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Mr. Philip Seymour Hoffman was reputed to be an actor of unparalleled skill able to move seamlessly from one character to another, stellar in each role. In the movie -Capote- Philp Seymour Hoffman vanishes and Truman Capote surfaces. Mr. Hoffman won the Academy Award for Best Actor in his portrayal of the writer. He was magnificent and equally so in Flawless, Charlie Wilson’s War, Doubt, and the Master. Hoffman was also an accomplished stage actor and director. His portrayal of Willie Loomis in the Death of a Salesman was illuminating. It is said that Mr. Hoffman went to great lengths to prepare for his roles, spending countless hours getting into character.
There is no denying that Mr. Hoffman was an actor of immense talent, but failed as so many of us do, to take care of the business of the end of his life. He was only 46 at the time of his death. He had a decorated role off stage, away from lights, action, cameras. He was a father of 3. He had a family, one son and two daughters. It is not that he did not have a Will, the tragedy of it is that he had not updated his Will. Mr. Hoffman’s 3 children were from a relationship he formed with designer, Mimi O’Donnell, while on the set of – In Arabia We’d All Be Kings.
Mr. Hoffman’s Will made provisions for his son, but no mention was made of his two daughters. As circumstances change in ones life, revisiting and updating important documents is invaluable to protecting ones family. Mr. Hoffman’s advisers would have served him best, had they vigorously pursued him to update his will. He was probably so excited to have his first child in 2003 that he made every provision possible for his son. His daughters came along later in 2006 and 2008 and it appears that his Will had not been updated since the birth of his son in 2003. Although, I am sure a respectable sum of money is apparent in Mr. Hoffman’s estate, a great deal of his acquired assets might not benefit his family.
People who have lots and lots of money need very skilled and knowledgeable financial advisors and planners to help them manage their estate. They need someone who understands the tax laws and the constant changes that occur in the laws relevant to estate planning. Just as we want to take care of our families in life, it is equally as important to make certain our families are taken care of when we are no longer around.
It is not only important to find a financial advisor of which you have a pleasant and respectful relationship, but one who is competent. The person should have a financial planning designation along with other financial expertise. Although, the Federal Government does not recognize Wills, your federal benefits are probably not the only assets you might want to leave to your family. If you have a Will or a Trust, it is worth it to make it a part of your Action Plan of documents to review intermittently. I tell women and men to set a time to review all important documents (Wills, Designation of Beneficiaries for Annuity and TSP accounts, Living Wills, Durable Power of Attorney) at the same time each year. Your birthday is a time that is usually remembered or maybe the birthday of a child might call you to action each year. You will feel better knowing that your family is protected.
P. S. Always Remember to Share What You Know.
Dianna Tafazoli
