{"id":437,"date":"2013-08-15T11:54:00","date_gmt":"2013-08-15T15:54:00","guid":{"rendered":"https:\/\/serverbays.com\/apps\/demo\/sctest\/?p=1"},"modified":"2020-09-22T13:24:49","modified_gmt":"2020-09-22T17:24:49","slug":"james-gandolfinis-estate-plan-its-nobodys-business","status":"publish","type":"post","link":"https:\/\/berwitz-ditata.com\/james-gandolfinis-estate-plan-its-nobodys-business\/","title":{"rendered":"James Gandolfini\u2019s Estate Plan &#8211; It\u2019s Nobody\u2019s Business"},"content":{"rendered":"<style type=\"text\/css\"><\/style><h1><\/h1>\n<p>Some topics are meant to be private. This list should include \u201cwhat happens with my money and property when I pass away.\u201d People are generally unaware that a Last Will and Testament is a public record. After you die, if a Last Will and Testament is the means by which your estate is administered, your affairs are anything but private. There are alternate means of disposing of one\u2019s assets, such as a revocable trust, which would not become part of the public record.<\/p>\n<p>Following the recent and untimely death of James Gandolfini, known to many for his role as Tony Soprano, major media outlets have been covering what is seemingly the celebrity\u2019s poorly structured estate plan that will lead to an estimated 30 million dollars in estate taxes. Every major newspaper, television station, radio show and internet blog has quoted estate attorneys and financial planners who have dissected Mr. Gandolfini\u2019s intentions in designing the plan, its beneficiaries, and whether he was aware of its tax consequences. Perhaps the biggest mistake made by Mr. Gandolfini and his estate planning advisors was not the failure to incorporate effective tax planning strategies but the failure to protect it from public scrutiny. Mr. Gandolfini\u2019s estate plan could have remained a private matter for his family.<\/p>\n<p><strong>For many, taxes are only a secondary concern<\/strong><\/p>\n<p>People fail to realize that, although tax planning is critical, it is only one factor in an overall estate plan. For most people, the question of \u201cwho\u201d comes before the question of \u201chow much,\u201d even if certain tax advantages will be lost by giving to person \u201cX\u201d instead of to person \u201cY.\u201d It is possible that, even to Mr. Gandolfini, providing for a particular beneficiary was more important than avoiding taxes.<\/p>\n<p><strong>The benefit of estate planning: privacy is not just for celebrities<\/strong><\/p>\n<p>It is not only the super wealthy who want their estate plan to remain private. Death records, including a Last Will and Testament, are public records. They are easily accessible in the Surrogate\u2019s Court in the county where the decedent resided. There are many reasons why one might desire for his or her Will to remain private, for example, if a person wants to leave unequal amounts of money to different children, or wants to provide for children from a prior marriage, or does not want certain family members to know that they were not chosen as an executor or trustee or guardian.<\/p>\n<p><strong>Keeping it private \u2014 the revocable trust<\/strong><\/p>\n<p>A simple means of avoiding the notoriety received by Mr. Gandolfini\u2019s estate plan, or failure to plan, would have been to use a revocable trust instead of, or in addition to, a Will. A revocable trust is known as a \u201ctestamentary substitute\u201d because it can be used as a vehicle to distribute assets upon death, similar to a Will. However, unlike a Will, a revocable trust is not a public record. No one has the right to know who was chosen to serve in a trusted position, or which family members received which assets, or who was disinherited. Berwitz &amp; DiTata LLP&#8217;s <a href=\"https:\/\/berwitz-ditata.com\/new-york-trust-attorney\/\">trust attorneys<\/a> can assist you in devising an estate plan using techniques to help keep your plan private.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some topics are meant to be private. This list should include \u201cwhat happens with my money and property when I pass away.\u201d People are generally unaware that a Last Will and Testament is a public record. After you die, if a Last Will and Testament is the means by which your estate is administered, your&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-437","post","type-post","status-publish","format-standard","hentry","category-articles"],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"berwitzandditata","author_link":"https:\/\/berwitz-ditata.com\/author\/berwitzandditata\/"},"_links":{"self":[{"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/posts\/437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/comments?post=437"}],"version-history":[{"count":0,"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/posts\/437\/revisions"}],"wp:attachment":[{"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/media?parent=437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/categories?post=437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/berwitz-ditata.com\/wp-json\/wp\/v2\/tags?post=437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}