The other day a friend and colleague of mine sent me a link to an article about James Gandolfini and his last Will/estate plan – here’s the link: http://www.cnbc.com/id/100910985.
The idea behind the story is that – maybe – some “mistakes” were made in creating the actor’s Will and estate plan. But here are what I consider the most important points to take away from the article and the story itself:
- James Gandolfini was only 51 years old when he unexpectedly died. IT IS NEVER TOO SOON TO THINK ABOUT AN ESTATE PLAN, CREATING AND PRESERVING YOUR LEGACY, AND PROVIDING FOR YOUR LOVED ONES.
- The article talks about “inefficient” tax planning. MINIMIZING ESTATE TAX EXPOSURE IS JUST ONE OBJECTIVE OF ESTATE PLANNING. Maybe Gandolfini’s estate plan achieved exactly what he wanted and that tax exposure was not high on his list of priorities.
- Finally, even though Gandolfini was an accomplished actor with an estate worth much more than the average person, his estate involved quite common issues and circumstances – a child from a previous marriage, ownership of real estate and a vacation home in a different location, the creation of trusts for minor children, and how to effectively use insurance as part of your estate plan.