tuesday morning at age 80 after battling poor health for the past few years. Tax-wise, he couldn't have picked a better year to pass on, according to MSNBC.com.
This year marks the first time since 1916 that a federal estate tax has not been enacted in the United States. Due to political tie-ups in Congress, the government has been unable to reinforce the tax that expired in 2009. Anyone with an estate larger than $3.5 million does not have to pay normal taxes on the fortune they are leaving behind to their heirs. That means the family members that survive Steinbrenner are in for millions — maybe billions – more than if he had passed away in another calendar year.
"If you're super-wealthy, it's a good year to die," said Jack Nuckolls, an attorney and estate planner with the accounting firm BDO Seidman. "It really is."
Since the amount of Steinbrenner's estate has not been publicly released, it's hard to speculate exactly how much his wife and four children are receiving in what would have been government dollars had the tax been in place, but it's safe to say they are financially benefiting in a big way from George's passing this year.
Leave it to The Boss to ensure he went out with a bang.
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