Wednesday, August 18, 2010
- An undisclosed portion of his estimated $1.1 billion estate will go into a trust for Joan, his widow
- It assigns Robert Banker, Steinbrenner’s lawyer, to decide whether Joan’s trust should pay estate tax this year or the year in which Joan dies
- The bulk of Steinbrenner’s assets, including a controlling interest in the Yankees, goes into a trust. The trustees can only sell this interest upon a majority vote of the trustees.
See Dan Mangan, The Boss’ Will Power: Nifty Move Gives Trust Option Year on Taxes, N.Y. Post, July 28, 2010.
Special thanks to Peter Parlapiano (2011 MBA/M.S. PFP candidate, Texas Tech) for bringing this to my attention.