Contact Us: (818) 322-4744
SCHNEIDERMAN INSURANCE AGENCY, INC.
  • Home
  • Products
    • Business >
      • Auto Service & Repair Insurance
      • Business Life Insurance
      • Business Owners Package (BOP) Insurance
      • Builders Risk Insurance
      • Commercial Auto & Fleet Insurance
      • Commercial Earthquake Insurance
      • Commercial Umbrella Insurance
      • Contractors Insurance
      • Cyber Liability Insurance
      • Employment Practices Liability Insurance
      • Directors And Officers Insurance
      • General Liability Insurance
      • Habitational Insurance
      • Group Benefits
      • Inland Marine Insurance
      • Insurance Bonds
      • Institutional insurance
      • Manufacturing Insurance
      • Professional Liability Insurance
      • Real Estate Insurance
      • Representation and Warranties Insurance
      • Restaurant Insurance
      • Retail Insurance
      • Surety and Fidelity Bond
      • Wholesale Distribution
      • Workers Compensation
    • Personal >
      • Vehicles >
        • Auto Insurance
        • ATV Insurance
        • Boat Insurance
        • Classic Car Insurance
        • Custom RV Insurance
        • Motorcycle Insurance
        • Roadside Assistance
        • RV Insurance
        • Trailer Insurance – Travel, 5th Wheel & Utility
      • Property >
        • Home Insurance
        • California FAIR Plan
        • Condo/Townhome (HO6) Insurance
        • Difference in Conditions (DIC)
        • Earthquake Insurance
        • Flood Insurance
        • Landlords Insurance
        • Mobile Home Insurance >
          • Mobile Home Insurance Get A Quote
        • Private Flood Insurance
        • Renters Insurance
        • Vacation Rental Insurance
      • Health >
        • Health Insurance
        • Long Term Care Insurance
    • Life >
      • Life Insurance
      • Disability Insurance
      • Final Expense Insurance
      • Umbrella Insurance
    • Other >
      • Event Insurance
      • Jewelry Floater Insurance
      • Pet Insurance
      • Wedding Insurance
  • Resources
    • Articles
    • Discount Opportunities
    • Insurance Industry Links
    • Job Opportunities
    • Newsletter Signup
    • Online Services >
      • Report a Claim
      • Make a Payment
      • Update Contact Info
      • Policy Changes
      • Proof of Insurance
      • Contact My Carrier
      • Online Documents
      • Free Consultation
    • Local >
      • Agoura Hills
      • Big Bear
      • Burbank
      • Calabasas
      • Camarillo
      • Century City
      • Chatsworth
      • Culver City
      • Eagle Rock
      • Encino
      • Glendale
      • Hollywood
      • Irvine
      • Lake Arrowhead
      • Los Angeles
      • Los Feliz
      • Marina del Rey
      • Moorpark
      • North Hollywood
      • Northridge
      • Oak Park
      • Oxnard
      • Pasadena
      • Porter Ranch
      • Santa Clarita
      • Santa Monica
      • Sherman Oaks
      • Silver Lake
      • Simi Valley
      • Studio City
      • Sunland
      • Tarzana
      • Thousand Oaks
      • Toluca Lake
      • Tujunga
      • Venice
      • Ventura
      • West Hollywood
      • Westlake Village
  • Blog
  • About
    • Staff Directory
    • Client Testimonials
    • Privacy Policy
    • Terms of Service
    • Refer a Friend
    • Insurance Carriers
    • Accessibility Statement
    • Agency Photo Gallery
    • Insure Your Recon Campers ENVY
  • Contact
    • Yelp Reviews
  • Client Login
  • Home
  • Products
    • Business >
      • Auto Service & Repair Insurance
      • Business Life Insurance
      • Business Owners Package (BOP) Insurance
      • Builders Risk Insurance
      • Commercial Auto & Fleet Insurance
      • Commercial Earthquake Insurance
      • Commercial Umbrella Insurance
      • Contractors Insurance
      • Cyber Liability Insurance
      • Employment Practices Liability Insurance
      • Directors And Officers Insurance
      • General Liability Insurance
      • Habitational Insurance
      • Group Benefits
      • Inland Marine Insurance
      • Insurance Bonds
      • Institutional insurance
      • Manufacturing Insurance
      • Professional Liability Insurance
      • Real Estate Insurance
      • Representation and Warranties Insurance
      • Restaurant Insurance
      • Retail Insurance
      • Surety and Fidelity Bond
      • Wholesale Distribution
      • Workers Compensation
    • Personal >
      • Vehicles >
        • Auto Insurance
        • ATV Insurance
        • Boat Insurance
        • Classic Car Insurance
        • Custom RV Insurance
        • Motorcycle Insurance
        • Roadside Assistance
        • RV Insurance
        • Trailer Insurance – Travel, 5th Wheel & Utility
      • Property >
        • Home Insurance
        • California FAIR Plan
        • Condo/Townhome (HO6) Insurance
        • Difference in Conditions (DIC)
        • Earthquake Insurance
        • Flood Insurance
        • Landlords Insurance
        • Mobile Home Insurance >
          • Mobile Home Insurance Get A Quote
        • Private Flood Insurance
        • Renters Insurance
        • Vacation Rental Insurance
      • Health >
        • Health Insurance
        • Long Term Care Insurance
    • Life >
      • Life Insurance
      • Disability Insurance
      • Final Expense Insurance
      • Umbrella Insurance
    • Other >
      • Event Insurance
      • Jewelry Floater Insurance
      • Pet Insurance
      • Wedding Insurance
  • Resources
    • Articles
    • Discount Opportunities
    • Insurance Industry Links
    • Job Opportunities
    • Newsletter Signup
    • Online Services >
      • Report a Claim
      • Make a Payment
      • Update Contact Info
      • Policy Changes
      • Proof of Insurance
      • Contact My Carrier
      • Online Documents
      • Free Consultation
    • Local >
      • Agoura Hills
      • Big Bear
      • Burbank
      • Calabasas
      • Camarillo
      • Century City
      • Chatsworth
      • Culver City
      • Eagle Rock
      • Encino
      • Glendale
      • Hollywood
      • Irvine
      • Lake Arrowhead
      • Los Angeles
      • Los Feliz
      • Marina del Rey
      • Moorpark
      • North Hollywood
      • Northridge
      • Oak Park
      • Oxnard
      • Pasadena
      • Porter Ranch
      • Santa Clarita
      • Santa Monica
      • Sherman Oaks
      • Silver Lake
      • Simi Valley
      • Studio City
      • Sunland
      • Tarzana
      • Thousand Oaks
      • Toluca Lake
      • Tujunga
      • Venice
      • Ventura
      • West Hollywood
      • Westlake Village
  • Blog
  • About
    • Staff Directory
    • Client Testimonials
    • Privacy Policy
    • Terms of Service
    • Refer a Friend
    • Insurance Carriers
    • Accessibility Statement
    • Agency Photo Gallery
    • Insure Your Recon Campers ENVY
  • Contact
    • Yelp Reviews
  • Client Login

Schneiderman Insurance Agency, Inc. Blog

Williams’ estate planning earns praise

9/18/2014

0 Comments

 
By now, the American public has become accustomed to stories of Hollywood actors’ deaths and their various financial missteps.

There was James Gandolfini, who left his wife with only 20 percent of his estate, meaning the other 80 percent didn’t qualify for the unlimited tax-free transfer of money to a spouse. The cost of that was nearly $30 million to taxes.
​There was Philip Seymour Hoffman, who left his three children nothing in his will. And because he wasn’t married to his long-time partner and the mother of his three kids, more than $30 million of his estimated $35 million wealth was fully taxable.

So for financial experts, it’s refreshing to see the example of planning Robin Williams left behind when he died August 11.

Doing it right
In his career, Williams won an Oscar, two Emmys and five Golden Globe awards, and the movies in which he was a leading actor grossed more than $6 billion worldwide. Two years ago he was worth an estimated $130 million, according to Forbes. Between two previous divorces and the single-season run of his recent television comedy The Crazy Ones, Williams’ wealth was near $50 million at his death, Forbes says, adding that the estimate may be high. http://tinyurl.com/kb66tjf

According to published reports, says DailyFinance , Williams created at least two trusts, one for his real estate and one for his children. http://tinyurl.com/o27rjj8

The first obvious benefit of setting up a trust is that it is not subject to the probate process, meaning Williams’ affairs will not be part of the court record. Meaning that, unlike Gandolfini and Hoffman, it will remain private.
In his real estate trust – called Domus Dulcis Domus Holding Trust, which is Latin for “Home Sweet Home” – Williams reportedly placed his Napa Valley mansion that rests on 643 acres; it has been listed for sale since April for $29.9 million, according to InvestmentNews. He also owned a 6,500-square-foot house in Tiburon, California, worth an estimated $6 million. Although both are subject to mortgages, the equity left behind is around $25 million. http://tinyurl.com/k6vkatm

The other trust, which TMZ obtained and leaked, was created in 2009 when Williams was in the midst of divorce to his second wife, Forbes says. The trust names his three children as beneficiaries, with benefits to be paid out when they reach ages 21, 25 and 30. This trust passes the money to his children whether he was dead or alive, so it likely was executed as part of his divorce, Forbes says, adding that it is not known how much money was in the trust.

The benefits
Forbes says that regardless of Williams’ motivations for setting up his real estate trust, it shows he used sophisticated estate planning to protect his family. It appears that the holding trust was executed, in part, to minimize estate taxes. Irrevocable real estate holding trusts, when established and used correctly, often can place valuable real estate holdings outside a person’s taxable estate, Forbes says. And with an estimated $25 million in real estate holdings, it could mean generous savings for Williams’ family.

Forbes says that the children’s trust funds, the real estate and any life insurance will not technically be part of Williams’ estate. However, ongoing royalties from his movie and television work, earnings from new deals that use his image and likeness, and future releases of new material would be managed through his estate unless he had assigned those rights to another trust or corporate entity. These, Forbes says, should be worth a significant amount.

And that’s one more way Williams did things right when setting up his affairs before his death. We hope this information was useful to you and helps your clients and their families. If you have a specific case or a question, don’t hesitate to call our office.

From: Steven M. Greenwood (805) 277-5020
0 Comments



Leave a Reply.

    Contact Us

    (818) 322-4744​
    17425 Chatsworth Street
    Suite 204
    Granada Hills, CA 91344​
    Click Here to Email Us

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    April 2021
    March 2021
    December 2019
    August 2017
    July 2017
    February 2017
    December 2016
    October 2016
    May 2016
    April 2016
    February 2016
    January 2016
    November 2015
    April 2015
    March 2015
    January 2015
    September 2014
    June 2014
    May 2014
    April 2014
    March 2014
    October 2013

    Categories

    All
    Auto Insurance
    Business
    Business Insurance
    California
    California FAIR Plan
    Cheap Insurance
    Classic Car Insurance
    Commercial Property Insurance
    Custom RV Insurance
    Directors And Officers Insurance
    Earthquake
    Earthquake Insurance
    Entertainment
    Estate Planning
    FAQs
    Financial
    Firestorm
    Force-Placed Insurance
    Good Insurance
    Granada Hills
    Health Insurance
    Home Insurance
    Homeowners
    Homeowners Insurance
    Home Sales
    Insurance
    Insurance Moratorium
    Insurance Videos
    Landlord Insurance
    Life Insurance
    Local
    Los Angeles
    National Multiple Sclerosis Society
    Oakland
    Pacific Palisades
    Pasadena
    Personal Insurance
    Property
    Raising Funds
    Recommendation
    Recreational Vehicle Insurance
    Renters Insurance
    Safety
    Umbrella Insurance
    Uncategorized
    Wildfires
    Workers Compensation Insurance

    RSS Feed

Navigation

Homepage
Insurance Products
Insurance Blog
About Us
Contact Us
​
Privacy Policy
Agent Login

Connect With Us

Share This Page

Contact Us

Schneiderman Insurance Agency
17425 Chatsworth St Ste 204
Granada Hills, CA 91344
(818) 322-4744​
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash