Gandolfini Estate May Take $30 Million Tax Hit
The government will reportedly take $30 million from James Gandolfini’s estimated $70 million estate because of a will that has been called a "nightmare" and "catastrophic" from a tax standpoint.
According to reports, the late actor, who gained fame by playing Tony Soprano on HBO's The Sopranos, had an estimated net worth of about $70 million but "leaves heirs to divvy up $40 million after taxes instead of $70 million before taxes, since the will calls for shares to be divided after settling the tax bill."
That tax bill will be due in nine months, and his "will calls for 80% of his estate to go to his sisters and his 9-month-old daughter, according to reports, which subjects them to death taxes – which are levied at a rate of about 55%." His widow, Deborah Lin, will get the remaining 20%. But since the assets are segregated in the will, everyone will be subject to more taxation.
"It’s a nightmare from a tax standpoint," estate lawyer William Zabel told the New York Daily News, calling the will a "disaster."
Reports have also indicated the $7 million life insurance payout to his 13-year-old son Michael will not be taxed, but "any royalties from his lengthy acting career in film and television going into the estate would also be subject to death taxes."
Gandolfini passed away last month after suffering a heart attack in Italy while vacationing with his son Michael.
Photo credit: HBO