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Ruth Madoff Declared Homestead in Florida to Protect Herself From Creditors Before Scandal Broke


She's officially changed her primary residence to Florida, and as such she can declare an unlimited homestead on her $9.4 million home in Palm Beach.

This would protect this home against civil litigants, though I'm not sure what it would do against the Federal prosecutors who have already filed their intent to seize this home, though it clearly is now more difficult than their New York penthouse.

This is not surprising. What is surprising is that the Feds haven't filed some sort of conspiracy charges over this, because if this were a drug case, they would have already done so.

[on edit]I should have read the fine print more carefully, she, "applied for the tax exemption Sept. 18 and received it Jan. 12, according to the appraiser's office."

The scandal broke on December 10, which implies that someone behind the change in residence knew that the house of cards was collapsing, and made the move to save the house.
[on edit 2]Corrected name.

Cross posted from 40 Years in the Desert.

7 Comments

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I should note that I do NOT approve of prosecutors using vague charges of conspiracy against spouses to coerce testimony or get cheap convictions.

Among other things, it makes a mockery of marital privilege, and it's just slimy.

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Is there a link to the 'back story' on this? Would appreciate.

Thanks.

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Check spelling on Rachel's name.

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Oops, Maddow must hate that similarity.

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Right.

Mrs. Bernie Madoff to those of us who are fans of Rachel Maddow.

Is Rachael Madoff related to Ruth Madoff?

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D'oh!!!

It's Ruth....I screwed up...Was "Ruth"less...now fixed.

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Careful. Some of us may need that same loophole. But in a trailer park.

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Matthew Saroff

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