While his death happened two years ago, there are plenty of estate planning lessons to be learned from the estate of Sopranos star James Gandolfini. In light of the fact that his death is in the recent past, it’s a good reflection of how long documents and planning tools take to wind through the court process. 

Disposing of 80 percent of his assets through his will left behind large estate taxes, even though a revocable trust would have avoided some of these penalties. Such a trust could have been used in conjunction with a “pour-over will”, where all assets are transferred into the trust.

Trusts for his children could have been structured as lifetime distributions, avoiding the challenges associated with immaturity potential. If this has been done, the lump sum of money would have been transferred to the children in their early 20s.

His foreign property was left to one child within his will, but it could be overridden with Italian inheritance laws. This could lead to potential will contests and no funds being present for considerations of upkeep.

To help ensure that your estate is planned for appropriately, contact us today to set up a consultation.