Estate Planning Mistakes of the Rich and Famous – Gangster Edition
The Rich and Famous can teach us a lot about what not to do in our estate planning. In this series, we will examine their mistakes and try not to repeat them.
Gangster edition–We begin with a look at James Gandolfini. You probably remember him from The Sopranos, where he played Tony Soprano. The highly acclaimed show ran for six seasons and wracked up a shelf full of awards. In addition to his starring role in the hit show, he starred in many movies and even produced some. Needless to say, Gandolfini made a lot of money from his acting career. Unlike so many people, famous and otherwise, he did put a Will in place just six months before his very early death at age 51. However, the simple structure was not appropriate for someone worth $70 million. The end result of which was his family paid $30 million to the IRS straight off the bat. Granted, most of us don’t have those kinds of problems. However, we can all learn from this mistake. Gandolfini had an estate plan that was way too simple for his family’s needs. That can happen to anyone. It is entirely possible and common for the opposite to occur as well, with documents that are way too complex. Anyone with a Will older than 2013 may very well have automatic formulas based on the old estate tax thresholds. Most people no longer need those kinds of restrictive measures for the beneficiaries. It is important that you have estate planning documents that are not too simple or too complex for your particular situation. You should get your documents out and give them a look to see if they are still appropriate for your situation. We would love to help you put something in place that fits your family’s needs like a glove.
Email us at [email protected] to find out how we can help you put a plan in place or fix the one you have.