Parker Waichman LLP

Ruth Madoff Uses Homestead Act to Protect Palm Beach Mansion

In yet another move to retain their ill-gotten wealth and protect themselves from creditors, Bernard Madoff’s wife, Ruth, has declared her $9.4 million Palm Beach, Florida mansion her primary residence, says Bloomberg News. Ruth Madoff, wife of the criminal mastermind behind the massive and historic Ponzi scheme that decimated billions of dollars in investor savings, […]

In yet another move to retain their ill-gotten wealth and protect themselves from creditors, Bernard Madoff’s wife, Ruth, has declared her $9.4 million Palm Beach, Florida mansion her primary residence, says Bloomberg News.

Ruth Madoff, wife of the criminal mastermind behind the massive and historic Ponzi scheme that decimated billions of dollars in investor savings, applied for a so-called homestead exemption for property taxes. According to an assistant property appraiser for Palm Beach County, Madoff received her exemption, a real estate maneuver that enables homeowners to avoid seizure of property once in place, explained Bloomberg.

On September 18, Ruth Madoff applied for the exemption, receiving it on January 12, Bloomberg reported, citing appraiser office information. With the exemption in hand, Ruth Madoff is entitled to a tax reduction this year based on a $50,000 property appraisal reduction, said Bloomberg. Last year, Ruth Madoff paid $157,298 in property taxes on that home, which was appraised at $9.4 million in 2008, up from $7.4 million in 2007, according to Palm Beach County records; the 8,753-square-foot property is located at 410 North Lake Way, said Bloomberg.

Meanwhile, this week the U.S. government announced plans to seize a variety of Madoff assets including the $7 million Manhattan apartment where Madoff was kept under house arrest and the Palm Beach home that Ruth Madoff—who has yet to be accused of any crime in relation to her husband’s activities—is working to protect, said Bloomberg. Florida residency can be proven via voter registration and a Florida driver’s license and involves making a sworn statement attesting that the home to be exempted is a primary residence, said Bloomberg.

WBPF pointed out that not only is the Palm Beach mansion vacant, but Ruth Madoff was turned down for exemption in 2007 because she was receiving tax consideration for homeowners in New York. Just prior to Madoff’s arrest, Ruth ended her New York exemption and applied for exemption in Florida, said WBPF.

Madoff himself pleaded guilty to 11 counts of securities fraud and faces up to 150 years in prison. In addition to a long jail term, U.S. prosecutors are also seeking as much as $170 billion in forfeited assets from Madoff. According to the Los Angeles Times yesterday, that amount includes all of the money that moved through the Madoff accounts since the early 1980s, when the government says the investor fraud began.

Ruth Madoff bought the Palm Beach mansion in 1994 for $3.8 million, according to county records, said Bloomberg, deep within the time of her husband’s Ponzi scamming activities. Bernard Madoff has been held at the Metropolitan Correctional Center in lower Manhattan since March 12.

Accountant Richard Rampell—who has clients who have lost about $100 million in the Madoff scheme—finds Ruth’s recent homestead filing suspicious, and a move meant to protect her investments from bilked clients looking to reclaim losses, said Bloomberg. Rampell told Bloomberg, “Just doesn’t pass the smell test, that she could be completely innocent of it, and she’s trying to claim $100 million in assets. Where did she get all this? They just didn’t appear out of thin air,” adding that, “Florida is a debtors haven. It’s a refuge for deadbeats and crooks and scam artists and it has been forever.”

What Our Clients Say About Us
We have worked with thousands of clients and we appreciate them and their positive reviews. Here are just a few recent client reviews...
5 Star Reviews 150
I speak with Joanne Stevens Nurse Consultant from Parker Waichman LLP she is a pleasure and very compasionate person. so far happy with the people and the firm..
Lona Frawley
5 years ago
5 Star Reviews 150
The firm was professional, always keeping me updated on the process of the case until it was finalized. I would recommend their services.
Overta Smith
a year ago
5 Star Reviews 150
I was in a car accident about a month ago, and had no idea what to do or where to go for help. As I was struggling to walk one morning, when the commercial for Park Waichman came on and the jingle stuck in my head "1800 Just Call, just call that's all!" Well, I called, and like the jingle says, that's all I had to do. Everyone at the office has been a very present help, and always answer my calls and emails timely. Julie and Maryann have been so patient and wonderful with my constant questions, and have taken care of everything! Joanne has been a constant reassurance in reaching out to check on me and make sure that my medical needs are being addressed by my health care providers and that my care is progressing as best as possible. She has a very warm and kindhearted demeanor, which makes everything seem like it will be ok. Thank you for that Joanne, it means the world to me! I would highly recommend the team at Parker Waichman.
ELEONOR PAZMINO
5 years ago

Why Choose Us to Help You?

We Take Care of Everything
Your situation is stressful enough: Let us take on the deadlines, paperwork, investigation, and litigation. We'll handle every detail so you don't have to worry.
No Recovery = No Legal Fees
We work on a contingency-fee basis, meaning that we only get paid from a portion of your settlement or jury award. If you don't get compensation, you owe us nothing.
Decades of Experience
Your situation is stressful enough: Let us take on the deadlines, paperwork, investigation, and litigation. We'll handle every detail so you don't have to worry.
Respected by Our Peers
Judges, insurance adjusters, and fellow attorneys all speak highly of our skills, and we've earned numerous accolades, including a flawless rating from AVVO.
We Have Many Locations To Serve You
We have the experience and the skilled litigators to win your case. Contact us and speak with a real attorney who can help you.
Long Island – Nassau
Parker Waichman LLP
6 Harbor Park Drive
Port Washington, NY 11050
Long Island – Suffolk
Parker Waichman LLP
201 Old Country Road – Suite 145
Melville, NY 11747
New York
Parker Waichman LLP
59 Maiden Lane, 6th Floor
New York, NY 10038
Queens
Parker Waichman LLP
118-35 Queens Boulevard, Suite 400
Forest Hills, NY 11375
Brooklyn
Parker Waichman LLP
300 Cadman Plaza West
One Pierrepont Plaza, 12th Floor
Brooklyn, NY 11201
New Jersey
Parker Waichman LLP
80 Main Street, Suite 265
West Orange, NJ 07052
Florida
Parker Waichman LLP
27299 Riverview Center Boulevard
Suite 108
Bonita Springs, FL 34134
Nationwide Service
Parker Waichman LLP
59 Maiden Lane, 6th Floor
New York, NY 10038