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A Breakdown Of What Will Happen To James Gandolfini's $70 Million Fortune
Business Insider ^ | 07/03/2013 | Aly Weisman

Posted on 07/03/2013 8:15:44 AM PDT by SeekAndFind

James Gandolfini died unexpectedly in Italy last month, but luckily the 51-year-old actor already had a will in place. The "Sopranos" star was worth a reported $70 million, according to the New York Post, who got their hands on a copy of Gandolfini's will — which was filed in Manhattan Surrogate’s Court Tuesday.

According to the document, Gandolfini left millions of dollars to relatives and friends — including his personal secretary and assistant.

But the bulk of Gandolfini's fortune will go to his two children — “beloved’’ son Michael, 13, and daughter Liliana Ruth, 8 months.

Michael, who was with his father when he died in Italy, will receive the funds through a trust he will be able to access when he turns 21.

"Through the trust, he will also get first dibs to buy his dad’s Greenwich Street condo in the West Village. The home comes with a precious parking space," writes the Post. "Michael also automatically gets all of his dad’s clothing and jewelry."

Michael will share his father's property in Italy with his half-sister Liliana, when she turns 25.

"It is my hope and desire that they will continue to own said property and keep it in our family for as long as possible," he states in the 17-page court document.

Gandolfini's second wife, Deborah Lin, and his two sisters, will also receive millions.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Society; TV/Movies
KEYWORDS: jamesgandolfini
Strictly for those who are interested... If you don;t know who he is or don't give a hoot, you don't have to tell us.
1 posted on 07/03/2013 8:15:44 AM PDT by SeekAndFind
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To: SeekAndFind

Here’s a copy of Gandolfini’s will:

http://www.scribd.com/doc/151472900/James-Gandolfini-Will


2 posted on 07/03/2013 8:16:29 AM PDT by SeekAndFind
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To: SeekAndFind

The bulk will actually go to taxes.


3 posted on 07/03/2013 8:20:13 AM PDT by Ingtar (Everyone complains about the weather, but only Liberals try to legislate it.)
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To: SeekAndFind

A good chunk of his money will help pay for one of Obama’s vacations. I don’t know what Italy will do.


4 posted on 07/03/2013 8:23:37 AM PDT by pallis
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To: SeekAndFind

Crime does pay. At least the Hollywood version of it does.


5 posted on 07/03/2013 8:26:01 AM PDT by 0.E.O
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To: pallis

DING, DING, DING, we have a winner.

He died at the wrong time. Had he died when the Estate Tax went to Zero ( I believe in 2010 ), his heirs and family might have escaped the Estate Tax ( AKA DEATH TAX ).

George Steinbrenner, the billionaire and long-time New York Yankees owner, avoided the federal estate tax, by dying at the right time.

I’m not even sure if NJ has a death Tax ( neighboring NY has ).

I believe it’s possible to arrange your affairs to escape this though... I hope he did.


6 posted on 07/03/2013 8:27:27 AM PDT by SeekAndFind
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To: SeekAndFind

He was a big lib so how could he be anything but happy to have a large chunk of his estate go to a Democratic governmental black whole instead of his family?

He voted for it.


7 posted on 07/03/2013 8:34:50 AM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: SeekAndFind
The subject of wills has already fascinated me. I've often wondered if it is wise to leave a fortune, or even a small fortune, to your children. Wouldn't that have a disincentivizing effect on your children's desire to go out and make something of themselves in the world?

What I mean by that is that if you are 15 years old and you realize that when you turn 21, you will have access to millions of dollars and never have to work a day in your life, how hard will work in school? What kind of career would you plan for yourself? Or maybe you will not plan a career at all.

Perhaps if you are in this situation, you would rather spend your adult life hanging out at trendy nightclubs, having sexual relations with various beautiful people, whiling away your morning hours in coffee shops, sipping lattes and lazily reading the latest novel? Or would you take up golf and tennis, not as a professional endeavor but one of leisure? Would you not spend a lot of time sitting on the beach at some tropical location sipping umbrella drinks while watching the regular world slip on by? What about casinos? Would you piss away daddy's money at the baccarat table with some blonde bimbo on your arm?

All of the above has happened to "trust fund babies" and more.

Do you really want your children living that sort of hobo existence with the money you spent most of your life working so hard to earn? Or would you rather keep your children hungry so that they will strive to make their own way in the world - on their own terms?

Anyway, that is an interesting question to be pondering on this warm, steamy, pre-Independence Day morning.

8 posted on 07/03/2013 8:36:24 AM PDT by SamAdams76
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To: SeekAndFind
I believe it’s possible to arrange your affairs to escape this though... I hope he did.

I know several people with a sizeable fortune and they have life insurance to pay estate taxes upon death.

9 posted on 07/03/2013 8:36:26 AM PDT by Hyman Roth
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To: Hyman Roth
Insurance industry lobbiests earned their pay when they the estate tax came back.

they have life insurance to pay estate taxes upon death.

10 posted on 07/03/2013 8:40:42 AM PDT by DManA
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To: CaptainK

He wasn’t a ‘big’ lib but just a lib. A “big” lib doesn’t go to Iraq with Tony Sirico (Paulie Walnuts) to visit our troops nor does a lib make wounded vets part of his charity.


11 posted on 07/03/2013 8:43:45 AM PDT by max americana (fired liberals in our company after the election, & laughed while they cried (true story))
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To: SamAdams76

If I made a ton of money I would LOVE to make my children’s lives easier, but I would include strict instructions on how I made it, and how they should NOT just spend it- because once it is gone they are too old to earn it back.

It is so true that it takes money to make money. If I had $1million right now I would have $10million within 10 years


12 posted on 07/03/2013 8:44:42 AM PDT by Mr. K (There are lies, damned lies, statistics, and democrat talking points.)
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To: max americana

Kathy Griffin visited the troops and went to hospitals. I guess that means she’s not a big lib.

Gandolfini voted for Kerry and Obama. He voted for inheritance confiscation.


13 posted on 07/03/2013 8:52:06 AM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: Mr. K

I remember reading about one particular person who left his money to his son with very specific conditions attached. I believe the money could only be used to fund a business endeavor in which the son was actively involved and the business plan would need independent approval so that the son couldn’t just start a bogus business just to get access to the money.


14 posted on 07/03/2013 8:52:41 AM PDT by SamAdams76
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To: SamAdams76

Kids are already growing up that way under OBambi lol

I’ll pass all of it to my kids and The Lord willing I’ll do well enough to offset the Communist-DemoRat best efforts to share the wealth!

For every Kennedy, there are 100 good examples... You just don’t hear about them.


15 posted on 07/03/2013 9:09:31 AM PDT by WomBom ("I read Free Republic for the pictures")
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To: SeekAndFind

“Can I be your friend, godfather?”


16 posted on 07/03/2013 9:27:30 AM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: SeekAndFind

So those acting gigs can be quite lucrative


17 posted on 07/03/2013 9:31:10 AM PDT by AtlasStalled
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To: SamAdams76

Not necessarily, think Howard Hughes. He inherited 100,000 and turned it into millions. I’m sure there are other examples as well. But I would venture to say that the other side of the coin probably does far out way those who inherit large sums and turn that into larger sums.


18 posted on 07/03/2013 9:50:00 AM PDT by Robert DeLong (u)
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To: SeekAndFind

Hardly any surprise and rather typical for a person to leave his estate to his kids, wives and family members. However what should be news is how much the government will take from his estate in death taxes. Doesn’t the government take like 55% off the top plus I’m sure the state of New York will extract its pound of flesh.


19 posted on 07/03/2013 10:47:27 AM PDT by The Great RJ
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To: SamAdams76

A close childhood friend of mine was given $100,000, along with his 4 other brothers and sisters by their grandmother.

My friend spent all of his money on lose woman, cocaine and high living.

Guess who didn’t get any money when his grandmother finally died?


20 posted on 07/03/2013 11:43:05 AM PDT by foxpro2
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To: SeekAndFind

Who will get this place in the will? Paully? Sil may be dead, Christopher and Bobby are dead, and Uncle Junior is in the loony bin.

21 posted on 07/03/2013 11:49:54 AM PDT by hawkeye101 (GOOGLE IS EVIL!!!!)
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