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Home >> Gandolfini Estate to Take a Large Hit on Estate Taxes

Gandolfini Estate to Take a Large Hit on Estate Taxes

August 30, 2013 by Robert Kulas. Leave a Comment

When “Sopranos” actor James Gandolfini died in Italy this June of a heart attack, he not only left behind two young children, a wife, and a sizable estate, but he also left behind a last will and testament that is making many people review their own. Gandolfini died leaving behind assets worth an estimated $70 million. Unfortunately, because he left inheritances through his will that far exceed the federal estate tax exemption limit, it appears that his heirs will have to pay a sizable portion of their inheritances to the federal government.

Gandolfini’s will was recently filed with a New York Surrogate’s Court, the New York equivalent of a Florida probate court. The will details that Gandolfini left most of his property to his two children and his wife. The rest he divided between his sisters, nieces, and several close friends. Because his children are still minors, Gandolfini’s will directs that the inheritances they receive will be held in trust until they reach the age of 21. Until then, a trustee will manage their property on their behalf.

Yet many estate planning attorneys are shaking their heads at how the will apparently took no consideration of estate tax laws. As it appears now, the $70 million Gandolfini estate will be taxed by almost $30 million before any inheritances can be distributed. Had he taken some basic estate planning steps, Gandolfini could have preserved much of that wealth.

Filed Under: Taxes, Wills and Trusts Tagged With: estate tax

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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