Tax Lessons from James Gandolfinis Will Mr. Gandolfinis untimely death left a hole in the lives of friends, family, and fans throughout the world. Sadly, not everyone was saddened by news of his passing. The powers that be at the IRS could safely consider it a windfall as they walked off with nearly 55 percent of his assets. Sadder still is the fact that much of this money could have gone to the people who meant to have it had he planned a little better ahead of time. Granted, James Gandolfini wasnt thinking about dying. He was focused on living for the most part. Thats how most people prefer to live and go about their business. However, the sad fact remains that no one is guaranteed another day. Nothing brings this point home better than the nature of Mr. Gandolfinis passing at the age of 51. Learn your lessons from Gandolfinis will and dont let the same thing happen to your family if your time on earth ends far too soon. Create a Revocable Living Trust to Keep the Details of Your Will Private Beyond all else, the public nature of Gandolfinis will made the process even more difficult for the family to endure. Dont allow that to happen to your family. Keep the details of the document a secret by creating a revocable living trust. Its a simple process that keeps the details of the will private because it avoids the probate process, which renders the documents public. When you make it private, this information is only available to the people directly impacted by the will. Revisit Your Will as Life Circumstances Change Family members die, relationships grow stale, partnerships dissolve, and children are born and then grow up. Sometimes, there are grandchildren involved. What was good for your will at the age of 30 isnt necessarily the wisest course of action for your needs, and those of your family, once you turn 45, 50, or 70. Every time you have a child or grandchild born, your needs in a will evolve. Thats why its so important to keep your will up-to-date and revisit it often. Avoid Releasing Assets at Vulnerable Times James Gandolfinis daughter is going to come into a rather large sum of money upon her 21st birthday. Unfortunately, in the lives of most, this is not the most mature decision making point in life. Its often wiser to hold the money in trust until later in life, around the ages of 35 or even 40 while providing a modest monthly release of funds to assist with living expenses up to that point. Taxes in life and death, are inevitable. However, there are things you can do to minimize the taxes you pay both in life and in death in terms of death taxes. You dont have to leave your family with such a large tax burden nor give away more than your share to the IRS. Consult your accountant today to avoid estate-planning blunders that will leave your loved ones paying excessive taxes once youre gone. Reprinted with permission from Stephan Mueller, CPA. All rights reserved stevemuellertax/articles/sep_15_2013_06.htm Always be sure to check your state laws and with a tax professional.
Posted on: Fri, 22 Nov 2013 03:58:38 +0000
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