Steinbrenner's heirs will benefit from 2010's one-year repeal of federal estate taxes and will pay no "death taxes" to the federal government. Next year, the rate for estates worth more than $1 million will be hit with the confiscatory rate of 55 percent.
According to the Washington Post:
"By dying this year, the New York Yankees' billionaire owner found the sweet spot in the U.S. tax code, exiting this earthly world during a year in which a congressional stalemate has allowed the estate tax to lapse, potentially saving his heirs hundreds of millions of dollars.
"Had he died last year and tried to pass his fortune on to his children or grandchildren, they would have faced a 45 percent tax. Had he lived until next year, the rate would have been 55 percent. But Steinbrenner's death this year, like that of three other known billionaires who have died in 2010, gives his heirs a break."
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