J. Kelly Kennedy, Attorney/CPA, PLLC

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Famous actor shows the importance of estate planning

Florida residents may be aware of certain myths about estate planning. One of the more popular myths is that estate planning is only for elderly or very wealthy people. This is simply not true. Estate planning can benefit any adult who has any amount of property, loved ones and health care wishes -- which includes pretty much everyone -- and it is a process that many should consider sooner rather than later.

Though many Florida residents may not be able to relate to the enormous fame and wealth of Hollywood actors, some of them can still serve as a reminder of the importance of estate planning. With the Oscars fresh on many Americans' minds, and with the untimely death of a well-respected actor, it is a good opportunity to look into the lessons that can be learned from one of these Hollywood actors.

Philip Seymour Hoffman died a tragic and early death recently. Thankfully, though, Hoffman planned for such an occurrence by planning an estate. Not only did he plan an estate, he got creative with it and stated very specific goals. For example, Hoffman expressed in his will a desire that his son be raised in San Francisco, Manhattan or Chicago and that he be exposed to the art and culture in these cities. At the very least, he states, his son should visit one of these cities twice a year.

Everyone has unique goals when it comes to estate planning. Thankfully, with a proper understanding of the legalities involved, it is possible to preserve assets and satisfy many of these goals. Once someone knows that their estate planning goals are secure and their wishes known, they can often achieve peace of mind.

Source: Forbes, "Oscar Winners Teach Five Lessons On Estate Planning," Danielle and Andy Mayoras, Mar. 3, 2014

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