Thursday, April 1, 2010
Dan Duncan died last week at the age of 77. In 1968, Duncan founded a company that stores, processes and transports oil and gas with nothing more than $10,000 and a truck. According to Forbes, Duncan was worth a modest $9 billion before his death.
The timing of Duncan's death may very well give the IRS a case of mild indigestion. Although Duncan was ranked number 74 on the Forbes list of worldwide billionaires, his estate is not subject to any federal estate tax under current law.
See Russel Gold & Stephen Miller, From Roughneck Origins to Texas Billionaire, WSJ, March 20, 2010.Special thanks to Peter Parlapiano (2011 MBA/M.S. PFP candidate, Texas Tech University) for bringing this article to my attention.