Estimated reading time: 40 seconds

Fans of The Sopranos TV show were saddened to learn that 51 year old James Gandolfini died suddenly last month while vacationing in Italy.

Media speculation on the cause of death included much reporting on the actor’s weight and his last meal, which consisted of eight alcoholic beverages, two orders of fried king prawns and an order of foie gras.

The autopsy concluded that no foul play was involved - it was a heart attack.

Draw your own conclusions on the merits of a heart-healthy diet.

According to reports he had an estimated net worth of $70 million but his heirs will be left with $40 million.

The difference of $30 million will go to the U.S. tax department, and will be due and payable in a matter of months.

Like most high net worth people, the actor probably didn’t keep his assets in cash, which will force his family to sell off his multiple properties and liquidate other holdings to cover the tax bill.

Those taxes are a financial catastrophe, and could have been avoided with some professional advice and competent estate planning.

Things are just as bad here in Canada.

Read ‘Eliminate your Tax Bill’, an article I wrote last summer for The TaxLetter® here.

The government will collect $460,000 per $1 million of your retirement savings…46% of your retirement savings will be taxed after the death of both spouses.

The government will collect $320,000 per $1 million of your investment holdings…32% of your Holding Company/Operating Company assets will be paid in taxes after the death of you and your spouse.

The government will collect about $1 million per $5 million of investment growth…23% of your accumulated capital gains from investments, real estate and business equity will be paid as taxes after the death of both spouses.

These tax liabilities can be reduced to zero with proper planning now.

In some situations it can even be accomplished with a positive cash-flow.

Gandolfini could have started his estate preservation process simply with the FREE Estate Planning Toolkit available here at my website.

Do you need help with estate planning - for yourself or a family member?

Please be in touch if you have any questions, to arrange your own personal “Crash Test” or to get a 2^nd opinion review of your current situation - all without obligation of course.

I look forward to helping you and your family.

Stay healthy.