Even celebrities need estate planning. In this nonstop news cycle world there are fans that follow every move of a celebrity’s life. You probably found out soon after the fact that actor James Gandolfini had passed away. If this article is to be believed, Mr. Gandofini had updated his plans recently. Outside of the amount of money involved and the relative fame of the deceased, the structure of the estate seems somewhat commonplace.
The majority of the actor’s wealth was left to his son from his previous marriage. There is nothing unusual about that at all. There can be tax advantages to placing assets in a trust. However, there are other practical reasons for the trust because the child is not an adult.
The story also reports that the estate was updated shortly after the birth of his daughter. Once again, this is the type of estate revision that you would consider when you have an addition to the household. Needless to say, the daughter’s part of the estate is in a trust. Interestingly, the article states that other provisions had been made for the current wife. Was a prenuptial agreement in place?
There is no mention of any assets going to the previous spouse. The other beneficiaries, the actor’s sisters, nieces, friends and his personal assistant, are all people almost anyone may list in their will.
In the end, this will is not much different than you may choose to write given similar circumstances.
Latest posts by Stephen Unsworth (see all)
- Can an Irrevocable Trust Be Changed? - March 25, 2019
- Estate Planning for Family Owned Businesses and Farms - March 18, 2019
- What Are the Responsibilities of the Probate Court? - March 6, 2019