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Sir Jeff

While we wait for the impending China crackdown in Hong Kong, the Jeffrey Epstein death remains the other big news topic. Epstein was not married nor did he have any alleged children. It is not known if he left a will or other estate planning documents.

Epstein was survived by his younger brother, Mark, who has two children. Epstein owned houses in NYC, Palm Beach, and the U.S. Virgin Islands. His net worth is reported to be $500 million although no one knows for certain nor the source of the wealth.

A few brief points:

1. Epstein supposedly made his money by assisting his clients with the minutiae of tax planning and other life details so it is hard to believe he did not leave a will and trust.

2. It is way too early to know his actual net worth and what claims will be brought against his estate.

3. For the sake of his heirs, they should hope that he was legally a resident of Florida or the U.S. Virgin Islands, neither of which has an estate tax, rather than New York which would tax his estate at a rate of 16%.

4. These complex estate issues will likely be determined sooner than the circumstances surrounding his death.

5. There might be some truth to the line “the person most surprised by the suicide of Jeffrey Epstein was Jeffrey Epstein.”

Photo Credit:  Unknown (from slideshow from linked article)

License:  Fair Use/Education (from linked article)

Not All Tattoos Are Pointless

When an unconscious Florida man was brought to a hospital without identification but a tattoo that said “Do Not Resuscitate” and a signature, doctors were surprisingly faced with what to do with the dying man. They first thought they should disregard the tattoo because it might not reflect his current wishes because he might have gotten it when drunk. An ethicist later over-ruled the doctors and said that his tattooed wishes must be respected.The man eventually died. An NYU ethicist quoted in the article said that people should carry their health care directives with them to prevent these problems.
 
Several points:
 
1. Sad that the hospital was at first going to ignore something as obvious as the man’s tattooed wishes. Even if he were drunk when he obtained the tattoo, he could have remembered to remove it any time whenever he saw himself and the tattoo in a mirror.
 
2. I have scans of all my clients’ documents and have occasionally been asked to send them to a hospital while I have been out of town. The cloud can be a tremendous tool.
 
3. Carrying one’s health care directives in case of emergency seems like an extreme command by the ethicist especially in the case of homeless folks who are simply trying to push a cart with their blankets and clothes and looking for food. Neatly preserved health care directives would seem to be low on the priority list.
 
4. Moving beyond homeless folks, asking folks to carry their health care directives while they run to CVS or Sam’s Club seems burdensome. This is further proof that the academic world is not the real world.

Hey, New Jersey, Your Tax Base Is Too Narrow

davidtepper

David Tepper is a hedge fund manager whose company is located in New Jersey.  He is also a resident of the Garden State (misnomer alert). He recently announced that he was moving his corporate headquarters and his personal residence to Florida.  The NJ state budget director then stated that this move could affect the amount of tax revenues generated by NJ.  

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All Posts By Jay Brinker

I am an attorney located in Cincinnati, Ohio who practices in the areas of estate planning, probate, asset protection, and small business advice. I make a difficult and bewildering process as simple as possible. Most importantly, I provide "more for less" for my clients.