Epstein Secrets

anagement LLC) FROM: Charles T. Dowling Elizabeth A. Kubanik RE: Leon Black Estate Planning This memorandum summarizes our high-level thoughts on Leon Black's estate planning based upon the information and documents that have been provided to us and our discussions with you. As a general matter, we have b

questions or comments you may have on the topics discussed in this memorandum or any other aspect of Leon's estate planning. C.T.D. E.A.K. cc: Leon D. Black Alan S. Halperin (Paul, Weiss, Riflcind, Wharton & Garrison LLP) -14- EFTA00591806

harles T. Dowling Elizabeth A. Kubanik RE: Leon Black Estate Planning This memorandum summarizes our h

see no reason not to implement this planning now as flexibility can be maintained to take into account potential tax changes by providing that the CLATs will be funded only in the event there is an estate tax upon Leon's death. Funding the CLATs with interests in Black Family Partners, L.P. ("BFP")

Melanie Spinella I Apollo Management >>> 9West 57th Street, New York, New York 10019 >» • >>> <mailto: mailto: 1>> >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may c

mailto: 1>> >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it

lan around that. My goal is to be able to tell him "If you sell certain art you will achieve the following benefits." Not quite there yet. > On the CLATs, I hear you that no one has experience with art. But as you have pointed out, Leon's situation is unique. Unless we hear specific reasons why it doe

12) 515 3320<tel:(212)%20515-3320> (Lan)l • (212) 515 3261<tel:(212)%20515-3261> (Fax) >>> •:l mailto: mailto: mailto: >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may c

lto: mailto: >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it

lan around that. My goal is to be able to tell him "If you sell certain art you will achieve the following benefits." Not quite there yet. > On the CLATs, I hear you that no one has experience with art. But as you have pointed out, Leon's situation is unique. Unless we hear specific reasons why it doe

>» • 212 515 3320<tel: 212)%20515-3320> Lan • 212 515 3261<tel:(212)%20515-3261> (Fax) >>> mailto: <mailto: mailto: >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may c

lto: mailto: >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it

lan around that. My goal is to be able to tell him "If you sell certain art you will achieve the following benefits." Not quite there yet. > On the CLATs, I hear you that no one has experience with art. But as you have pointed out, Leon's situation is unique. Unless we hear specific reasons why it doe

<mailt <mailt >» Executive Assistant to Leon D. Black >» This email and any files transmitted with it

o 14hrs and no more than 10hrs of flight time. >» Thank you! >» >» Melanie Spinella I Apollo Management <mailt <mailt >» Executive Assistant to Leon D. Black >» This email and any files transmitted with it are confidential =nd intended solely for the person or entity to whom they are addressed and=may co

to tell him =quot;lf you sell certain art you will achieve the following benefits."= Not quite there yet. EFTA_R1_01432409 EFTA02398439 > On the CLATs, I hear you that no one has experience with art. But as y=u have pointed out, Leon's situation is unique. Unless we hear specific re=sons why it doe

e than 10hrs of flight time. >>> Thank you! >>> Melanie Spinella I Apollo Management >>> >>> >>> <mailto: <mailto: >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it are confidential =nd intended solely for the person or entity to whom they are addressed and=may c

to: <mailto: >>> Executive Assistant to Leon D. Black >>> This email and any files transmitted with it

ound that. My goal is to be able to tell him =quot;If you sell certain art you will achieve the following benefits."= Not quite there yet. > On the CLATs, I hear you that no one has experience with art. But as y=u have pointed out, Leon's situation is unique. Unless we hear specific re=sons why it doe

day. Two pilots can only be on duty =p to 14hrs and no more than 10hrs of flight time. >» Thank you! >» >» >» >» >» >» Executive Assistant to Leon D. Black This email and any files >» transmitted with it are confidential and inten=ed solely for the >» person or entity to whom they are addressed and may

>» >» >» >» >» Executive Assistant to Leon D. Black This email and any files >» transmitted with it

lan around that. My=goal is to be able to tell him "If you sell certain art you will achieve t=e following benefits." Not quite there yet. > On the CLATs, I hear you that no one has experience with art. But as you =ave pointed out, Leon's situation is unique. Unless we hear specific reaso=s why it doe

From: jeffrey E. <[email protected]> Sent: Sunday, July 23, 2017 4:41 PM To: Barry J. Cohen; Leon Black Subject: Re: [External] They are wrong ! Sorry I started to explain to=Leon. Neither them nor Alan has actually done one with major art . And in

July 23, 2017 4:41 PM To: Barry J. Cohen; Leon Black Subject: Re: [External] They are wrong ! Sorry

&C basically thought =he estate plan was fine. They highlighted some low likelihood governance i=sues at Apollo that could screw up the testamentary CLATs. They note=that we have not maximized our GST. I'm sure Leon will be fine s=nding it to you and I hope to do so tomorrow. Sent from my iPhone On J

3 EFTA00299523 Detailed Presentation SUMMARY EFTA00299524 Leon D. and Debra R. Black Overview of Estate Plan as of June 30, 2016 On Death of Leon D. Black On Death of Debra R. Black Assets Available For Children After Death of LDS and DRB _ LDB Gross Estate 3,837,952,896 Marital Trusts 1,464,161

Overview of Estate Plan of Leon D. and Debra R. Black As of June 30. 2016 Apollo Global Management $1

(23,338,800 $ 1,3158,749,653 Residue Passes to CLA7s 1 1,358,749,653 see page 5 see page 5 Marital Trust Residue Added U• • Debra's Death: CLATs are funded with Cash Black Famly Partners LP (80.28%1 An See 'Notes and Assumosons" Par. don 82 5,000.000 0.3680% 1,334,875,832 i82430% 18.8