Theft From The Trust Of A Deceased Person

Estate planning is a big business. People will pay a lot of money to keep people from stealing their money, or otherwise using it in ways other than what the client wants, after the client dies. You could chalk people’s efforts to micromanage from beyond the grave to a fear of mortality. They are willing to spend thousands of dollars so that their heirs can pay a slightly lower tax bill on the decedent’s final tax return while the estate is in probate or so that the creditors to whom the decedent owed money when the decedent died cannot collect the debts. People are keen to establish trusts because no one has access to the money except for the individuals or law firms listed as trustees in the trust instrument, which is the document that sets out the terms of the trust. Therefore, if money is missing from the trust, the first person that people suspect is the trustee. If you are facing a criminal investigation for allegedly mismanaging the trust of which you are a trustee, contact a West Palm Beach theft lawyer.

Estate Planning Lawyer Faces Criminal Charges for Unauthorized Withdrawals From Deceased Client’s Trust

A wealthy man in Lake Wales, Florida established a living trust and listed his lawyer, Jason Penrod, as the trustee. The beneficiaries of the trust were the son and daughter of the grantor, both of whom lived in Pennsylvania. The trust made payments to the beneficiaries according to the trust instrument as long as the grantor was alive, and it continued to do so for a while after he died, but eventually the problems started.

Police began to investigate after the beneficiaries notified them that Penrod had traveled to Pennsylvania to confess to them that he had been making unauthorized withdrawals from the trust because of his gambling addiction. He allegedly told the beneficiaries that he had already gambled away his personal assets before he began to make withdrawals from the trust. Investigators found deposits into Penrod’s personal bank account that originated from his client’s trust.

Police arrested Penrod when he was at the Hard Rock Casino in Broward County. He refused to answer questions from police, invoking his Fifth Amendment right to remain silent, but only after telling them that he had hired a lawyer.

If Penrod pleads not guilty to the charges, he may be able to argue that the evidence is not sufficient to connect him to the crime. Unless he confessed to the beneficiaries in writing, then their reports about his confession may count as hearsay evidence, which is generally not admissible in court. He may also be able to argue that the withdrawals he made from the trust were in accordance with the trust instrument.

Contact a West Palm Beach Criminal Defense Lawyer Today

Attorney William Wallshein has more than 41 years of experience, including five years as a prosecutor in Palm Beach County.  Contact William Wallshein P.A. in West Palm Beach, Florida to discuss your case.

Source:

weartv.com/news/local/florida-lawyer-accused-of-stealing-17-million-from-clients-gambling-the-money-at-casino