56 The Queens Courier • OCTOBER 3, 2013 FOR BREAKING NEWS VISIT www.queenscourier.com Gandolfini’s Giant Estate Tax Error The recent death of James Gandolfini was sudden and completely unexpected. His abrupt departure saddened many, including surviving family members, fellow actors, colleagues and adoring fans. When a beloved family member dies, the loss is deep and palpable and sometimes coping with mundane matters is quite difficult. Unfortunately, Mr. Gandolfini’s poor estate planning prior to his demise has added insult to injury. No one anticipates dying prematurely, so his lack of adequate planning is understandable, but it also underscores how imperative it is to engage in estate planning when one is healthy and vital. Mr. Gandolfini died with an estate worth an estimated $70 million. According to news reports, his last will and testament left about 80 percent of his estate unprotected against estate taxes. The tax rate, considering both Federal and state, could equal approximately 55 percent. While it would have been impossible to avoid estate taxes entirely, there are certain measures that could have been taken in order to minimize the tax burden. Mr. Gandolfini’s will was fairly straightforward. He made provisions for his personal property and his house and land in Italy and he left approximately $1.6 million to friends and relatives. The remainder of his estate was divided amongst four beneficiaries: 30 percent to each of his two sisters, 20 percent to his wife and 20 percent to his daughter. There are two provisions that are key to federal estate tax planning which help minimize or avoid the imposition of estate taxes. Firstly, under current law, each person is entitled to pass $5.25 million free of taxes. Second, a person can also pass an unlimited amount to his/her surviving spouse. By only leaving 20 percent of his residuary estate to his surviving spouse, Mr. Gandolfini did not take full advantage of the unlimited marital deduction. Presumably, part of the reason that Mr. Gandolfini did not leave a larger portion of his estate to his wife is because she is not the mother of his son, Michael. When a married couple shares the same children, the typical strategy is to maximize estate tax savings by leaving everything to the surviving spouse (even the allowable credit of $5.25 million passes into a trust for the lifetime benefit of the spouse) and the children are the eventual beneficiaries after both parents pass away. When a second marriage is involved, the respective spouses are reluctant to leave everything to each other because of the fear that the money will ultimately not end up in the hands of their own children. Even in these types of cases, however, the use of a marital trust can allow for the unlimited marital deduction while simultaneously ensuring that when the surviving spouses dies, the children of the decedent’s first marriage will inherit the main portion of the estate. Marital trusts are a common planning device for people in second marriages but no such trust was present in Mr. Gandolfini’s will. Further, the estate tax can also be reduced by any charitable contributions. Had he realized that a vast amount in taxes would be due on his demise, Mr. Gandolfini may have opted to benefit various charities or other non-profit causes. Clearly, most of us do not have estates valued at $70 million. Nonetheless, the important lesson to learn here is for every person to engage in advance planning. Individuals should make sure to plan for death and/or incapacity when they are vital and of sound mind. This planning cannot remove the pain resulting from the loss of a loved one, but it can certainly ease the way. 1-877- ELDER LAW 1-877-ESTATES Queens • Long Island • Manhattan • Brooklyn attorney advertising nonsurgical Back pain treatments offer relief accurate Diagnosis is critical Hospital for special surgery • Queens 176-60 union turnpike, suite 190, fresh Meadows, new york 800.757.9589 www.hss.edu/queens If you’re like most people, chances are you’ll have a backache at some time in your life. If you take it easy and rest your back for a couple of days, it will often get better. But many people have persistent back pain, and it’s one of the most common reasons for a visit to the doctor. A number of nonsurgical options can help relieve the pain, according to Dr. Stephen Geiger, a physiatrist at Hospital for Special Surgery (HSS) Physician Office in Fresh Meadows, Queens. A physiatrist is a medical doctor who specializes in providing nonsurgical care to treat problems of the back, neck, hips, and other areas that may cause problems. The goal is to alleviate pain, improve muscle strength, and restore function and movement. “The first step is to get an accurate diagnosis with a comprehensive medical evaluation. Once I determine the cause of the pain, I tailor a treatment plan to meet a patient’s individual needs,” says Dr. Geiger, who also sees patients at Hospital for Special Surgery Physician Office on Long Island. When you see a physician, the doctor should spend ample time with you, taking a comprehensive medical history and discussing certain habits or practices that may be causing the pain. The doctor should perform a thorough physical exam and order appropriate diagnostic tests, such as x-rays. When to See a Doctor If you develop back pain, Dr. Geiger advises resting or modifying activities and taking an anti-inflammatory medication such as ibuprofen. In general, anyone who experiences ongoing or worsening back pain for more than several days should see a doctor. People should make an appointment immediately if the pain is excruciating and comes on suddenly, or if the pain shoots down an arm or leg, especially if there is numbness or weakness. Back Pain Dos and Don’ts Doing research online for back pain doesn’t always yield the best information. Much of the advice on the Internet is too generalized for most patients, and doing the wrong exercises can do more harm than good. Dr. Geiger has also seen patients who have done exercises prescribed for their spouse for back pain. “This is not a good idea,” he says. “Exercises to relieve pain from a herniated disc are not the same as those prescribed to alleviate back pain from arthritis.” Treatments often include medication, lifestyle changes and physical therapy. If these don’t help, many people have found relief with epidurals and other spine injection procedures. After receiving a local anesthetic, the medication is injected into the spine region with x-ray guidance to pinpoint the exact area causing pain. The procedure takes about 15 minutes, and within a few days, patients usually find relief and can start a physical therapy program, if needed. Dr. Geiger advises patients to develop good habits and stick to their exercise program so the pain relief lasts. For more information about Dr. Geiger and the other specialists at HSS Queens, visit www.hss.edu/Queens Stephen Geiger, M.D. Most insurance plans are accepted.
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