With over $577 million in assets filed into a trust in the US Virgin Islands, deceased financier and sex offender, Jeffrey Epstein, has executed a will that will make it more difficult for his victims to obtain any of his estate for the crimes he committed, according to Katten Private Wealth partner Joshua Rubenstein.
Joshua spoke with Fox Business about Epstein's will and why his accusers will now have to spend more time, effort and money to acquire those assets in civil litigation. Epstein's estate includes assets of over $194 million in hedge fund and private equity investments, over $112 million in equities, over $56 million in cash, over $18 million in automobiles, private jets and boats, and over $14 million in fixed-income investments, as well as luxury real estate properties in New York City, Palm Beach, Paris and Santa Fe. Filing his trust so far way in the US Virgin Islands, Joshua explained, is what will make it so difficult for victims to acquire his assets.
"You've certainly made things more complicated for them by having a probate in the US Virgin Islands...They require you to come to them," Joshua said.
Additionally, Epstein's accusers are fourth in line behind the US government/Internal Revenue Service, secured creditors and expenses in administering the estate to obtain his assets, Joshua added.
"The longer they [the accusers] wait, the worse it's going to get for them. And he [Epstein] set it up in a way that expenses will mount quickly," Joshua said, clarifying that victims "will get something, but they have to be smart about it."
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