When actor Philip Seymour Hoffman died suddenly on Feb. 2 at age 46, he left behind his life partner Marianne and their three children. His net worth was estimated at $35 million and, in 2004, around the time their first child was born, he executed a will leaving everything to Marianne.
For many individuals in their 70s, 80s and 90s; the memories of growing up during a time of great economic depression has stayed with them their entire lives. For these individuals, belongings as a child were often few. As these men and women aged, however, many acquired vast collections and heirlooms that became prized possessions. For younger generations, inheriting the possessions of past generations poses a real dilemma.
When discussing estate planning manners, most tend to focus on ensuring that assets and property pass as easily and quickly as possible to loved ones. Wills and trusts are primarily used to accomplish the transfer of wealth upon a loved one's death. In some cases, however, these same estate planning vehicles can be used to accomplish the exact opposite.