Billionaire Escapes Estate Tax

Posted on June 18, 2010 by John Hugg

For anyone who missed it, Dan Duncan, a Houston, Texas, oil billionaire passed away earlier this year. Because he died in 2010, with no federal estate tax in place, his entire $9 billion estate will pass tax free. Had he died in 2009, his estate would have owed Uncle Sam approximately $4 billion. Of course, had Mr. Duncan been a resident of Washington State, an estate tax would be due on all assets valued over $2 million.

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