Posted on 07/05/2013 2:44:09 PM PDT by GrandJediMasterYoda
James Gandolfini will a tax 'disaster,' says top estate lawyer
The late 'Sopranos' star's will is 'a disaster' that could see over $30 million of his estimated $70 million estate go to the government, top estate lawyer William Zabel told the Daily News.
By Dareh Gregorian / NEW YORK DAILY NEWS
The taxman is coming after James Gandolfini's heirs. The late "Sopranos" star's will is "a disaster" that could see over $30 million of his estimated $70 million estate go to the government, a top estate lawyer told the Daily News. "It's a nightmare from a tax standpoint," said William Zabel, who reviewed the document at The News' request. The 51-year-old's "big mistake" was leaving 80% of his estate to his sisters and his 9-month-old daughter, Zabel said. That made 80% of the estate subject to "death taxes" of about 55%, and the bill is due in nine months, Zabel said.
(Excerpt) Read more at nydailynews.com ...
Without the gov't, there'd be no TV, no Sopranos, and he'd have been a no-body.
lol! That’s right! It TAKES A VILLAGE!
Communists loathe inherited wealth, that is why the Death Tax is so popular to the leech and bureaucratic classes.
Call Warren Buffet and tell him your woes.
Obama needs it to start the vacation fund for his next trip. It takes a lot to get $100,000,000 together to keep the Obamas living the good life.
What I like is the time frame they give: 9 months. So in 9 months they have to sell off almost half of everything he owns lol! You vill pay NOW! They throw in the fascism as well as the communism. There’s a house for sale down the block from me, I think it’s been on the market for the past 5 years. Yeah selling real estate is easy!
Bambi’s and Moochelle’s sojourne was only 5 days!
($20 Million/day!!!)
Failing to plan is planning to fail.
what? doesn’t wanna pay their ‘fair share’, eh?
How much should he have left them for it not to be a tax nightmare?
The article says that he had a trust already set up for his family - raising the question why the will didn’t specify turning everything over to the trust.
I guess the IRS is going to make the Gandolfini family “an offer they can’t refuse.”
Zero. Leave it to a trust or foundation. Play the tax game. It costs a bit but can be done.
30 Million???? Moochelle can eat more than that on a Paula Dean Set
TT
He should have died six months earlier.
“How much should he have left them for it not to be a tax nightmare?”
It’s not how much he left to whoever, it’s how it’s structured. It seems to me he should have set up some trusts, etc. providing for the wife in her life but having the remainder going to his children, etc. I’m sure something similar could have been done for the sisters.
I’m not a tax or estate atty, but I did work for attys that specialized in this, it’s very complicated and the law is changing all the time.
I’m not sure the daughter’s share is affected by this, but maybe it is.
It’s also unclear why the son was not included in the will as it seems from this report.
I can’t imagine why such a wealthy man wouldn’t have gotten better advice on his estate planning, but maybe he didn’t care about avoiding the taxes, maybe he was a big lib and felt the gov’t should get “their share”, it’s not coming out of his pocket now, but those of his heirs to whom he’s giving a boatload of money no matter the tax hit.
Makes the lawyers look stupid though.
Inheritance confiscation is the hope and change Gandolfini voted for.
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