By Dan Caplinger | Daily Finance
In “The Sopranos,” the IRS didn’t stand a chance against Mafia boss Tony Soprano. But thanks to poor planning, the IRS will be the biggest beneficiary of actor James Gandolfini’s estate.
Gandolfini died with an estate worth an estimated $70 million. But in what estate lawyer William Zabel referred to as a “catastrophe” in an interview with the New York Daily News, Gandolfini’s will left about 80 percent of his estate unprotected against estate taxes, with rates that will add up to about 55 percent when you consider both the federal and state portions.
What’s worse, some well-established estate planning techniques could easily have avoided much of that bill while still achieving most of what Gandolfini was trying to accomplish.
Statement by Laura Bianchi, head of Rose Law Group Estate Planning/Asset Protection Department: “So many people do not grasp the truly devastating effects that failing to have a proper estate plan in place can have on their loved ones left behind. This is yet another sad example if that.”
If you’d like to discuss estate planning, contact Laura Bianchi, head of Rose Law Group Estate Planning/Asset Protection Department, lbianchi@roselawgroup.com
