Posted on July 15th, 2010
The New York Post reports that, if there were a perfect time for the death, this year was it for George Steinbrenner. The year of 2010 is a fluke in that Congress failed to address estate tax issues, so there is no estate tax for the entire year. This makes it the year for America’s wealthiest to die, in order for their family to receive the most inheritance.
According to The Post, Steinbrenner’s net worth is estimated around $1 billion. With next year’s 55 percent estate tax, the family would have had to sell around $500 million, probably requiring them to give up the Yankees.
Another well-timed death was executed by a Houston man. According to The NY Post, “Houston tycoon Dan Duncan, a self-made mogul…died at 77 after building one of the country’s largest energy-service companies.” His net worth was around $8 billion, meaning his 2010 death saved his family around $4 billion.
If you or someone you know need help planning an estate, contact the trustworthy
Houston estate planning lawyers at Garg & Associates by dialing 281-210-0010.
Posted on June 10th, 2010
A special law was passed that states that those who die in 2010 are legally exempt from owing federal estate taxes. A study done by Columbia University showed that people who believe that postponing their own death will benefit their heirs, often will themselves to survive until the beneficial occasion presents itself. Thanks to exceptions, credits and thresholds, in years other than 2010, only .3 percent of those who left their estates to their heirs also passed along a tax bill.
Some organizations may be damaged from this estate tax-free year including charities and some non-profit organizations. Giving to charities is often a good way to reduce tax liability when estate planning. If there are no taxes to avoid this year, then the organizations that usually received donations from these people will see a decline in funds.
If you are considering planning your estate, contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-210-0010.
