When James Gandolfini, one of the most recognizable actors of the last decade, died
of a heart attack while on vacation last month, the response was as intense as
you might have expected for the man who was Tony Soprano.
But then something odd happened: a few weeks
after he died, the discussion shifted to his will, which, unlike the wills of
most wealthy people, quickly became public. Almost immediately, many experts
found fault with its contents, saying it was so unwisely constructed it could
lead to lawsuits from his heirs.
Many of you may have seen the
news recently of the passing of James Gandolfini, famous TV star of the show
“The Sopranos”. His sudden death was a shock to his friends, family and fans.
What was also rather shocking was the state of his estate.
Indeed, few estate plans in
recent years, celebrity or otherwise, have received such biting criticism as
that of Mr. Gandolfini. What happened? More to the point, what should have been
done?
The reviews of Gandolfini’s
estate planning have captured as much airtime as the unfortunate news of his
passing. In turn, this has prompted more than a few editorials and guides
arm-chair-quarterbacking his estate plan (or lack thereof). Consider, for
example, practical articles like Learning From Gandolfini's Estate Plan
'Disaster'” from Financial
Adviser or “6 Estate Planning Lessons From James
Gandolfini's Will” from Forbes.
Why all of the attention? Aside
from the celebrity value, there is the sheer amount of taxation accidentally
and disastrously wrought through various ill-conceived gifts. To put it in
numbers, the estate tax bill is estimated to be at nearly $30 million, which is
hard to believe since his entire estate is “only” $70 million.
Is that the full story?
According to fleeting words from Gandolfini’s estate planner as reported in The New York Times article titled “A Public Debate Over the Wisdom of
Gandolfini’s Will,” there may be more in play.
All the same, there are few
estates that so vividly portray the values (and value) of estate planning,
either in the form of taxes saved or in simple terms of privacy. A fact lost on
no commentator is that the Gandolfini estate entered probate, baring the will
and the whole process to the prying eyes and opinions of the world.
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Reference: The New York
Times (July 19, 2013) “A Public Debate Over the Wisdom of
Gandolfini’s Will”
Financial Adviser (July 19, 2013) “Learning From Gandolfini's Estate Plan
'Disaster'”
Forbes (July 20, 2013) “6 Estate Planning Lessons From James
Gandolfini's Will”