Sage Stallone, the 36-year-old son of actor Sylvester Stallone, died at his Los Angeles home. Sylvester Stallone’s representative released a statement, “Sylvester Stallone is devastated and grief-stricken over the sudden loss of his son Sage Stallone. His compassion and thoughts are with Sage’s mother, Sasha. Sage was a very talented and wonderful young man. His loss will be felt forever.” It has been reported that Sage Stallone engaged to be married and was working on various film projects at the time of his death. Many remember Sage Stallone in his Rocky debut, “Rocky V” with his father. Sage Stallone co-founded Grindhouse Releasing, a company that describes itself as “dedicated to the restoration and preservation of motion pictures historically held in very low regard.” Full article.
Currently, under President Obama’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the 2012 estate tax allows for a total exemption of $5,120,000. This means that estates will be taxed at 35% on all amounts over $5.12 million. Anything above $5.12 million is subject to estate taxes. It is important to know that estate taxes are due to the IRS only 9 months from date of death. In many cases, heirs and loved ones are forced to sell personal property, real property, and other belongings at below market value to pay for this huge tax bill.
The attorneys at Leeds, Morelli & Brown, P.C. have worked with a variety of families in Nassau and Suffolk counties, Manhattan, Queens, Brooklyn, Bronx, and Staten Island. For questions regarding estate litigation, please contact an attorney at the Leeds Morelli & Brown P.C. law firm for a free consultation at 800-585-4658 or visit the firm’s website at www.lbestatelaw.com.