So, the question is, why did Phillip Seymour Hoffman ignore his son and his two daughters?  Well, according to the article, he did not want his children to grow up to be “trust fund kids.”

This is not an uncommon approach that many of the affluent are now taking.  There is a prevailing argument that leaving such a large amount of wealth directly to the next generation can ruin their work ethic as well as their appreciation for money.

According to Matt Lauer, of the Today Show, “The old saying is: You leave them enough to do something, not enough to do nothing.”

That said, Phillip Seymour Hoffman’s decision to leave his $35 million estate to his partner, without much left for his children seems a bit tough to understand as an estate planning lawyer.  There are many ways to customize trust documents so as to include the important values that a parent would want to leave for his or her children.  There are things like building in incentives.  For example, the trust could distribute assets to match a W2, thereby matching the wages a child earns.  That’s just one of many examples.

My advice would be to speak with an experienced estate planning or elder law attorney about how best to leave wealth to the next generation, including a discussion of the values you want to pass down to the children.

The post Philip Seymour Hoffman Leaves his Children Zilch…$35Million to his Partner appeared first on Elder Care Firm.

So, the question is, why did Phillip Seymour Hoffman ignore his son and his two daughters?  Well, according to the article, he did not want his children to grow up to be “trust fund kids.”

This is not an uncommon approach that many of the affluent are now taking.  There is a prevailing argument that leaving such a large amount of wealth directly to the next generation can ruin their work ethic as well as their appreciation for money.

According to Matt Lauer, of the Today Show, “The old saying is: You leave them enough to do something, not enough to do nothing.”

That said, Phillip Seymour Hoffman’s decision to leave his $35 million estate to his partner, without much left for his children seems a bit tough to understand as an estate planning lawyer.  There are many ways to customize trust documents so as to include the important values that a parent would want to leave for his or her children.  There are things like building in incentives.  For example, the trust could distribute assets to match a W2, thereby matching the wages a child earns.  That’s just one of many examples.

My advice would be to speak with an experienced estate planning or elder law attorney about how best to leave wealth to the next generation, including a discussion of the values you want to pass down to the children.

And it’s worse for kids.  I constantly remind my kids that they’re short enough so that drivers backing out of spots — especially drivers in an SUV, truck or mini-van, won’t see my kids through the rear-windows and mirrors.

On Friday’s Today Show, I saw a horrific story about a man who backed out of a spot, hit a mother and child, dragged the child behind the vehicle for a few feet, and then drove off.  While it was horrific, it was a good reminder of all of the dangers we face in parking lots.

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The timing of the story is ironic.  On Monday, July 22, I’m scheduled to start a trial involving a wreck in a parking lot — a driver either wasn’t paying attention or tried to go around the pedestrian (my client) and mis-judged the distance, and the driver hit my client.

I hope all of you will take the story or perhaps my upcoming trial as reminders of the immense dangers faced in parking lots and do what you can to help alleviate those dangers.