Duncan’s Estate Didn’t Benefit from Estate Tax Lapse

As I previously blogged, many reports discussed how the heirs of Dan Duncan were hitting the estate tax lapse jackpot due to the timing of Duncan’s death. A spokesman for the Duncan family says that those reports are unfounded, and that the timing of Duncan’s death in 2010 had little effect on the estate taxes paid by Duncan’s estate.

While Duncan held a controlling interest in his company, his children have owned almost all of the economic interests for years. In addition, the majority of the remainder of his assets will pass to his charitable foundation and his wife; both estate-tax free transfers.

The private family company, charitable bequests, and transfers to a marital trust are all typical estate planning tools that Duncan has had in place for 30 years. The fact that he died in 2010 had little effect on Duncan’s estate tax bill.

See Clifford Pugh, No Benefit to Dan Duncan’s Heirs from Estate Tax Loophole, Spokesman Says, CultureMap, Oct. 18, 2010.

Special thanks to Peter Parlapiano (2011 MBA/M.S. PFP candidate, Texas Tech) for bringing this article to my attention.