Certified New Jersey Elder Law Attorneys

McHugh & Macri
Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
Call 973-577-6010 For a Free Initial Consultation “Fee Free” Consultation

July 2013 Archives

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

Tax planning mistake could cost Gandolfini estate $30 million

The tragic death of James Gandolfini on June 19 stunned his family and shocked people who had grown to love the actor by watching him portray New Jersey Mafia boss Tony Soprano on television. Now Gandolfini's family is being dealt a blow by the IRS. The provisions of the late actor's will leave 80 percent of his $70 million estate unprotected, and a lack of adequate tax planning will allow state and federal estate taxes to consume up to $30 million of it.

Steps to an effective estate plan

While most adults realize that having an estate plan is important, the majority of people do not have estate plans in place, according to a recent survey. However, neglecting estate planning can cause significant problems, such as having one's estate held at the mercy of state laws that determine who receives a person's assets and how their assets should be divided. Individuals in New Jersey can take certain steps to ensure that they have a solid estate plan in place.

Leaving Your Legacy: Why an Estate Plan is Essential

New Jersey residents should be aware of the necessity of having an estate plan. It is never too early to put one in place, and no one has too little wealth to need one. An adviser recently noted that the most frequent mistake people make is assuming that they are too young to plan their estate, so they neglect planning at all. Having an estate plan guarantees that one's assets are distributed the way one sees fit.

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McHugh & Macri
49 Ridgedale Avenue 
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East Hanover, NJ 07936
Phone: 973-577-6010
Fax: 973-887-6237
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