Monthly Archives: July 2014

Philip Seymour Hoffman Highlights Five Myths About Trusts

He may have been a brilliant actor, but Philip Seymour Hoffman had much to learn when it came to estate planning.  Reports surfaced last week that the former Oscar winner repeatedly rejected the advice of his attorney and accountant, both of whom advised him to create a trust.  He said he didn’t want his three children to be “trust funds kids.”  Philip Seymour Hoffman Highlights Five Myths About Trusts

Instead, he felt their mother — and his longtime girlfriend — would take care of them.  He viewed Mimi O’Donnell much like a wife, although he did not believe in marriage.

Sadly, because of Hoffman’s aversion to proper estate planning, his 34 million dollar estate faces a huge estate tax bill and other problems that could (and should) have been avoided if he had listened to the legal and financial advice he was given. Hoffman’s girlfriend and children would have been much better off if he had done the proper estate planning, with a revocable living trust (at the very least).

Philip Seymour Hoffman Didn’t Want Trust Fund Kids

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Lou Reed Walked On The Wild Side With His Estate Planning

Maybe we shouldn’t be surprised.  After all, Lou Reed was the man who famously crooned, “Hey babe, take a walk on the wild side.”  The late lead singer and guitarist of The Velvet Underground — and of course, a musician and songwriter with a successful, decades-long solo career — may have been a bit wild at times.  But that doesn’t explain why he would be so careless with his estate plan.  This is a man with an estate worth more than $30 million — perhaps substantially more, in fact.  Lou Reed. Schinitzer Concert Hall Portland, OR

Recent filings with the Surrogate’s Court in Manhattan (that’s probate court, for us non-New Yorkers) show that Lou Reed’s estate has already earned $20,379,169 (give or take a few bucks) since he passed away from liver disease on October 27, 2013, at the age of 71.  This is only the income that Lou Reed’s estate has brought in since his death, from his copyright, publishing and performance royalties and other deals put together under the skillful management of his longtime manager Read more...

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