It is unclear what role, if any, Bernie Madoff’s sons had in his investment schemes. They were the ones who turned him in to authorities. However, they also may have profited from them. One of the sons has recently passed away and left behind a large sum of money.
Andrew Madoff always claimed that he turned his father, Bernie Madoff, in to the FBI only hours after learning about his father’s Ponzi scheme. However, not everyone believes that Andrew was not involved in the scheme and he was personally sued for millions of dollars to help repay investors who were the victims of the fraud. Andrew recently passed away after being sick with Lymphoma. The details of his estate have been made public as his will was submitted to probate court.
The total estate is valued at approximately $15 million dollars. All of his personal property, around $11 million in total, is supposed to go to his two daughters. He left a third of the estate to his estranged wife with the remainder going to his fiancée. Private Wealth, in an article titled “Andrew Madoff Leaves More Than $15 Million to Family, Fiancée,” has more details.
While the article does not mention whether there are any plans to sue the estate over the Ponzi scheme, the estate will need to make plans to defend itself. If a court decides that Andrew was culpable in his father’s scheme, then his family and fiancée might not receive the inheritances he planned for them. Of course, it is possible that Andrew did not have knowledge of his father’s activities and that he was telling the truth the entire time.
Please contact our office today at 239-225-7911 to schedule an appointment with Barbara M. Pizzolato if you are interested in protecting your legacy and need to create or update your estate plan. You may also wish to attend one of our free seminars.
Reference: Private Wealth (September 12, 2014)“Andrew Madoff Leaves More Than $15 Million to Family, Fiancée“