Categories: EntertainmentFinance

James Gandolfini will: Almost half of his $70 million fortune will go to taxes

James Gandolfini’s estate is reportedly about to be gutted by the federal government.

James Gandolfini will calls for 80% of his estate to go to his sisters and his 9-month-old daughter Liliana, according to reports, which subjects them to death taxes – which are levied at a rate of about 55%.

The remaining 20% goes to his widow.

As written, the will subjects everyone involved to significantly more taxation than is normally the case.

“It’s a nightmare from a tax standpoint,” estate lawyer William Zabel told the New York Daily News, calling the segregation of assets a “big mistake” saying the will is “a disaster”.

The enormous tax bill – about $30 million – will be due in about nine months, according to William Zabel.

James Gandolfini, like most high net worth people, probably didn’t keep his assets in cash, which will force his family to sell off his multiple properties and liquidate other holdings to cover the bill, explained William Zabel, but they will have a little wiggle room.

James Gandolfini’s estate is about to be gutted by the federal government due to his disastrous will

“They can get an extension of time to pay the entire amount, but they’re going to have pay a substantial amount in nine months,” said William Zabel.

Though the exact amount of James Gandolfini’s estate is not known since an inventory does not have to be filed until December, estimating it to be worth $70 million leaves heirs to divvy up $40 million after taxes instead of $70 million before taxes, since the will calls for shares to be divided after settling the tax bill, according to the Daily News.

This leaves Deborah Lin, James Gandolfini’s widow, with a significantly smaller share of the pie, according to William Zabel.

“It’s a catastrophe,” the lawyer said.

Untouched by the taxation issues will be a $7 million life insurance payout to Michael Gandolfini, the actor’s 13-year-old son. Separate trust funds had also been set up for James Gandolfini’s wife and son prior to his passing, according to the Daily News.

James Gandolfini died last month in Rome after a massive heart attack. He was in Italy attending a film festival with his family.

Any royalties from his lengthy acting career in film and television going into the estate would also be subject to death taxes. It’s not yet clear whether they are set up to go into trusts or the estate, the Daily News reported.

Should the sisters and daughter renounce their shares in the estate, they would avoid taxes and be able to receive larger payments down the road, since they would default to Deborah Lin as spouses are not subject to the same rates of inheritance taxes as others.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago