Wednesday, March 12, 2014
As I have previously discussed, Philip Seymour Hoffman’s death exposed some problems with his estate plan.
Because Hoffman failed to update his 2004 will, he left everything to the mother of his children, Marianne O’Donnell. Because Hoffman and O’Donnell were unmarried, federal and state estate taxes will take an estimated $15 million chunk out of his estate. Even if Hoffman did not want to get married to save estate taxes, there are still a number of beneficial techniques he could have used if he had decided to periodically review his estate plan.
Please see Steven J. Fromm’s blog post below for a more comprehensive look at the estate planning lessons we can learn from the estate of Philip Seymour Hoffman.
See Steven J. Fromm, J.D., L.L.M. (Taxation), Philip Seymour Hoffman: Estate Planning Lessons for Us and Especially Women, Philadelphia Estate and Tax Attorney Blog, March 4, 2014.