July 16, 2010 |
If you're rich, 2010 is a great year to die. This is the year that Congress has allowed the estate tax to lapse, allowing heirs to receive their windfalls without Uncle Sam taking a cut for the first time in nearly 100 years. A reminder came this week with the passing of billionaire New York Yankees owner George Steinbrenner. The baseball titan's heirs are likely to escape about $500 million in taxes, experts estimate, a fortune that has spotlighted Bush-era tax policies and the long debate over whether government spending or tax cutting is best for a shaky economy.
December 11, 2008 |
Princeton University will pay nearly $100 million but maintain control of a much-larger endowment that supports its school of public affairs, under a settlement between the school and disgruntled heirs of a major donor. The 6-year-old case pitted heirs of Charles and Marie Robertson, who held the A&P grocery fortune, against the university. In dispute was a 1961 gift of $35 million, which grew to $900 million, to support Princeton's Woodrow Wilson School of Public and International Affairs.
July 18, 2012 |
The Walton family, heirs to the founders of the Wal-Mart Stores Inc. superchain, are worth nearly as much as the bottom half of American households combined. The Waltons' value -- $89.5 billion in 2010 - is equal to the worth of the 41.5% of families at the lower end of the income ladder, according to an analysis by Josh Bivens of the Economic Policy Institute. That comes out to 48.8 million households. And as the mid-point of family net worth fell 38.8% in the U.S. between 2007 and 2010 to $77,300, the Waltons' fortune grew an inflation-adjusted $16.2 billion.
March 28, 2014 |
The son of infamous German art dealer Hildebrand Gurlitt, who helped Adolf Hitler hoard art looted from Jews during the Holocaust, says he's now willing to return works his father had acquired to the heirs of their victimized owners. Attorney Christoph Edel, a court-appointed legal guardian for the 81-year-old Cornelius Gurlitt, issued a statement on Gurlitt's website this week saying that Gurlitt has told him, “if the works…should be justifiably suspected of being Nazi-looted art, please give them back to their Jewish owners.” Added Edel: “Let there be no doubt that we will comply with the instructions of our client.” It's a stronger commitment than Gurlitt previously had made.
July 29, 2010 |
The heirs of the Budapest-based Jewish banker Mor Lipot Herzog have filed a lawsuit in U.S. courts against Hungary and its leading national museums, seeking the return of what they have identified as more than 40 works of art looted from Herzog's collection during the Holocaust. The lawsuit values the artworks, including well-known paintings by Lucas Cranach the Elder, El Greco, Francisco de Zurbaran and Gustave Courbet, at more than $100 million. "This is one of the largest — if not the largest — restitution claims ever filed in U.S. courts by a single family against another nation," says Michael S. Shuster, the New York attorney representing the family.
September 25, 2007 |
The German city of Hanover returned a painting by Lovis Corinth to the heirs of a Jewish collector who sold it in 1933 to fund his escape from the Nazis, the mayor's office said. The painting, "Romische Campagna" ("Roman Landscape"), dating from 1914, was handed Monday to Curt Glaser's heirs, represented by his niece, who lives in the U.S., and her daughter, according to Hanover's website. The painting is valued by insurers at $620,000, the Hanover statement said.