Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
Call for a free consultation
702-706-1083

Creditors claims, tax issues may affect Epstein estate

Many people in Nevada may be aware of the Jeffrey Epstein case, in which the wealthy financier committed suicide in a New York jail where he was facing trial on sex trafficking charges. Epstein prepared a will and a trust two days before his August 10 death, but there are a number of questions hanging over his estate. With a value of over $577 million, it is well above the estate and gift tax exemption of $11.4 million.

First, the timing of the when the will and the trust were prepared may raise concerns. However, one of the biggest problems may be that his alleged victims might sue the estate. Having assets in a trust may not offer protection. It would need to be an irrevocable trust to protect assets from creditors, and even irrevocable trusts are not immune to challenges. If a person expects lawsuits and tries to create a trust to protect assets from those lawsuits, this is generally considered fraudulent behavior.

States might also be looking at where Epstein was resident. Although his official residence is the U.S. Virgin Islands, determining domicile is a complex process that involves looking at a number of things including where a person's belongings and family are. A state such as New York might decide to pursue his estate for tax.

It is not necessary for people to have the wealth of Epstein to require an estate plan. Every adult should create one. A will is not just useful for passing on assets. For parents, a will can be used to appoint a guardian for minor children. A will must pass through the probate process, which can take some time and is not private. As a result, some people prefer to use a trust as their main estate planning vehicle.

No Comments

Leave a comment
Comment Information
Email Our Team

More Questions? We Have Answers.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Las Vegas Office
10799 West Twain Avenue
Las Vegas, NV 89135

Toll Free: 800-557-6423
Phone: 702-706-1083
Fax: 702-650-5561
Las Vegas Law Office Map

Henderson Office
2425 W. Horizon Ridge Pkwy.
Henderson, NV 89052

Toll Free: 800-557-6423
Phone: 702-706-1083
Map & Directions