Beyond the Stage
Philip Seymour Hoffman’s Estate Oversight
A glaring issue with Hoffman’s will was its outdated status, failing to encompass his entire family. Drafted in 2004, it only acknowledged his son, Cooper, with daughters Tallulah and Willa, born after that, absent from the document. This oversight necessitated a complex navigation through New York’s probate system, showcasing the need for everyone to update their will regularly. The situation raised significant questions about how Hoffman’s daughters figured into the estate since they were born after the will’s creation. Thankfully, New York law, like many other states, offers protection for children in this situation, provided there’s no explicit intent to exclude them.
substantial estate tax burden. Unmarried, Hoffman’s estate faced a staggering tax rate of up to 40% federally and 16% in New York State, culminating in a potential $14 million tax bill from his $35 million estate. Marital status plays a crucial role in estate tax liabilities, something entrepreneurs with significant assets should note. Hoffman’s case exemplifies why proactive and continuous estate planning matters. Regular updates to one’s estate plan can significantly ease the burden on your loved ones during times of grief. It’s a stark reminder to meticulously manage and regularly revise your estate plans, especially for entrepreneurs overseeing considerable assets. It ensures your final wishes are honored, and your loved ones are provided for.
Photo: Georges Biard
The unexpected demise of actor Philip Seymour Hoffman at just 46 shocked the world and brought to light the intricacies of estate planning. His passing left behind a substantial estate worth over $35 million, primarily bequeathed to his long-term partner, Marianne O’Donnell.
Hoffman’s choice not to marry O’Donnell further complicated matters, leading to a
6 Steps for Victims to Take When someone crashes into your car and flees the scene, they’ve committed a hit-and-run. If this happens to you, it’s essential to act immediately. You must take several important steps to ensure you get the justice you deserve. No. 1: The first thing to do is ensure your safety. If you were hit while driving, park in a safe place (if you can) and make sure everyone is okay. If you were parked, don’t move your car. Call the paramedics if necessary. No. 2: Report the crime to the police whether you were in the car or not. Make sure to give as detailed a description of the event as possible and take pictures of any damage to your vehicle. No. 3: Scour the scene for evidence. In many hit-and-runs, perpetrators leave evidence that can help police identify them. If you do find anything, don’t touch it. No. 4: Speak to eyewitnesses who saw the hit-and-run and write down their contact information. They can be beneficial for helping police identify who hit you. No. 5: Take pictures of everything, especially damage to your vehicle. Doing so allows you to prove to both police and insurance agents the full extent of the damage. Hit-and-Run Survival
No. 6: Contact your insurance provider. If found, the perpetrator’s insurance will cover the costs of car repair and health care. Unfortunately, most hit-and-runs are unsolved in Florida, so your insurance provider will likely be on the hook. You should have uninsured motorist coverage, which will pay for a substantial portion of car repair costs. Meanwhile, personal injury protection — required for all Florida residents — will compensate you for some medical bills. Finally, call your personal injury attorney. We specialize in events like these. If police find the driver, we can help you get the compensation you deserve. Moreover, insurance providers don’t recognize an injury’s true impact on someone’s quality of life; it often takes an attorney to remind them. If you are the victim of a hit-and-run, contact us immediately.
2 • www.AttorneyShapiro.com
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