Epstein Created Trust With $578 Million Days Before Suicide




 

(Bloomberg) -- Jeffrey Epstein wrote a will just two days before his suicide, saying he had about $578 million in assets that he placed in a trust, which could complicate efforts by women who say he sexually abused them to collect damages.

Epstein, who died Aug. 10 in a federal jail cell in Manhattan, asked that Darren K. Indyke and Richard D. Kahn be appointed as executors, according to a copy of the will filed Aug. 15 with the court in the U.S. Virgin Islands.

All of his assets were transferred to the trust as of Aug. 8, two days before he died, assuring that details on how the proceeds are distributed may remain private. The will was first reported Monday by the New York Post, which also published a document detailing Epstein's fortune in real estate, cash, equities and other assets.

The real estate -- from his New Mexico ranch to his Manhattan mansion and private islands -- is held through various entities laid out in the will. The assets listed are similar to those in Epstein's unsuccessful bail request.

The valuation does not include his art collection, which is subject to appraisal, according to the document.

Indyke had served as an attorney for Epstein, the financier indicted on charges of conspiracy and trafficking, accused of sexually abusing dozens of girls. He pleaded guilty more than a decade ago to state prostitution charges in Florida, admitting to soliciting an underage girl. Epstein's estate is expected to face many lawsuits by women who claim he abused them when they were children.

It's possible that Epstein may not have had time to take all the necessary legal steps needed to transfer each of his assets to the trust, said Bruce Steiner, an estate attorney.

"It would be hard to transfer it that quickly," Steiner said. "If he didn't transfer the assets into the trust before he died, then the victims can simply go after the executors of his estate. Then it doesn't matter who the estate goes to."

Epstein's trust, known as The 1953 Trust, remains a private document whose details won't have to be disclosed by the court. In addition to determining how his assets will be used, the executors can "litigate, defend, compromise, settle, abandon or submit to arbitration" any claims against his estate, according to the document. There's no reference to his arrest or the investigation.

Epstein's brother, Mark, is listed as his next of kin. Indyke and Kahn are "investigating potential debts and claims of the estate and at this time they are unknown," according to the court petition for their appointment.

Prosecutors in Manhattan filed court papers Monday to close the case against Epstein, while saying they'll continue to investigate others involved in his alleged crimes. On Aug. 16, the New York City medical examiner ruled his death a suicide.

The trustees for the Epstein entity will inherit all of his property, according to the document, which doesn't name the individuals. Indyke and Kahn will be paid $250,000 for executing Epstein's will, according to the document.

The will was witnessed by Mariel Colon Miro, a criminal defense attorney for the law office of Michael Lambert, and Gulnora Tali, who's also an attorney with a private practice. Colon Miro and Tali didn't immediately respond to phone calls seeking comment.

(Updates with link to will in second paragraph.)

--With assistance from Sophie Alexander, Jonathan Levin and Anders Melin.

To contact the reporters on this story: David Voreacos in New York at dvoreacos@bloomberg.net;Neil Weinberg in New York at nweinberg2@bloomberg.net

To contact the editors responsible for this story: Jeffrey D Grocott at jgrocott2@bloomberg.net, Peter Eichenbaum, Heather Smith

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

COMMENTS

More Related News

Kodak
Kodak's $765 Million Government Loan on Hold Pending Probe

(Bloomberg) -- The federal agency that announced a $765 million loan to Eastman Kodak Co. less than two weeks ago said the offer is on hold pending probes into allegations of wrongdoing."Recent allegations of wrongdoing raise serious concerns," the U.S. International Development Finance Corporation said in a tweet Friday night. "We will not proceed any further unless these allegations are cleared." Congress and the Securities and Exchange Commission are investigating the deal, and Kodak's board said Friday it is also opening a review of the loan disclosure.The development bank loan announced July 28 was the first of its kind under the Defense Production Act in collaboration with the U.S....

Buffett Bought Up His Own Stock While Selling Others Amid Rally
Buffett Bought Up His Own Stock While Selling Others Amid Rally

(Bloomberg) -- Shares of Berkshire Hathaway Inc. were left out of the stock market rally in the second quarter. Warren Buffett clearly thought the disconnect wasn't warranted.The famed investor spent a record $5.1 billion buying back Berkshire's own stock in the second quarter, more than double the amount he'd ever purchased before. That came as he unloaded almost $13 billion of other companies' shares, including airline stocks and some financials, in what was Buffett's biggest selling quarter in more than a decade.Buffett has shown signs of buying appetite in recent weeks, but the second-quarter results show those are a new phenomenon as the Covid-19 pandemic has slammed the economy but...

Epstein
Epstein's victims get second chance at justice against sex offender in appeals court
  • US
  • 2020-08-07 18:12:28Z

The 11th U.S. Circuit Court of Appeals vacated a previous panel's 2-1 decision that rejected a petition by one of Epstein's victims.

Susan Rice Sells Netflix Options as Biden
Susan Rice Sells Netflix Options as Biden's Running Mate Decision Nears

(Bloomberg) -- Former national security adviser Susan Rice, a Netflix director, sold some of her shares of the video streaming company worth $305,323 this week as speculation swirls that she is among the candidates to be Democratic presidential nominee Joe Biden's running mate.A spokeswoman for Rice said the sale was unrelated to politics and was made under a stock trading plan she filed more than three months ago under Securities and Exchange Commission rules."Ambassador Rice's sale of a fraction of her Netflix stock has nothing to do with VP speculation," Erin Pelton said.Rice, who also served as the U.S. ambassador to the United Nations, is being vetted as a possible running mate for...

Will Macron Deliver on His Lofty Promises to Help Beirut?
Will Macron Deliver on His Lofty Promises to Help Beirut?
  • World
  • 2020-08-07 12:03:12Z

(Bloomberg Opinion) -- There were moments during Emmanuel Macron's visit to Beirut on Thursday when it seemed that the French president was in a mosh pit, crowd-surfing over waves of adulation and anger: The adulation was for him, and far more than he might reasonably expect from a Parisian throng; the anger was for the entire Lebanese political class, who are being collectively blamed for the devastating blasts that shattered much of the city on Tuesday.    It is easy enough to cavil, as some have, that Macron's walkabout in the Gemmayzeh neighborhood was political theater. He was always going to get a friendlier reception in a Francophile quarter of East Beirut than, say, in the...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy