Phillip Seymour Hoffman $35 Million Estate to Mimi: doesn’t want trust fund kids

Uncategorized • Jul 22, 2014

Late actor Phillip Seymour Hoffman evidently had an estate of $35 Million and did not want his wealth to spoil his children.

$35 Million Estate Left to Companion

According to Yahoo, www.yahoo.com, the late actor’s estate goes to his companion Mimi
Hoffman believed that his companion Mimi would take care of the children but he was not crazy about leaving wealth in a trust
There was a trust for son Cooper, but for limited purposes
Evidently there was a concern that his children not be burdened by wealth

An attorney has been appointed by the New York Surrogate’s Court to look out for the interests of Hoffman’s children, who are minors
In Florida, the surrogate’s court is called the Probate Court
Cooper’s trust evidently gives him half of his share at age 25 and the rest at age 30……do you think that’s too young for kids to inherit millions of dollars?
Many Palm Beach clients feel like Hoffman: they don’t want their kids to be trust funds babies: spoiled brats with no incentive to work
Is it possible to have your wealth benefit loved loves but not burden them? “Yes”: say most estate planning attorneys and Palm Beach probate lawyers
You have to take the time to carefully plan your estate, including choosing the correct words and terms in your revocable trust