Ruth Madoff Declared Homestead in Florida to Protect Herself From Creditors Before Scandal Broke
by msaroff, Tue Mar 17, 2009 at 02:33:03 PM EDT
She's officially changed her primary residence to Florida, and as such she can declare an <span style="font-weight: bold;">unlimited</span> 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.
Cross posted from 40 Years in the Desert.