James Gandolfini’s unexpected death last month in Italy is back in the news, this time because a large portion of the actor’s $70 million estate reportedly will be subject to the federal estate tax.
The will left by Gandolfini, best known as the complex mob boss Tony Soprano in the HBO television series "The Sopranos," is "a disaster," says a New York estate tax attorney.
William Zabel, who was asked by the Daily News to review Gandolfini’s will, says the document is "a nightmare from a tax standpoint."
The 51-year-old actor made a "big mistake" by leaving 80 percent of his estate to his sisters and his 9-month-old daughter, Zabel told the New York City tabloid.
The bottom line per Zabel’s calculations is that Gandolfini’s estate could owe Uncle Sam as much as $30 million.
Estate taxes at federal and state levels: In 2013, up to $5.25 million of an estate’s assets are exempt from federal taxation thanks to the American Taxpayer Relief Act passed earlier this year.
For amounts in excess of the exemption level, which is adjusted annually for inflation, the top federal estate tax rate is 40 percent.
James Gandolfini estate plan is a ‘tax disaster’ – Don’t Mess With Taxes