In the short time since actor James Gandolfini’s untimely death, the media has been in a frenzy discussing the details of his estate plan. As a recent article explains, the actor left most of his assets to his friends and family members.
Gandolfini’s teenage son Michael will receive the bulk of the estate, including all of Gandolfini’s clothing, jewelry, and a life insurance policy worth $7 million. The life insurance policy is owned by a trust that was set up in Michael’s name, which is a common estate planning maneuver to control the distribution of such policies to young children. Gandolfini left all of his remaining tangible property to his widow, Deborah Lin. According to the will, there are further provisions for Lin outside of the will.
Gandolfini also has a baby daughter, Liliana Ruth. Liliana and Michael will each receive a 50% share of Gandolfini’s Italian property. The property is currently being held in a trust, which will transfer ownership to Michael and Liliana, when she reaches age 25. In the will, Gandolfini states, “It is my hope and desire that they will continue to own said property and keep it in our family for as long as possible.”
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