Monthly Archives: February 2014

Philip Seymour Hoffman’s Will Highlights 4 Estate Planning Pitfalls

Oscar-winning actor, Philip Seymour Hoffman, died on February 2nd from a drug overdose.  Recently, his long-time girlfriend and mother of his three children, Marianne O’Donnell, filed to open Philip Seymour Hoffman’s estate and to probate his will.  While there are many lessons that can be drawn from his will, there are four main estate planning pitfalls that serve as important lessons:

1.  Philip Seymour Hoffman Should Have Created A Revocable Living Trust.

Philip Seymour Hoffman will

The reason that Hoffman’s will is public and available for anyone to read (you can click here to read it for yourself), is because he relied on a will — and only a will — for his estate plan.  For most people with even a modest estate, revocable living trusts are critical.

Why?  When properly used, they help families avoid the costs, aggravation, and delays caused by the probate process.  Probate court proceedings are public record (meaning anyone can read the will — even your nosy neighbor!), and are expensive, difficult to maneuver without an attorney, and Read more...

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Five Estate Planning Lessons From The Paul Walker Estate

Paul William Walker IPaul Walker EstateV was the star of the Fast & Furious movies, until his unfortunate — and ironic — death in a high-speed car accident on November 30, 2013.  The car, in which Walker was a passenger, was found to have been doing at least 100 mph.  Walker was 40 years old when he died, survived by his parents and his 15-year old daughter, Meadow Rain Walker.

Recently, Paul Walker’s father filed to open the estate, including Walker’s Last Will and Testament, which you can read here: Read Paul Walker’s Will.  It sheds some interesting information about the Paul Walker Estate and highlights some valuable estate planning lessons.

First, the probate filing and will reveal that Walker had assets of about 25 million dollars, including 8 million in personal property (which would include cash and investments), $8.5 in expected income, and another $8.5 million in real estate (after subtracting mortgages).

Second, the filing shows that Walker had a revocable living trust, benefiting his daughter as the sole Read more...

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