Friday, June 11, 2010
First Billionaire to Die Without Estate Tax
Billionaire Dan L. Duncan, who made his billions in natural gas plants and pipelines, is the first billionaire to leave all his assets to his heirs free of estate taxes. This year, 2010, Congress allowed the tax to lapse for one year and Duncan, who died in late March of this year, allowed his children and grandchildren to avoid having his estate be subject to any estate tax. His net worth was valuated by Forbes at $9 billion.