James Gandolfini, Michael Jackson, and Learning From Celebrity Estate Planning Mistakes

In June, actor James Gandolfini died in Italy while on vacation with his family. The actor was best known for his role as Tony Soprano in the HBO show “The Sopranos.” His success as an actor allowed him to leave behind a sizable estate, worth an estimated $70 million or more. Unfortunately, though Mr. Gandolfini had created an estate plan, he also apparently made some serious estate planning mistakes along the way. Along with other famous celebrities who passed away after having incomplete plans, there is a lot we can learn from actors like missile in the Feeney and others. Gandolfini may not have considered estate taxes. Gandolfini divided most of his estate between his wife, children, nieces, and other friends and family members. Though his children were young, Gandolfini directed that their inheritances will be held in trust until they reach 21. This is type of trust, known as a testamentary trust, is a very common elements that people with young children include in their wills


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s