Steinbrenner Estate Likely to Avoid Federal Estate Tax

In yet another high profile death of the ultra-rich, the recent passing of George Steinbrenner underscores the current law that there is no federal estate tax on 2010, as reported in the Washington Post.

Members of Congress keep introducing new legislation, but so far, nothing has advanced to become law.

Congress set the estate tax to disappear in 2010 and be, pardon the phrase, brought back to life in 2011. No one expected this throw-Mama-from-the-train scenario to actually play out in 2010, but Congress has been unable to agree on a reasonable level for a new estate tax.

Keep watching, and maybe soon we'll have a resolution to this issue. Until then, 2010 is proving to be a windfall year for heirs of the ultra rich.