Epstein Secrets

s. VS Torn. Bank of ÅllInied Priente Wealth Xlanaperesent operates throuda Bade of ATIWtial, NA andother subsidiaries of Hank of Amelia Oorporation. Bank of Americo. NA. Member FDIC. $1111 Bank «Amerce CaToration.ddl Pests mend Page 2 of 26 EFTA00602613 Leon D. and Debra R. Black Overview of Estate Plan as

Estate Tax 2.609.048 Fed Estate Tax 6.812.030 Danmouth Pledge 19.129.030 Bequest lo Melanie 3.000.030 Amully lot Judy 7254.030 Loan payable-Bank 01 America (An) 470.000.030 Loan payabb-Bank ol America (WAY Marne 17.897.030 Loan payable-Bark ol America (Avionetla Hidgs) 11.135.030 Loan payable Black

re presumed to mirror those in Leon's documents. • Administration expenses are assumed to be $5 million in Leon's estate and are assumed to be 2% of Debra's probate estate. • Valuation discounts totaling 30% are applied to the value of Black Family Partners. L.P. interests. • The value of the GRATs i

ghest Federal Estate Highest New York Estate Credit Tax Rate Tax Rate 2014 5.340,000 $ 2,081,800 40% 16% Notes and Assumptions: • Leon and Debra are presumed to die in 2014 with Leon immediately predeceasing Debra. • Debra's Will and Revocable Trust provisions are presumed to mirror those in

on pay from narrows. we doont have to decide until title tranfers. On Mon, May 11, 2015 at 10:32 AM, Heather Gray < > wrote: It's true that under the Bank of America loan/pledge documents, we are required to notify the bank if Narrows transfers/sells/assigns any of the art that it owns, so we would be required to

r as either Narrows Holdings LLC or AP Narrows LP (the new art partnership), with those entities having the right to assign the work to any of Leon, Debra, the kids or trusts for any of their benefit. I think we should have Narrows Holdings make the first payment, with the understanding that if AP Na

y E. <[email protected]> CC: Brad Wechsler Subject: RE: buyer of Picasso - question Date: Mon, 11 May 2015 14:32:37 +0000 It's true that under the Bank of America loan/pledge documents, we are required to notify the bank if Narrows transfers/sells/assigns any of the art that it owns, so we would be required to

r as either Narrows Holdings LLC or AP Narrows LP (the new art partnership), with those entities having the right to assign the work to any of Leon, Debra, the kids or trusts for any of their benefit. I think we should have Narrows Holdings make the first payment, with the understanding that if AP Nar

s not show subsequent acnonstraecn expenses of Debras estate. Page 1 EFTA00618283 Required Expenertures/Uses Cash Needs/Estate Obligatbas Repay Bank of Amerce an loan (repay when IS months) 5895.030.000 Repay rotes to LOB 2011 US 3528.912.000 Repay rolesto APOI Trust 33.530.000 Repay nolesto AP02 Trus

ax and crher paya0les Expenses to run family office Legal leer. Aswan:in foes Oiler enscelaneous ohleptions Interest payments on bans income to Debra (subset lo escome tax) Total Cash Needs/Estate Obligations 51.675.000 3444.000 $2.600.000 3153.000 137.000 3761000 3370000 310.600.000 315

the Notes in order to substantiate the estate tax deduction. V. Bank of America Loan Based on the most recent loan agreement we have reviewed, the Bank of America Loan matures on July 31, 2017. We understand an extension of the term is being negotiated with Bank of America. Tab C of the Estate and Trust Administrat

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

132 390 167 Total Art Sold S 1,191,640,167 Liability for final payment on Picasso (18,194,475) Bank of America loan (Art Loans) (695.000.000) Bank of America Loan (Avionetta Hldgs) (6,730,600) Charitable Pledges (40.438.092) Notes payable to APO2 Declaration (431277.000) SO Total An Not Sold S 1.046.18

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.