James Gandolfini passed away suddenly last year, leaving not only his legacy as the star of The Sopranos, but also an estate plan we can all learn something from.
The star’s death was shocking, especially for the two young children Gandolfini left behind. Luckily, Gandolfini did have a will, albeit a hastily made one after his daughter was born. You may be wondering why the affairs of his estate are so public, and why estate planning attorneys all over the country are using his death as a “What Not To Do In Estate Planning,” example. The fact is, instead of using a revocable living trust to keep his affairs private and outside of probate court, Gandolfini’s estate plan boiled down to primarily his will.
Wills must pass through probate and they become public record, exposing all the gifts made in them to the whole world. Probate is also more expensive, and gives more opportunity for family fighting. The takeaway here is to certainly have a well drafted will, but to also create a Trust.
Gandolfini’s will divided his estate, estimated to be worth between $70 million and $80 million, among family members and others close to him. Unfortunately, it did not properly address all his property or whether his children would be ready to inherit millions of dollars in their early twenties. His daughter, will receive 20% of the balance of his assets that pass through probate court when she turns 21. That could be as much as $4.0 Million. Does anyone believe a 21-year old has the maturity to receive and properly manage $4.0 Million?. If Gandolfini had created a trust, or at least a decent will, he could have laid out exactly when monetary gifts were to be distributed, and in what amounts.
The lack of a trust led to other unnecessary complications, including publicity, and estate taxes that could have been avoided. If Gandolfini had established a trust and a good plan, he could have taken full advantage of the $5.12 million lifetime exemption for estate taxes and done a lot more.
Gandolfini was only 51 years old when he passed away. Like many people, he started his estate plan before he left for vacation, and probably said the famous words we all use too often, “I’ll finish it later.” Six months passed, and he never completed his estate plan. Tragically, he suffered a sudden heart attack which took his life.
Do not make the same mistake of putting off finishing your estate plan. If you have not started yet, it is never too early. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.