The recent suicide of Jeffrey Epstein raises many issues about his Estate. This is because he had several residences in New York, Florida and the Virgin Islands and his assets are located in Paris and New Mexico. Epstein's estate is estimated at $577 million. The biggest question raised is the validity of his will and trust which he supposedly executed days before his death. Also, he “ordered” his assets to be transferred into a trust, but, if the assets were not in fact transferred in time, then there would be litigation and tax issues.
So, the main questions are:
- What are Epstein's assets, where are they and what their value?
- What was Epstein's domicile at death?
- What court or courts will deal with Epstein's estate and trust?
- What states will receive estate taxes?
Multiple courts will have to grapple with those questions and it may take a long time to know the answers.
If you have properties in multiple states, you should consider creating a trust. Our firm is here to help you with that. Contact us at (646) 389-4435 or fill out the contact form on our website for a free evaluation of your matter.