Home Breadcrumb caret Tax Breadcrumb caret Estate Planning Breadcrumb caret Industry Breadcrumb caret Industry News Breadcrumb caret Tax News Family of former Sopranos star facing estate tax nightmare 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. By Staff | July 15, 2013 | Last updated on September 15, 2023 1 min read 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. Also read: Death and taxes: what you need to know U.S. tax law requires strategic planning Estate planning for Martian pioneers Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo