Great Actors, Terrible Estate Planners Celebrity Cases Shine Light on Poor Planning
Attorney Craig Hersch shows how poor estate planning can leave your loved ones with an unnecessary tax bill. Read Craig’s full blog on the Sheppard Law Firm blog at FloridaEstatePlanning.com. Not that anyone reading this plans on mixing up a cocktail of illegal drugs and shooting them into their body, but the tragic death of actor Philip Seymour Hoffman in February 2014 at the relatively young age of 46 offers lessons on what not to do in your estate plan. The last will and testament of Hoffman was signed in October 2004 when he had only one child, Cooper. Hoffman subsequently fathered two daughters, Tallulah and Willa, neither of whom is mentioned in his will. Reports indicate that Hoffman’s estate is valued at approximately $35 million. He left everything to his longtime companion, Marianne O’Donnell, who is also his children’s mother. But Hoffman and O’Donnell were not married at the
How much would that tax had been if they were married? Zero. And how much of the remainder of that estate will be taxed in O’Donnell’s estate when she dies? All of it. So, because they chose not to get married, all of Hoffman’s estate will be taxed twice, once when he died and again when O’Donnell dies. Hoffman’s will does give O’Donnell the right to disclaim assets so she can use some of his exemptions to get the assets to the children. But because Hoffman didn’t update his will, the disclaimer would likely only benefit Hoffman’s son, Cooper, leaving the other two children out. The lack of planning by Hollywood actors is not uncommon. Heath Ledger, who also died from a drug overdose, hadn’t updated his will to include his daughter Matilda Rose, who was 2 when he died in 2008. Had Ledger and Hoffman paid attention to how their wills would distribute their growing fortunes, determining their intent and carrying out their plan could have easily been accomplished. None of us knows when our time will come. But for
time of Hoffman’s death. To make matters worse, Hoffman is a resident of New York state, which imposes another 16% state level death tax. All told, the combined estate tax could reach more than $15 million.
those with any net worth (even if not up to Hollywood actor levels), it’s always a good idea to stay on top of your estate plan.
S k i l l e t
INGREDIENTS
TAKE A BREAK!
DIRECTIONS 1. Heat oven to 425 F. 2. In 12-inch cast-iron skillet
• • • • • • • • • • • • • •
1/2 cup butter
1 cup chopped onion 1 cup sliced celery 2 cups sliced carrots
over medium heat, melt butter, then add onion, celery, and carrots. Sauté for 5 minutes. 3. Add flour, salt, pepper, celery seed, and garlic powder to pan and stir. Sauté for 2 minutes. Slowly incorporate milk. 4. Add stock and bring to a simmer, whisking until mixture thickens. Add peas and chicken. 5. Roll out pastry sheet into 16-inch square on floured surface. Cut into 3-inch squares and place overlapping onto chicken mixture. 6. In a small bowl, whisk egg with 1 tbsp water. Brush egg over pastry and place in oven for 25 minutes or until golden and bubbling.
1/2 cup flour
1 tsp salt
1/2 tsp pepper
1/2 tsp celery seed 1 tsp garlic powder
1 cup milk
2 cups chicken stock
2 cups peas
4 cups cooked chicken 1 package frozen puff pastry, thawed
•
1 egg
ANSWER ON TOP OF PAGE 4
3
(239) 265-9779
Made with FlippingBook Ebook Creator