Estate tax returns; Steinbrenner’s heirs might have to pay after all
When New York Yankees owner George Steinbrenner died in July, there was no estate tax -- meaning his heirs saved potentially millions of dollars in taxes on his estate that Forbes valued at $1.15 billion.
While it looked like the timing of Steinbrenner's death might have helped his family out significantly, not so fast. Not only is the estate tax back for 2011 – although at a lower rate -- but Congress has approved making it retroactive for 2010. But families have a choice.
Heirs now have the option to pay estate taxes under the newly-adopted rules – a more favorable 35 percent and $5 million exclusion (compared with 2009’s 45 percent and $3.5 million exclusion) or pay no estate tax, but potentially face a greater tax when they sell the assets they inherited.
CCH explains the new estate tax rules in detail here.
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.
