The Business & Pleasure of Sports



<< Previous entry: Additional sports business thoughts on Miami Heat landing James-Bosh-Wade

>> Next entry: Dolphins owner Steve Ross could get tax breaks

Timing of Steinbrenner death could save heirs millions


New York Yankees owner George Steinbrenner was all about revenue streams. Looks like his family could be the beneficiary of his largest one.

With his death at age 80 on Tuesday, Steinbrenner likely saved his family millions in estate taxes. Due to Congressional dallying, the estate tax expired this year.

Were it still in place, it could have cost Steinbrenner’s family 45 percent of the value of his estate, which Forbes values at $1.15 billion. The estate tax is scheduled to return next year at a whopping 55 percent.

“Even though we’ve not been advising people to die in 2010, or commit suicide in 2010, there’s no estate tax,” said Martin Press, a tax lawyer with the Gunster law firm in Fort Lauderdale.

“There has been some talk about bringing back the estate tax this year on a retroactive basis,” Press said, “but if that happens, there’s going to be all sorts of litigation.”

Estate taxes have been a huge burden for heirs. After original Miami Dolphins owner Joe Robbie died in 1990, his family was forced to sell the team because of a $47 million estate tax bill.

Categories: MLB (110), Sports Team Owners (49)


Leave a Reply

COMMENT BOARD GUIDELINES:

You share in the SunSentinel.com community, so we just ask that you keep things civil. Leave out the personal attacks. Do not use profanity, ethnic or racial slurs, or take shots at anyone's sexual orientation or religion. If you can't be nice, we reserve the right to remove your material and ban users who violate our Terms of Service.


Advertisement
About the author
CRAIG DAVIS In more than 33 years at the Sun Sentinel, Craig Davis has written about a wide variety of sports topics from baseball to yachting, fishing to triathlons, and also worked as a copy editor and page designer. Recently he reported on local sports, including running, swimming, cycling, equestrian and beach volleyball. He enjoys sports as a participant as well as a spectator, is active in the South Florida running scene plays in the curling club at Saveology Iceplex. This blog offers a glimpse at the business side of sports in the interest of enhancing enjoyment of the games and sporting options as a spectator as well as a participant.
Connect with me


Search this blog
Get text alerts on your phone


Send me the following alerts:

STORM - Weather Alerts
NEWS - Breaking News Alerts
LOTTO - Lottery Numbers
SPORTS - Breaking Sports News
BIZ - Business news headlines
ENT - Entertainment news headlines
DEALS - Free offers and money saving deals


You can also sign up for by texting any of the above keywords to 23539. Standard messaging and data rates apply.
E-mail newsletters
Get the news that matters to you delivered to your inbox. Breaking news, hurricane alerts, news from your neighborhood, and more. Click here to sign up for our newsletters. It is fast, easy and free!