George Steinbrenner, who in 2009, according to Forbes, had an estate worth $1.15 billion passed away recently making him another who has joined the growing group of billionaires and millionaires who have passed away in a year where there is no estate tax.
The way the current estate tax rules work, there is no estate tax due in 2010. Compare this to if Georgoe Steinbrenner passed away in 2011, when there is only a $1 million exemption and anything over $1 million would be taxed at up to 55%. For example, say an individual with a $5 million estate passed away in 2011. That estate could generate nearly $2 million in taxes.