Almost $30 million of the late James Gandolfini’s $70 million estate could be subject to a massive death tax, reports the New York Daily News.
Gandolfini, the former star of The Sopranos, died of a heart attack while vacationing in Italy, leaving 80% of his estate to his sisters and 9-month-old daughter. That 80% is now taxable and 55% of those taxes are owed in just nine months.
Read: Handle U.S. estate tax exposure
The family likely doesn’t have $30 million cash on hand, so many assets would have to be liquidated to even begin paying this sum.
Gandolfini did have a $7 million life insurance policy, which is exempt from tax. It still isn’t clear whether the future royalties from his television work will go directly to his estate or into a separate trust held by his wife. If they go straight to the estate, they will also be subject to the death tax.
Read the full story here.
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Death and taxes: what you need to know