James Gandolfini made millions playing a character who spurned the government every day, but in death, the IRS may claim almost half his fortune. Veteran estate tax lawyer William Zabel has called Gandolfini’s will “a disaster” from a tax planning perspective, with over $30 million of the actor’s estimated $70 million net worth now due to Uncle Sam. The star’s biggest mistake? Leaving 80 percent of the estate to his sisters and daughter. This bequest is subject to “death taxes,” levied at an eye-watering 55 percent rate. “It’s a catastrophe,” Zabel said, suggesting a bill would be due in nine months, forcing the family to start liquidating assets immediately. [Source]
(Quoted from http://now.msn.com/gandolfini-will-disaster-creates-dollar30-million-bill-to-the-irs on 7/14/13 @ 4:30pm)
