Saturday, July 6, 2013
As I have previously discussed, last week in Italy "Sopranos" celebrity James Gandolfini died leaving an estate worth $70 million behind. Gandolfini's will was filed in Manhattan Surrogate's Court. His will left millions to friends and family. According to estate attorney William Zabel despite Gandofini's good intentions to share the wealth the government might take $30 million of his estate. It seems that Gandolfini's mistake was that he left 80% of his estate to his sisters and infant daughter. That made 80% of the estate subject to a death tax of close to 55%. The deadline to pay the tax is nine months. The family is expected to try to liquidate assets to cover the bill.
See Dareh Gregorian, James Gandolfini Will a Tax 'Disaster', says Top Estate Lawyer, Ny Daily News, Jul. 5, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.