After the loss of comedy icon Robin Williams, the entertainment community is still reeling in shock. One ray of light for Williams’ relations, however, is that his well thought-out estate plan seems likely to leave his heirs in good hands.
Large sums of money, extreme attention from fans and the stress of living life in the public eye often work together to result in poorly thought out estate plans. The result can be will executions that play out on the public stage, higher than necessary tax liability and unintended consequences for heirs. As Trial & Heirs reported, the late Philip Seymour Hoffman’s estate suffered fromjust these critical problems.
Two trusts
According to Forbes it appears that Williams created at least two different trusts. His two valuable pieces of real estate are held in the name of the “Domus Dulcis Domus Holding Trust,” the Latin translating to “home sweet home.” This trust names Hollywood producer Stephen Tenenbaum and New York accountant Joel Faden as trustees. By transferring the ownership of his real estate into a trust, Williams was able to avoid the substantial estate tax rate that would otherwise become due upon his death.
Williams also created another trust in 2009,according to TMZ. This trust, which the news source managed to obtain a copy of, entitles his three children, Cody, Zelda and Zachary, to equal sums. These sums were in turn split into three equal payments to be received at the ages of 21, 25 and 30. This allowed Williams to pass on his fortune without worrying about the high estate tax or that his heirs would squander their fortune young.
One further benefit of creating a trust rather than a will is that trusts can remain private when not leaked and published, like the one reported on by TMZ. This is distinct from wills, which become public domain.
As a tax attorney I’ve written extensively about organizing your own estate planning. Check out some of my most recent posts on this subject:
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
How Understanding Bankruptcy Trends Can Benefit Your Business
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
