Newly released Justice Department records have shed light on how Jeffrey Epstein planned to distribute his fortune shortly before his death in federal custody, revealing a trust that prioritised close associates while excluding his victims.
According to documents reviewed by The New York Times, Epstein signed a 32-page document known as the “1953 Trust” just two days before authorities say he killed himself in August 2019. The trust, named after his birth year, had never been made public until it appeared in a trove of nearly three million investigative files released by the Justice Department last week.
Girlfriend named primary beneficiary
The trust designated Epstein’s then girlfriend, Karyna Shuliak, as the primary beneficiary, allocating her a total of $100 million. This included a $50 million annuity to be established for her benefit.
In the document, Epstein said he had contemplated marrying Shuliak and wanted her to receive his 33 carat diamond ring. Shuliak, now 36 and originally from Belarus, had known Epstein since at least 2012. Records show he helped pay for her dental education, and she is believed to be living in New York City.
Shuliak was also the last person Epstein called from jail before his death. Her lawyer was not immediately available for comment.
Large sums for estate executors
Two other major beneficiaries named in the trust were Epstein’s longtime lawyer Darren Indyke and his in house accountant Richard Kahn. The document provided for Indyke to receive $50 million and Kahn $25 million. Both men also serve as co executors of Epstein’s estate.
Daniel Weiner, a lawyer for the estate, said that neither they nor any other beneficiary would receive funds until all claims were resolved.
“Neither Mr. Indyke nor Mr. Kahn, nor any of the beneficiaries, will receive any money from that estate unless and until all creditors and claims on the estate have first been satisfied in full, including claims for compensation made by women who suffered abuse at Mr. Epstein’s hands,” Weiner said.
Estate value shrinks sharply
At the time of Epstein’s death, his estate was estimated to be worth around $600 million. A recent court filing valued it at $120 million, though that figure could rise because some venture capital investments are still recorded at their 2019 valuations.
The estate has sold most of Epstein’s properties and paid significant sums in taxes, legal fees and victim settlements over the past seven years.
Other names in the trust
The trust listed about 40 potential beneficiaries, some of whose names were redacted in the Justice Department files. Among those unredacted were Epstein’s brother Mark Epstein and Ghislaine Maxwell, who was convicted in 2021 of conspiring with Epstein to sexually abuse teenage girls. The document said each should receive $10 million.
Epstein also intended to leave $5 million to Martin Nowak, a Harvard University professor with whom he had a long association. Nowak did not respond to a request for comment.
Mark Epstein has said he was unaware that he had been named as a beneficiary. Maxwell is currently serving a 20 year federal prison sentence.
No provision for victims
Notably absent from the trust were Epstein’s victims. The document made no provision for the more than 200 teenage girls and young women he is believed to have abused.
However, following his death, Indyke and Kahn established a restitution fund that paid out $121 million to victims. The estate has also paid an additional $49 million in settlements.
The newly revealed trust underscores how Epstein sought to secure the financial futures of those closest to him, even as the legal and moral reckoning over his crimes continues years after his death.
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