Wright Abshire, Attorneys, A Professional Corporation
Houston: 713-660-9595
The Woodlands: 936-273-2773
Fayette County: 979-278-4095

Learning from Philip Seymour Hoffman's estate planning mistakes

There are some events that occur that shed light on the importance of proper estate planning practices. When Philip Seymour Hoffman died unexpectedly, people started looking into the preparations he made for his $35 million estate. For people who are trying to properly plan their estate, lessons from Hoffman's estate might help you to learn how to handle your estate.

The use of trusts is one of the areas you can learn from when looking into Hoffman's estate. In creating his estate, Hoffman used only a simple trust. If he had used a revocable trust, his family might have enjoyed a little more privacy. If you are making a simple will, you might consider putting in directions that assets not already included in a trust when you pass away be placed there upon your death.

The will that was in effect at the time of Hoffman's death was executed in late 2004. He had a trust for his oldest child. His longtime partner was to receive the remainder of his estate. Because the two weren't married, his partner will have to pay taxes on almost $30 million because she only qualifies for an estate tax exemption of $5.34 million.

This also highlights the importance of updating your estate planning documents. In Hoffman's case, only his oldest son was covered in the documents. That left two daughters without any written protection from him in his estate plan. You should make sure that you update your documents if you are divorced, married, have a child or if you need to change beneficiaries, executors or trustees.

If you are making your first estate plan or need to update your current plan, you might have questions about what you need to do. A Texas estate planning professional can provide more information and answers to your questions.

Source:  Daily Finance, "Philip Seymour Hoffman's 3 Biggest Estate Planning Mistakes" Dan Caplinger, Feb. 25, 2014

No Comments

Leave a comment
Comment Information

We Believe in Client Satisfaction Here is what our clients say about our hands-on approach to elder law and estate planning.

  • Thank you for your caring expression of sympathy. But more importantly, I want you to know how much your warmth as human beings has been palpably present in all the social and business intercourse we have experienced with you. Your willingness to allow yourselves to be completely human as you ply your trade adds a dimension to your professional stature which is unparalleled by most of your profession. Please don't change. You stand head and shoulders above the crowd. - L.T
  • Everyone in the firm was extremely cordial, courteous and professional, which made our family feel at ease knowing that our needs would be expertly managed. - R.L.
  • Everyone I came in contact with were kind and helpful. They were so professional as well as personable. I loved them. - J.B.
  • Very helpful in a family time of need. Excellent staff and service. After dealing with the State I have no idea how anyone could take this journey without the law firm's services. - L.N.
  • The firm did all things especially well. I was always impressed by the competent manner in which everyone worked and was confident that it would be "mission accomplished..." – J.T.
  • No detail was overlooked. Everything went very well. We feel so fortunate that your firm is well informed, capable and willing to do so much for us. I can't thank you enough for everything! - N.C.
Learn More
Email Us for a Response

Have a question about elder law in Texas? We can help. Schedule A Consultation Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

"The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form."

Contact Our Texas Elder Law Attorneys Today We have 3 locations to better serve you. Contact our office closest to you.

Bellaire Office
4949 Bissonnet Street
Bellaire, TX 77401

Phone: 713-660-9595
Fax: 713-660-8889
Bellaire Law Office Map

Bellaire Office

The Woodlands Office
3117 College Park Drive, Suite 240
The Woodlands, TX 77384

Phone: 936-273-2773
Fax: 713-660-8889
The Woodlands Law Office Map

The Woodlands Office

Carmine Office
1055 Deer Haven Road
Carmine, TX 78932

Phone: 979-278-4095
Fax: 713-660-8889
Carmine Law Office Map

Carmine Office
Back To Top