Federal estate tax, or the current lack thereof, is a hot topic for many. But usually it’s not a topic tied to Major League Baseball.
The passing of George Steinbrenner, owner of the New York Yankees, is being discussed with respect to federal estate taxes. Check out Steinbrenner’s final win – over estate taxes by Kelly Phillips Erb.
This is the fourth high-profile death in 2010 thought by many to have influence over what might happen with federal estate taxes this year. In addition to Steinbrenner, the four include the following:
The first being Dan Duncan, the multi-billionaire from Texas who passed away in March. Dan Duncan’s fortune is estimated at $9.8 billion. His heirs likely saved more than $4 billion in estate taxes.
Second, Walter Shorenstein, a California real estate mogul passed away in June. His net worth is estimated at $1.1 billion.
And finally, Mary Janet Morse Cargill, part of the Minnesota family that founded Cargill Inc., died in February. Her net worth is estimated at $1.6 billion.
Many speculate that retroactivity of a federal estate tax back to January 1, 2010 will not occur given the financial means in the four estates mentioned above to challenge any such legislation.
Only time will tell what Congress will do. For now, we will continue to wait for Congress and the President to move forward on this issue.