Tuesday, July 22, 2014
As I have previously discussed, Philip Seymour Hoffman’s will included a request that his son, Cooper, be raised in cities other than Los Angeles. Through reports by Hoffman’s accountant, the will provision and other surprising estate planning decisions by Hoffman were intended to serve a protective purpose for his children. Hoffman was worried about his children becoming dependant on a large trust fund and took steps to prevent that outcome, including limiting the uses of the trust for Cooper to "education, support, health, and maintenance."
See Suzy Byrne, Why Philip Seymour Hoffman Didn’t Leave His Fortune to His Children, Yahoo, July 21, 2014.