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James Gandolfini's Will A Disaster for Grieving Family

BY REBECCA SHEEHAN
NEWJERSEYNEWSROOM.COM

Share on Facebook!James Gandolfini, an iconic actor for the Garden State, left this world way too early on June 19th, and now all we have left are the memories and the gossip or where and who his will is left to.

The late “Sopranos” star left the bulk of his estimated $70 million estate to his 13-year-old son, Michael Gandolfini and his 8-month-old daughter Liliana. According to will which was dated December 19th and was filed in Manhattan Surrogate’s Court, Gandolfini’s son will get the largest chunk through a trust set aside for him until he turns 21, as well as all of his father’s jewelry and clothes. Michael, 13, will the late Gandolfini’s Italian property with his half-sister, Liliana, when she turns 25, though their father noted in the will he hoped they would “keep it in our family for as long as possible.”

Besides for his next of kin, the late Tony Soprano alsoleft $500,000 gifts to his nieces and several other gifts to friends and relations, including $200,000 each to his personal assistant and secretary, while the remainder of the estate will be split among his wife, sisters and daughter.

Although the Gandolfini family is doing their best to move on after their loss, they are going to have to deal with a little more drama beforehand because the taxman is coming after his heirs. According to a top estate lawyer, the late "Sopranos" star's will is "a disaster" that could see over $30 million of his estimated $70 million estate go to the government.

The 51-year-old's "big mistake" was leaving 80% of his estate to his sisters and his infant daugher, William Zabel said, after reviewing the documents at the request of the news. Because of his choices, 80% of the estate is subject to "death taxes" of about 55%, and the bill is due in nine months, according to Zabel.  20 percent of the estate that was left to wife Deborah Lin isn't directly subject to the death tax, but even she'll take a big hit as well, Zabel said. To sum it up, the family will have to start selling off his Gandolfini’s property and liquidating his assets soon in order to pay the tab.

"The government doesn't accept the fact that it's difficult to come up with the money you owe," said the lawyer, who's represented the likes of billionaire George Soros and "King of All Media" Howard Stern. "They can get an extension of time to pay the entire amount, but they're going to have pay a substantial amount in nine months."

A copy of Gandolfini’s will can be accessed at the following link: http://www.scribd.com/doc/151472900/James-Gandolfini-Will

 

 

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