Carley’s Corner - The James Gandolfini Estate
Many remember and still watch; the iconic HBO show The Soprano’s where James Gandolfini plays the Mob Boss Tony Soprano. The show had a remarkably successful run lasting six seasons, however, it was James Gandolfini’s performance as Tony that made it impossible to turn away. Fans loved and hated him, and when an actor can create those intense and powerful feelings in people from all walks of life, that is truly something special. The Soprano’s wrapped in 2007, and it appeared that James was in great health, however, at the young age of 51 he had a heart attack and died while on vacation in Rome.
James did in fact have a Will prepared at his time of death and he had done his estate planning…. Or so he thought. James had planned that his assets would go to specific individuals by dividing his estate between multiple beneficiaries using a Will. These beneficiaries included friends, two sisters, his son, daughter, and his most recent wife. What James Gandolfini did not do, was take proper steps to ensure that the IRS would not be the main beneficiary to his assets.
Gandolfini’s estate was valued at $70 million dollars. James had left 20% of his estate to his surviving spouse, however since he failed to set up a trust, the IRS collected close to $30 million in taxes! On top of that whopping $30 million in taxes, his estate also then had to be probated – losing even more! Gandolfini’s estate planning and Will were far too simple for the scope of his assets and left 80% of his estate unprotected from estate taxes. If James had simply done better estate planning, the $30 million dollar tax bill would be much less, while still achieving most of what Gandolfini was trying to accomplish through his Will.
What lesson can you take away from this? Do your estate planning! Do it the right way - educate yourself, meet with professionals, and ask all of your questions. It is nearly impossible to do proper estate planning when you do not understand the basics or understand your own estate needs. Professionals will guide you in the right direction and ensure you are leaving the legacy you wish. Another lesson you can take is to get an iron-clad Will drafted to protect your assets. If you own multiple properties, have foreign investments, own your own business, or to put it simply – have a large amount of money you want to protect, you will want to have a professionally drafted Will to protect your estate and assets.
At ETP Canada, we specialize in estate administration and easing life after death for Canadian families. If you find yourself needing guidance and support, contact us today to book a free consultation.
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.