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CHAPTER 18 n KEEP YOUR PLAN CURRENT o
Postmortem of Gandolini’s Estate Plan
James Gandolini was best known for his portrayal of Tony So- prano, a ruthless mob boss who struggles with depression. In real life his situation was also complicated. He married twice and had a child from each union. His son, Michael, from his marriage to Marcy Wudarski, was 14 when Gandolini died suddenly, in 2013, at age 51. At the time of his death he was married to Deborah Lin. The couple’s daughter, Liliana, was born two months before he signed his will; her birth likely motivated him to redo his estate plan.
Gandolini provided amply for both children, but they may not wind up with equal shares. Under the will, Michael will receive all his father’s clothing and jewelry. He is also the beneiciary of a
$7 million life insurance policy owned by a trust – an arrangement required as part of the divorce settlement with Wudarski.
The will gives Liliana 20 percent of the residuary estate – what is left after estate expenses, taxes and speciic sums have been paid
to others named in the will. She gets control over these funds at
age 21, which is sooner than many people think advisable (better to wait at least until she’s inished college).
There was also a house in Italy that Gandolini wanted his chil- dren to share and keep in the family, according to his will. It is to be held in trust until they have both reached age 25, at which time they will own it outright, in equal shares.
After the will became public, tax pros had a ield day commenting on what they consider to be faulty planning that will cause Gandolini’s heirs to pay more estate tax than necessary. Much of this analysis is specula- tive, since the actor probably also had signiicant assets that do not pass through probate. Had he relied on a living trust, which unlike a will is not a public document, his plan would have remained much more private.
allocating funds for college (Chapter 9), subsidizing young families (Chapter 10) and setting up special grandchildren’s trusts (Chapter 14).
Losing a spouse. This life-altering event can leave you feeling emotionally adrift for a very long time. In the short term, it also will saddle you with inan-
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