Did Actor Ray Liotta Have an Estate Plan?

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July 20, 2022 •  The Estate & Elder Law Center of Southside Virginia, PLLC
After years of toiling away in the entertainment industry, Ray Liotta was able to build up an impressive net worth. Thanks to his long successful career, and recent big-name projects, Liotta left his loved ones with a substantial fortune in his estate.
Robert W. Haley, managing lawyer
Robert W. Haley
Certified Elder Law Attorney® Robert W. Haley brings over 27 years of legal expertise and knowledge to his firm, which concentrates solely on the areas of elder law, estate planning (Last Will & Testaments, Durable Powers of Attorney, Health Care Powers of Attorney, Living Wills, Trusts, etc.,.) Asset Protection/Medicaid Planning and fiduciary services. For many years, Robert practiced in real estate law, and in general practice, but decided to narrow his focus to elder law and estate planning when he realized the tremendous need for proper planning to be filled in Southside Virginia.

Movie and TV fans were shocked to hear the news of Ray Liotta's death on May 26. For those that follow celebrity estate planning situations, it begs the question: Did Actor Ray Liotta Have an Estate Plan?

The "Goodfellas" star was just 67 when he died. Deadline reported that he was on location in the Dominican Republic working on a new movie, when he was found to have died in his sleep.

MSN’s recent article entitled “How Much Was Ray Liotta Worth When He Died” reports that Liotta got his big break with his leading role in "Goodfellas" in 1990. He was also known for his work on "Field of Dreams," and his Emmy-winning guest appearance in "ER."

In the years and months preceding his death, Liotta was still hard at work, having scored roles in the Academy Award-winning "Marriage Story," and more recently, "The Many Saints of Newark."

In addition to a prolific career, the actor also leaves behind a loving family. His daughter Karsen Liotta's fledgling acting career was no doubt a source of pride to her father as she follows in his footsteps, according to Vanity Fair.

At the time of his death, Liotta was also engaged to be married to Jacy Nittolo.

Thanks to his long successful career, and recent big-name projects, Liotta left his loved ones with a substantial fortune in his estate. At the time of his death, Liotta was worth an estimated $14 million. He worked steadily from his early 20s, when he decided to pursue a career in the arts until his death.

In addition to his film and television roles, the actor also earned a sizeable income from his commercial work. In 2019, Liotta became the spokesperson for the anti-smoking drug Chantix, for which he filmed a number of ads.

That he’d die with $14 million in the bank, must have seemed inconceivable to a young Liotta. The Emmy winner was adopted into an Italian-American family at six months old and spent his childhood in suburban New Jersey.

"To be honest with you, I thought I'd be in construction," he told one newspaper in 2021.

In addition to his large net worth, Liotta likely also left behind some expensive real estate. Though the value of his most recently acquired properties is unknown, in 2007, he sold his Pacific Palisades house to Britney Spears for a reported $8 million.

If you or a loved one are concerned about issues with situations like this in estate administration/probate, estate planning and elder law concerns including Asset Protection/Medicaid Planning and questions regarding long-term care and the nursing home, reach out to us!  Book a call with us on our website: www.VAElderLaw.com to see how we can help! We have offices in BassettDanville and Lynchburg to serve you.  If the celebrity estate planning question of "Did Actor Ray Liotta Have an Estate Plan?" made you think about your own planning needs for the future, be sure to give us a call!

Reference: MSN (May 26, 2022) “How Much Was Ray Liotta Worth When He Died”

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