Epstein Secrets

the Trustees may pay him, income and principal at any time and for any purpose. c. Should Leon become incapacitated, the Trustees may make gifts to Debra, descendants, Judy Black, Shirley Black, and charitable organizations. 3. Upon Leon's Death a. Tangible personal property. Leon is to identify spe

ebra survives, any items identified as part of a child's art collection and held in Debra's marital trust will pass to such child's Legacy Trust at Debra's subsequent death). If a child predeceases Leon leaving descendants, his or her designated art collection will be divided and held in separate Leg

outside Leon's estate (i.e., works held in the Heritage Trust after the pour-over of the 1997 and 2006 Trusts) will be distributed to each child's Legacy Trust; identified works of art held in LDB 2011 LLC will be held in such child's separate trust under the 2011 Trust Agreement. ii. Tangible personal pr

iscounts will "disappear". Assuming no principal repayments, the note value will remain frozen at the discounted value. • The Overview assumes that Debra has transferred title to all residences to Leon. Leon's new Will and Revocable Trust are drafted as if Leon owns all residences individually. In fac

f this. • The Overview assumes Leon selects $200 million of art from his estate and $100 million from the Heritage Trust to be held in each child's Legacy Trust. Leon's selection of what passes to the Legacy Trusts will dramatically influence the estate tax calculation. The greater the amount of includible a

if the loans that Leon has received from family trusts are repaid in kind with BFP interests or artwork after the death of the survivor of Leon and Debra. However, the "estate administration" exception generally can be utilized to exempt such transactions from the self-dealing rules if such repayments

animously, as there can be as many as seven Trustees (including Richard, John and the four children). There can be as many as five Trustees of each Legacy Trust, and each of the children has the right to remove and replace the Trustees of the Legacy Trust for his or her benefit with independent Trustees upon

Personal Residences. How does Leon want to deal with the residence issue? To refresh your recollection, all residences are owned jointlyby Leon and Debra except: • 190 Narrows Road, Bedford, NY is in Debra's name (one of three Narrows Road parcels—the other two are in joint name). • 750 Meadow Lan

son Re: Questions for your Meeting with Leon on 4.7.14 1. Heritage Trust. See attached Memorandum outlining possible changes to the Heritage and Legacy Trust Agreement. What are Leon's thoughts on these issues and what is the status of the list of art for each child's Legacy Trust? I have not yet given

iscounts will "disappear". Assuming no principal repayments, the note value will remain frozen at the discounted value. • The Overview assumes that Debra has transferred title to a0 residences to Leon. Leon's new Will and Revocable Trust are drafted as if Leon owns all residences individually. In fac

f this. • The Overview assumes Leon selects $200 million of art from his estate and $100 million from the Heritage Trust to be held in each child's Legacy Trust. Leon's selection of what passes to the Legacy Trusts will dramatically influence the estate tax calculation. The greater the amount of includible

24,216.800 24.218.800 Page 3 of 13 EFTA00299516 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 Estate Flow Chart Upon Debra's later Death - LDB predeceased Trustees 04 Mantel Trusts upon Debra's death Barry Cohen and Richard RS90(0 Debra Black Marital Trusts (Under L.

See 'Notes and Assumosons" Par. don 82 5,000.000 0.3680% 1,334,875,832 i82430% 18.873.821 1 380148 1,358,749.653 100 0001% V LB Heritage and Legacy Trust 750 Meadow Lane Added Upon Debris Death: 2: 0030C) Oars Black Won Esti% Probate Property S 254 809 013 Gross Probate Estate $ 254.809.073