I have always been a fan of actor Philip Seymour Hoffman. His work in such movies as Doubt, Moneyball, and his Oscar winning performance in Capote made him easy to admire. His performances were filled with complexity and layers.
When he died unexpectedly this past February, he left an estate valued at over $35 million dollars. As an actor, he was in high demand for his services, and tended to by a staff of professionals. That said, the estate plan he left was a major disaster, costing those he loved millions in unnecessary taxes and costs, and potentially omitting 2 of his 3 children - all by accident.
There are at least 5 major lessons that we can learn from these mistakes. Let’s examine them closely.