Epstein Secrets

from an entrepreneurial venture stay as is. Leon is still deciding how much of the art he wishes to have in Debra's Marital Trust and eventually in the Heritage Trust. You asked Leon to make this decision by May 15th. From: Jeffrey Epstein [ma ilto:jeevacationagmail.comj Sent: Sunday, April 27, 2014 7:38 PM To:

i Jeffrey, I believe this is the highlighted information you are asking for below: At last week's meeting, Leon indicated that the new Heritage and Legacy Trust should provide that: • Trustees have discretion to invest in an unlimited number of entrepreneurial ventures per descendant (no cap of 3 ventures

tly in effect. Items to highlight (noted with the last version): • The Overview illustrates the 1997 Trust and the 2006 Trust already decanted into the Heritage Trust. • BFP interests are discounted 30% to reflect the reality of the Note substitution. This deflates the value of Leon's estate (good for estate tax

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

the Black Family 1997 GST Exempt Trust holds GST tax- exempt assets. Because that trust does not include the more tailored governance provisions of the Heritage Trust, it may be desirable to consolidate the GST exempt assets in a single trust. 6 As of December 31, 2016. 7 In Part III.a. below, we recommend pou

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

a will receive outright the Manhattan apartments; the remaining residences will be held in her marital trust. If Debra directs property to be sold, the Heritage Trust, followed by the children (or their Legacy Trusts) will have a right of first refusal. ii. If Debra predeceases, the Manhattan apartments will be s

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