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.
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”