Email to a friend

George Steinbrenner’s Death Proves 2010 is a Good Year to Die

Heirs Are in Luck: Yankees Billionaire Avoids Federal Estate Tax

Legendary Yankees owner and billionaire, George Steinbrenner, may have died at the right time. He passed away at a time when Congress allowed the federal estate tax to lapse. This benefits Steinbrenner’s heirs and saves them hundreds of millions of dollars. He is the third billionaire to die this year and avoid the federal estate tax, resulting in a huge loss of money to the U.S. government.

The estate tax dates back to 1916. The rates have always fluctuated, but this is the first year the tax was completely repealed. If Steinbrenner had died in 2009, his heirs would have faced a 45 percent federal tax on assets over $3.5 million. If he died in 2011, the rate would have gone up to 55 percent.

“This truly was the best time to die, given the fact that Steinbrenner’s personal wealth is estimated to be around $1.15 billion, according to Forbes,” said Tully Rinckey PLLC Estate Planning attorney.

The Steinbrenner’s are also in luck since they will be able to avoid what happened to Chicago Cubs owner P.K. Wrigley when he died in 1977. Wrigley’s family had to sell the Cubs to the Tribune Company four years later to pay taxes on his estate. This also happened to Miami Dolphins owner, Joe Robbie, when he passed away.


Attorney Locator

Find an attorney near you.
Click below.

Contact Us

  • Tully Rinckey announces new hires and promotion

    Derrick T. Hogan was promoted to senior associate, overseeing the criminal defense practice in Albany. Hogan joined as a law clerk in 2009. Morgan Smith joined as recruitment manager. Smith has more than 14 years of staffing and recruitment experience and previously …

  • Albany Police Officer Arrested

    Officer Caught on Camera Slamming 15-Year old Girl Albany Police Chief Brendan Cox says on July 26th, Officer Ervis Miftari was called to St. Anne Institute, a rehabilitation center for troubled girls, to help with one of the residents, who …

Read All

  • Free Download: EEOC 2016 Update White Paper

    You Could Be Sharing Confidential Info and Not Even Know It Tully Rinckey’s white paper details the Equal Employment Opportunity’s (“EEOC”) nationwide change to procedure that has gone largely unnoticed. The new procedure applies to Charges filed on or after …

Read All

Read All

  • Tully Rinckey PLLC Binghamton Office Ribbon Cutting

    You’re Invited: Tully Rinckey PLLC Binghamton Office Ribbon Cutting Tully Rinckey PLLC, an upstate-wide coast-to-coast 70 attorney full-service law firm, is holding a ribbon cutting for its new office space at 4100 Vestal Road, Suite 104, Vestal, NY 13850 on …

Read All