A good chunk of his money will help pay for one of Obama’s vacations. I don’t know what Italy will do.
DING, DING, DING, we have a winner.
He died at the wrong time. Had he died when the Estate Tax went to Zero ( I believe in 2010 ), his heirs and family might have escaped the Estate Tax ( AKA DEATH TAX ).
George Steinbrenner, the billionaire and long-time New York Yankees owner, avoided the federal estate tax, by dying at the right time.
I’m not even sure if NJ has a death Tax ( neighboring NY has ).
I believe it’s possible to arrange your affairs to escape this though... I hope he did.