Wednesday, July 10, 2013

More Gandolfini

http://www.accountingweb.com/article/bada-bing-gandolfinis-leaves-behind-tax-disaster/222049

So the son got a non-taxable $7M life insurance payout, and the wife and son (the wife is not the son's mom) both got some non-taxable trust money.

The tax is payable BEFORE the wife gets the 20%.  So the tax is on the whole $70M minus the $5.5 exemption.  If that is $30, the wife then gets 20% of $40M, not 20% of $70M.
I REALLY enjoy the advice to the sisters that they should renounce their share of the money so it can all go to the wife tax-free.  Andy Dufresne, "Do you trust your [sister-in-law]?"  Cuz you will be giving her $56M and taking nothing, but it will keep the government from getting $30M.  I am sure she will gift you back the $32M you otherwise would have received.........Right....hello??


No comments: