coldstorage5 Posted July 14, 2010 Share Posted July 14, 2010 As a Yankee fan and a Bills fan,..... I learned about the death tax,....This yr, due to congress "screwing up" there is no death tax, That means the Steinbreiner Family keeps all of the estate,..... They dont lose half to taxes.... Makes me think...... Link to comment Share on other sites More sharing options...
aristocrat Posted July 14, 2010 Share Posted July 14, 2010 swear to god i had a dream where ralph passed away. sorry ralph. may have had to do with reading an article about steinbrenner and the estate tax before i went to sleep. Link to comment Share on other sites More sharing options...
bigdogtim Posted July 14, 2010 Share Posted July 14, 2010 I'm almost ashamed to admit it, but one of the first thoughts that went through my head was that George saved his family a couple hundred million by timing his death quite well. Do you suppose that thought occurred to him during the last few months as he knew his health was failing? For a guy who loved the Yankees as much as he obviously did, there was probably no better set of circumstances to ensure that their ownership stayed in the family for at least another generation. Sorry to be so morbid, but I am just being honest. On a somewhat related note, I too am curious as to how this makes Ralph feel. Link to comment Share on other sites More sharing options...
Hplarrm Posted July 14, 2010 Share Posted July 14, 2010 The whole estate tax issue is overly complex by design to allow folks who can hire lawyers to skirt it and to create work opportunities for the legal profession. I have few doubts that with the time Mr. Ralph has had to prepare for this situation and the financial ability to get the bestest legal help around that he has set things up to fulfill his goals as best as possible beyond the grave. The death tax phrase is a politically useful way to talk about this (it stands in contrast to the Warren Buffet approach which has not pithy description but is based on the idea that one's heirs should have significant resources but not have so much they can refuse to work for a living) but really is not an accurate way to describe the situation. In the end, like the rest of the world after he dies Mr. Ralph will be dead and this will put a serious crimp in whether this plays out exactly the way he would choose now. However, the wildcard here is what he wants to do with the resources he leaves. I have few doubts that to a pretty good degree (large immediately and getting smaller as time goes on in terms of his influence) he will take action to accomplish his goals whatever they may be. The current estate laws will define how he goes about accomplishing his goals but his goals will get accomplished almost completely in the first go round with his will under any political format be it death tax or personal responsibility emphasis for his heirs. Link to comment Share on other sites More sharing options...
Ray Posted July 14, 2010 Share Posted July 14, 2010 Given that the Yankess are worth about 1.6 BILLION the money saved is about 900 MILLION. Crazy but true. But a very dumb and ridiculous tax anyways. Link to comment Share on other sites More sharing options...
Malazan Posted July 14, 2010 Share Posted July 14, 2010 Given that the Yankess are worth about 1.6 BILLION the money saved is about 900 MILLION.Crazy but true. But a very dumb and ridiculous tax anyways. a ridiculously 'enforced' tax. Too many loopholes. Link to comment Share on other sites More sharing options...
DarthICE Posted July 14, 2010 Share Posted July 14, 2010 Is it wrong to wish it? Maybe. Would it be best for the viability of the Bills? Absolutely. Link to comment Share on other sites More sharing options...
UBbulls626` Posted July 14, 2010 Share Posted July 14, 2010 Having extensive knowledge regarding the estate tax I thought I should chime in. There currently is no death tax. However, Congress may still pass a death tax and according to the Supreme Court, taxes may be applied retroactively going back at least a year (anything longer than a year is suspect). So just because there is no death tax right now does not mean that George's family won't have to pay taxes. In fact, next years death tax exemption will be $1 million with a 55% tax rate over a million (you also get a full marital deduction meaning you can pass everything to your spouse without paying taxes however upon the surviving spouses death taxes will be paid). Congress is not happy about this. Democrats want to raise the exemption to $3.5 million (what it was in 2009) while Republicans want to raise it to $5 million. Chances are such legislation will be passed by the end of the year and will be applied retroactively to 1/1/2010. There is a very good change that George's family will in fact pay the death tax. Think about it, with more than 3 billionares having died this year, and given the current financial situation, Congress will do everything it can to take half of these billionares estates. Assuming that no law is passed, whether his family will pay estate taxes will depend on his estate plan. It is very possible that his estate plan called for the majority of his assets to be passed to his wive that way the marital deduction would apply. If this is true then the wife will get hit with the estate tax upon her death regardless of the tax rate today. Link to comment Share on other sites More sharing options...
Mr. ChumChums Posted July 14, 2010 Share Posted July 14, 2010 Having extensive knowledge regarding the estate tax I thought I should chime in. There currently is no death tax. However, Congress may still pass a death tax and according to the Supreme Court, taxes may be applied retroactively going back at least a year (anything longer than a year is suspect). So just because there is no death tax right now does not mean that George's family won't have to pay taxes. In fact, next years death tax exemption will be $1 million with a 55% tax rate over a million (you also get a full marital deduction meaning you can pass everything to your spouse without paying taxes however upon the surviving spouses death taxes will be paid). Congress is not happy about this. Democrats want to raise the exemption to $3.5 million (what it was in 2009) while Republicans want to raise it to $5 million. Chances are such legislation will be passed by the end of the year and will be applied retroactively to 1/1/2010. There is a very good change that George's family will in fact pay the death tax. Think about it, with more than 3 billionares having died this year, and given the current financial situation, Congress will do everything it can to take half of these billionares estates. Assuming that no law is passed, whether his family will pay estate taxes will depend on his estate plan. It is very possible that his estate plan called for the majority of his assets to be passed to his wive that way the marital deduction would apply. If this is true then the wife will get hit with the estate tax upon her death regardless of the tax rate today. So if what you say is true, then Ralph should marry someone in her 20s! That way, we'll buy ourselves another 60 years!! Link to comment Share on other sites More sharing options...
MaineMoxie Posted July 14, 2010 Share Posted July 14, 2010 I thought his kids had no interest in taking over the franchise, especially now that his daughter has passed away. Link to comment Share on other sites More sharing options...
Skoobydum Posted July 14, 2010 Share Posted July 14, 2010 If Ralph dies, this team would be California bound unless Tom G. stepped up. Link to comment Share on other sites More sharing options...
DarthICE Posted July 14, 2010 Share Posted July 14, 2010 If Ralph dies, this team would be California bound unless Tom G. stepped up. Prove it. I am so sick of chicken littles saying this **** with no valid backing at all. This team is going NO WHERE. Link to comment Share on other sites More sharing options...
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