Do not try to be George Steinbrenner

George Steinbrenner died in 2010 during a rare one-year lapse in the federal estate tax. Because of that timing alone, estate planning experts estimate his heirs avoided somewhere more than $300 million in federal estate taxes.

It makes for a remarkable headline, but it is a terrible plan.

For families whose net worth approaches or exceeds the estate tax exemption, Steinbrenner’s story is misread as a quiet victory. In reality, it was a legislative accident. Estate outcomes should never rely on luck, political windows, or perfect timing. They should be designed to succeed regardless of circumstances.