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Pedophile Will

So my blog prognostication abilities continue to be abysmal. In addition to the coroner determining that Jeffrey Epstein hung himself, he actually prepared a will two days before he died.

Epstein’s will left everything to a trust he created the same day as his will. Of course, the trust beneficiaries and its terms are private. His will designates two long time employees as co-executors of his estate and provided that they would each receive $250K for serving in that capacity. Meanwhile, an attorney for one of the women suing Epstein claims that he was an evil genius for filing the estate in the U.S. Virgin Islands.

Several quick points:

1. Epstein’s estate is being probated in the US Virgin Islands because that is where he was considered a resident. Estates are probated in the decedent’s state of domicile.

2. The NY Post’s expert who said the will was filed in the Virgin Islands due to privacy reasons and the attorney suing Epstein on behalf of his alleged victims who thinks the US Virgin Islands filings are pure evil are fools and need to brush up on probate law.

3. It is interesting that the executors have agreed to fill that role for $250K. The commissions for executors are set by statute. Typically, they would receive a percentage of the estate which would be at least 1% or $5.7 million in this matter.

4. The reporting by the NY Post and the NYT has been error filled on this matter. I expect shoddy reporting from them on matters involving President Trump and from the Cincinnati Enquirer, but not from the NYT on a story like this.

Photo Credit:  NY Post  Composite

License:  Fair Use/Education (from linked article)

 

Oh Me, Oh My

As I have written previously, when Aretha Franklin died last August, she was presumed to have died intestate (without a will). Her niece, Sabrina Owens, was then designated as the estate administrator. Since then, three handwritten documents purporting to be her will(s) have surfaced. Franklin’s youngest son, Kecalf Franklin, has asked the probate court to be appointed as representative of the estate. One of his brothers supports him in this request while two others oppose him. The filing of one brother said that Kecalf has never demonstrated the ability or willingness to support himself and lacks the financial knowledge to serve as executor. After a court hearing last week, for now, the niece remains in control of the estate with decisions subject to court approval.

Two points:

1, Kecalf does not seem qualified to serve as executor so keeping him out of the process seems good for now.

2. Gosh. If someone has pancreatic cancer, prepare a will. Time is of the essence.

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)

Century Ride

Rode 104 miles today with Elliot Beraha and Alan Henning. Pic is from halfway point in Yellow Springs. We looked worse for the effort at the end.   😀 

Best Coast?

Just back from a long weekend in Seattle and Oregon with Janice. We met winemaker, Jean-Nicolas Meo, and Jay Boberg, owners of Domaine Nicolas-Jay. Boberg is the founder of IRS Records (think REM, Fine Young Cannibals, and the Go-Gos among other acts on his label). Wine and music are geek heaven for me. Post to follow shortly.

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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.