So did Epstein bequeath his assets in trust to keep them out of reach of potential claimants? “People put stuff into so-called asset protection trusts all the time to try to keep them away from their creditors. It’s a growing business,” Jay D. Adkisson, an attorney dealing with creditor and debtor issues, told.
“Clearly, they’re all going to be able to submit their claims and sue the estate because all he did was transfer his assets into a revocable trust, in which case, there’s clear transfers with an intent to hinder, defraud or delay creditors,” Oshins says. A revocable trust can have its terms changed at any time, as opposed to an irrevocable trust, the terms of which cannot be changed without permission from the beneficiaries.
Oshins adds: “This is such a public situation that everyone who was damaged is clearly lawyering up at this point, and they’re going to be well within their statute of limitations period.” “It definitely slows creditors down and makes them think more about settlement,” Adkisson says, though the process can run concurrently with a trial.
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