It has been less than half a year since the death of actor Philip Seymour Hoffman from a drug overdose. Las Vegas film fans will remember the shocking news of this Oscar-winning performer's unexpected passing. And as with many relatively young people (Hoffman was in his mid-40s) who die suddenly, Hoffman's estate plan offers some lessons to Las Vegas residents considering tax ramifications in estate planning.
Hoffman was never married to his partner with whom he had three children, yet he insisted that his entire $35 million estate be left to her because he wanted to avoid the perceived "trust fund baby" syndrome in his children (a phenomenon our Las Vegas estate planning law blog discussed back in early June). Because they were not married, however, roughly $15 million will go to the IRS, leaving the mother of Hoffman's children with around $20 million.