Steinbrenner to Estate Tax: Who's Boss?
5 Pages Posted: 26 Oct 2010
Date Written: October 25, 2010
George Steinbrenner was a lucky man. The longtime owner of the New York Yankees died on July 13, 2010, during the current one-year hiatus in the federal estate tax. The man whose management style earned him the nickname ‘‘The Boss’’ may have pulled off the greatest play in baseball history. This article describes the tax problems that may face Steinbrenner's estate. His will created a marital trust for his wife, and granted an unusual discretionary taxpaying power to his lawyer. Assuming that the estate tax is not imposed retroactively on decedents dying in 2010, repeal means that Steinbrenner’s estate escapes taxation. The assets in his estate will not receive the benefit of the stepped-up basis under section 1041(f), however.
Keywords: Tax, Estate, Estate Tax, Steinbrenner, Baseball, Yankees, Marital Trust, Trust, Spouse, 1041, Boss, Repeal, Constitutionality
JEL Classification: K34, K39
Suggested Citation: Suggested Citation