Gandolfini’s Will Raises Common Predicament

Aside from all the talk concerning poor tax planning, Gandolfini’swill raises the intriguing question of whether it is more important to be equalor more important to be fair when leaving money to children.

Gandolfini’s will amply provides for his two children, butthey may wind up with unequal amounts. Gandolfini’s 14-year-old son from his first marriage, Michael, willreceive all of his father’s clothing and jewelry, a right of first refusal to aNew York City condo, and a $7 million life insurance policy owned by atrust.  Gandolfini’s child from hiscurrent marriage, Liliana, who was two at the time he signed his current will,is also a beneficiary of an undisclosed trust and is entitled to 20% of theresiduary of the estate.

By treating children equally, you minimize the risk ofrekindling old rivalries or igniting new ones. However, it may make more sense to tailor your estate plan in accordwith children’s careers, choice of spouse, or the wide range of unforeseeableevents that a parent can and will witness in their child’s life.

Instead of leaving children guessing, parents may want toconsider talking with their children ahead of time about this contentious yetimportant issue. 

See Deborah L.Jacobs, James Gandolfini’s Will Reflectsa Parent’s Dilemma, Forbes, Aug. 7, 2013.