Skip to comments.A Breakdown Of What Will Happen To James Gandolfini's $70 Million Fortune
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 Surrogates 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 dads 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 dads 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 ...
Here’s a copy of Gandolfini’s will:
The bulk will actually go to taxes.
A good chunk of his money will help pay for one of Obama’s vacations. I don’t know what Italy will do.
Crime does pay. At least the Hollywood version of it does.
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.
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.
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.
I know several people with a sizeable fortune and they have life insurance to pay estate taxes upon death.
they have life insurance to pay estate taxes upon death.
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.
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
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.
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.
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.
“Can I be your friend, godfather?”
So those acting gigs can be quite lucrative
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.
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.
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?