Friday, April 13, 2012

Trusts, Russian Oligarchs, Real Estate, & Divorce

The N.Y. Times examines the lives of fabulously rich Russian oligarchs and does a rundown on the property problems that pop-up when the super-rich divorce each other:

Ms. Rybolovleva has argued in court filings that she has a legitimate claim on the Palm Beach property as part of the divorce. Her husband made their daughters Ekaterina and Anna, 11, the only beneficiaries of the trust without informing her, said one of her lawyers, David Newman of Day Pitney. “This is a scam to make sure these assets are in other people’s hands and not available to be dealt with in accordance with the Swiss court order,” Mr. Newman said. Ms. Bersheda said Mr. Rybolovlev’s moves to set up trusts for the real estate were “succession planning.”

Steve Clowney

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