
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: August 18, 2014
Of Counsel
732-568-8360 jmcdonough@sh-law.comLarge 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 from just these critical problems.
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:
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]
Author: Bryce S. Robins
Using chattel paper to obtain a security interest in personal property is a powerful tool. It can ensure lenders have a legal claim on collateral ranging from inventory to intellectual property. To reduce risk and protect your legal rights, businesses and lenders should understand the legal framework. This framework governs the creation, sale, and enforcement […]
Author: Dan Brecher
For years, digital assets operated in a legal gray area, a frontier where innovation outpaced the reach of regulators and law enforcement. In this early “Wild West” phase of finance, crypto startups thrived under minimal oversight. That era, however, is coming to an end. The importance of crypto compliance has become paramount as cryptocurrency has […]
Author: Bryce S. Robins
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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!