Philip Seymour Hoffman at the Sundance Film Festival on January 19, 2014 in Park City, Utah.; Credit: Larry Busacca/Getty Images
Court documents show that deceased actor Philip Seymour Hoffman left his $35 million fortune to his long-time partner, but not their three young children. Hoffman's accountant David Friedman told a judge the actor rejected recommendations to create trust funds for his kids, adding that Mimi O'Donnell would take care of the children.
Hoffman is just one of many high-profile figures who want their children to take their own initiative. Billionaire and father of two Michael Bloomberg has said he’d give most of his worth to charity by the time he dies. "I am a big believer in giving it all away and have always said that the best financial planning ends with bouncing the check to the undertaker," the former New York mayor said.
Even if you’re not a billionaire, it can be emotional to wrestle with your will. What are your plans for your children? Or if you’re on the other end, what do you hope for from your parents?
Guest:
P. Mark Accettura, Estate & Elder Law Attorney, Accettura & Hurwitz firm based in Michigan; Author of “Blood & Money: Why Families Fight Over Inheritance and What To Do About It”