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What Five Oscar Winners Can Teach Us about Estate Planning: Philip Seymour Hoffman

by Norris Law Group on December 1, 2014

What Five Oscar Winners Can Teach Us about Estate Planning: Philip Seymour HoffmanWhile celebrities may seem immortal, they most certainly are not. Very often, celebrities also make extreme amounts of money, which adds to their concerns in regard to estate planning—especially if they have children. Authors Danielle and Andy Mayoras write about five estate planning scenarios of five Oscar winners in an article that appeared in Forbes magazine.

Philip Seymour Hoffman, Best Actor Oscar for Capote (2006)

Philip Seymour Hoffman’s estate plan was actually riddled with errors. It did not include planning for estate taxes and his heirs would have benefited from the inclusion of a revocable living trust.  But Hoffman’s estate plan wasn’t a “complete disaster” by any means, either. Hoffman’s estate plan could be described as very creative, and this is an aspect of estate planning that many people often miss.  Estate planning is relatively easy to customize.  Your will or trust can be used to pass along your goals, values, and belief systems, in addition to your financial assets. Hoffman’s will included language that conveyed his wish that his son with his longtime female partner be raised in either San Francisco, Manhattan, or Chicago, or that he should at least visit one of those cities twice a year, to be exposed to the architectural, artistic, and cultural benefits of each of those cities. Danielle and Andy Mayoras offer their opinion: “Hoffman could have taken it a step further, especially through a well-drafted trust, but we applaud the late actor for thinking outside the box.” Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming, Idaho, and California. Contact them today at 801-932-1238 or online for a free consultation.

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