Celebrity Estate Lessons – James Gandolfini
October 25th, 2023
You have a will written and you think everything's going to be fine for your beneficiaries, but will it? Depending on your assets, they might not be inheriting as much as you think because of taxes.
When James Gandolfini died in 2013, 80% of his assets were left to his sisters and infant daughter. Because of the way the assets were left to them, they had to pay $30 million of his approximately $75 million net worth in taxes!
When his will was released, lawyers and tax professionals alike were aghast at how poorly it was executed. It's possible that in the six months between having the will drafted and his death he wasn't able to prepare his assets the way he was hoping, but either way that's a lot of money to lose to the IRS.
There are very simple ways to get around paying so much in taxes, like putting assets in a trust instead of willing them outright. We can go over this and other tactics with you to make sure your beneficiaries get what they deserve. Get in touch and we can set up a free consultation!
Categories: Celebrity Estate Lessons