He owns a hell of a lot more than 8MM units. EPCO, his privately held co., owns 172.6MM(27.8%) units of EPD and 108.7MM(78.1%) units of EPE. EPE in turn own 3.4% of EPD. So excluding any other holdings, DD owns approx. 189.3MM(30.5%) of EPD units.
It's highly likely he had an extremely detailed plan to preserve his legacy and ensure the least disruption possible upon his passing.
Surviving spouse gets up to $3 million step-up and others get $1.3 million. Or spouse can get $4.3 total step-up to FMV and to heck with the kiddos.
Drop in the bucket, but receiving distributions of 6-7% on billions is a lot of money. More then I could spend without feeling guilty about something.
I must have someone on ignore because I'm only seeing your side of the discussion.
But a correction: you are right that, unless Congress retroactively reinstates the estate tax this year, there is no Federal estate tax this year only. But there is also no step up to date of death value either. For small estates, the executor can step up the basis on no more than $ 1.3 million of assets to DOD value. Other than that, the estate or heirs inherit Mr Duncan's tax basis.
Does anyone know how old Mr Duncan was?
Who is this idiot talking about the company being sold.
This isn't Howard Hughes.... he owned 8M out of 616M shares. Geez this guy is but stupido and trying to whip up nonsense about how one person ran a company like some kind of king and that he surrounded himself with lackies and yes men.