ust Agreement. PW Complete but revisions likely 2. Leon to execute Trust Agreement. PW Complete 3. Determine which assets will be decanted to the Heritage Trust (2006 Trust, 1997 non-GST exempt trust, etc.) and the timing. • If 1997 Trust assets, wait until 2009 GRAT terminates? Or assign receivable? Tea

documents Paul Weiss prepared to appoint new directors for the Leon Black Family Foundation. 6. Preparing a bullet point summary of Leon's Will and the Heritage Trust so you can speak with him about the changes he wishes to make to one or both documents 7. Prepare new illustrations for Estate Flow at $25 and $30/

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

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:

pal to Debra and Leon's descendants. strata to the sienna:on guidelines maned in tie Trust Agreement. After Leon's death. art andtoilet-Wes held in the Heritage Trust designaled for a particular child will be darned to such chiiSs Legacy Tnnl. Alter Debra's death. simitury designaled items in the Marital Trust wa

12:51:54 +0000 Is this limited to the tangible property insurance and inventory project? Or, do you want to address with Leon certain revisions to the Heritage Trust he may wish to consider following the family meeting? Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York New York 10022 Direc

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

lapp a , wrote: Is this limited to the tangible property insurance and inventory project? Or, do you want to address with Leon certain revisions to the Heritage Trust he may wish to consider following the family meeting? Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Dire

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

OI GRAT, as well as the assets of the Black 2006 Family Trust upon a decanting of such trust by its trustees. Once you have settled on the terms of the Heritage Trust, it will be the ultimate recipient of the assets held under this Agreement. I. Discretionary Trust. Until such time as the Trustees decide to crea

ets of the Non-Exempt Trust under the Black Family 1997 Trust upon a decanting of such trust by its trustees. Once you have settled on the terms of the Heritage Trust, it will be the ultimate recipient of the assets held under this Agreement. I. Discretionary Trust. Until such time as the Trustees decide to crea

please confirm October funding as opposed to November (with lower rate). Also, the Trustees listed in the APO I and APO2 trusts are the same as in the Heritage Trust: that is, Barry Cohen, John Hannan and Richard Ressler. Just want to confirm that this is what Leon wants (and not Paul Weiss's assumption when dra

on in the =006 Trust (which will disappear), what gets decanted into the =eritage Trust is the art. Nice and clean --no need to do a =ubstitution in the Heritage Trust that might draw attention if we =ecide to move forward on someone else's =uling. 2. The substitution language cited =n the petition for the ruling

ently in =ffect. Items to highlight (noted with the last =ersion): The =verview illustrates the 1997 Trust and the 2006 Trust already decanted =nto the Heritage Trust. • BFP interests are discounted 30% to reflect =he reality of the Note substitution. This deflates the value of =eon's estate (good for estate tax