Philip Seymour Hoffman Left None of his $35 Million Dollar Fortune to His Kids
This is another one of those stories that sounds like it’s going to be good, but it’s really not.
Hoffman had a net worth of $35 million when he died. His accountant urged him to set up a trust fund for his children which he refused to do. Hoffman’s accountant, David Friedman says that Hoffman insisted that his entire fortune be turned over to his longtime girlfriend, Mimi O’Donnell and nothing be signed over to his three children.
The reason behind the edict is simple; Hoffman didn’t want his kids to grow up to be spoiled brats.
WHY ISN’T THIS A BIG DEAL?
For a few reasons:
- Hoffman has been dating the same woman since 1999. He met Mimi O’Donnell, who was a costume designer on the set of an off Broadway Play. The court records say despite O’Donnell kicking the actor out recently, due to his drug abuse, the two had a bunch of joint bank accounts which contained sizable assets.
- His kids are still very young. Hoffman had three kids: Cooper age 10, Tallulah age 7, and Willa age 5.
- Mimi O’Donnell is THEIR FREAKIN MOM!! That’s why this is no big deal. It’s like he died and the money went to his wife. That is what would normally happen. If they were married, this would not even be a story.
I can’t even believe we are still talking about this. She’s free to do whatever she wants with the money. She can set up college funds, trust funds, you name it. I’m sure she will do just that. [more…]
ULTIMATELY A BAD DECISION?
I love the irony. He dies of a drug overdose but yet he doesn’t want to raise spoiled rich kids. What’s the worst thing that can happen; they die of a drug overdose? What a self-righteous prick.
What the genius didn’t consider was the tax implications. He essentially, just gave away $12 Million of that $35 Million dollar estate to Uncle Sam as it will now be subjected to Estate Taxes. If he married Mimi, she would have gotten that entire money tax free. As for his kids….they never had anything to begin with. Like Bill Cosby said,
