While we dont know if Philip Seymour Hoffman updated his estate - TopicsExpress

While we dont know if Philip Seymour Hoffman updated his estate planning docs with a new trust since 2004, his will left everything to his partner. He was not married to her. If she decided to not take the money it would then go to a trust. This trust only named his first born child and not the subsequent two. There are numerous problems with this scenario. By leaving assets directly to his partner they are taxed at his death and then again at hers. They only qualify for one $5.34m exemption. The other two children are left out. Lesson: do complete and proper estate planning with a qualified attorney and involve your financial planner and accountant.

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