EFTA01122175Set 9
2013-04-036p2,802w
concentrated. For ease of
reference, I will refer to this trust as the "Heritage Trust". The Heritage Trust is discussed below. To accomplish
this, it was noted that many ... existing family trusts would be decanted into the Heritage Trust.
Regarding the children's foundations, it was suggested that Leon contribute $100,000 to each child's foundation ... various trusts. Debra requested that any plans proposed regarding the existing trusts, the
Heritage Trust or Leon's Will and Revocable Trust be "blessed" by an "independent" attorney (Le., someone
https://www.justice.gov/epstein/files/DataSet%209/EFTA01122175.pdf
EFTA00591793Set 9
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planning to address the GST tax. For example, Leon could set up a "mirror" Heritage
Trust that is exempt from GST tax.4 Such trust would be funded with Leon ... preserve GST-exempt assets for future generations of Leon's
descendants, the GST-Exempt Heritage Trust should not include any provision for
-6-
EFTA00591798
PRIVILEGED AND CONFIDENTIAL
exemption amount ... assets
currently held in the Black Family 1997 GST Exempt Trust.5 The GST-exempt Heritage
Trust could then purchase interests in BFP, or other assets with appreciation potential,
from
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EFTA01109111Set 9
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more of the Grantor's
children, the Trustees of the Heritage Trust (as defined in Clause FOURTEENTH) and/or
the Trustees of the Legacy Trusts, provided such sale is for Fair ... balance of the Residential Property shall be
distributed to the Trustees of the Heritage Trust, to be added to and disposed of as part of
the principal thereof ... disposed of as provided in this paragraph, to the Trustees of
the Heritage Trust (as defined in Clause FOURTEENTH), to be added to and disposed of
as a part
https://www.justice.gov/epstein/files/DataSet%209/EFTA01109111.pdf
EFTA01088542Set 9
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more of the Grantor's
children, the Trustees of the Heritage Trust (as defined in Clause
THIRTEENTHFOURTEENTH) and/or the Trustees of the Legacy Trusts, provided
such sale is for Fair ... balance of the Residential Property shall be
distributed to the Trustees of the Heritage Trust, to be added to and disposed of as part of
the principal thereof ... disposed of as provided in this paragraph, to
the Trustees of the Heritage Trust (as defined in Clause
THIRTEENTHFOURTEENTH), to be added to and disposed of as a part
https://www.justice.gov/epstein/files/DataSet%209/EFTA01088542.pdf
EFTA01117016Set 9
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more of the Grantor's
children, the Trustees of the Heritage Trust (as defined in Clause THIRTEENTH) and/or
the Trustees of the Legacy Trusts for the benefit of the Grantor ... balance of the Residential Property shall be
distributed to the Trustees of the Heritage Trust.
(C) The foregoing devises and bequests shall be subject to any
mortgage or other encumbrance ... disposed of as provided in this paragraph, to the Trustees of
the Heritage Trust (as defined in Clause THIRTEENTH), to be added to and disposed of
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Doc#: USI:8489098v15
https://www.justice.gov/epstein/files/DataSet%209/EFTA01117016.pdf
EFTA01122168Set 9
2013-07-087p2,215w
death, her husband will
receive $1 million and the balance will pass to the Heritage Trust,
described below.
Please confirm Judy's legal name and her husband's name ... Trust.
B. If Debra predeceases you, the Residuary Trust will pass to the Heritage
Trust.
EIGHTH: Marital Trust. Debra will receive all trust income during her lifetime and the
Trustees ... Exempt Trust.
C. The remaining Marital Trust principal will pass to the Heritage Trust.
Do you wish to give Debra power at her death to appoint the remaining Marital
Trustproperty
https://www.justice.gov/epstein/files/DataSet%209/EFTA01122168.pdf
EFTA00584945Set 9
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Identified works of art already 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 ... 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 ... proceeds added to the general trust fund. The remaining residences will
pass to the Heritage Trust.
c. Cash Legacies
i. At Leon's death, Melanie Spinella will receive $3 million
https://www.justice.gov/epstein/files/DataSet%209/EFTA00584945.pdf
EFTA00601828Set 9
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more of the Grantor's
children, the Trustees of the Heritage Trust (as defined in Clause THIRTEENTH) and/or
the Trustees of the Legacy Trusts, provided such sale is for Fair ... balance of the Residential Property shall be
distributed to the Trustees of the Heritage Trust, to be added to and disposed of as part of
the principal thereof ... disposed of as provided in this paragraph, to the Trustees of
the Heritage Trust (as defined in Clause THIRTEENTH), to be added to and disposed of
as a part
https://www.justice.gov/epstein/files/DataSet%209/EFTA00601828.pdf
EFTA00973854Set 9
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Trust and the 1997 Trust while Leon is
deciding on the terms of the Heritage Trust. That way, we would not have to wait for the Advisory Option to
decant ... material to the Opinion. Because, the APOI trust will eventually be
decanted into the Heritage Trust which can include language Alan likes, it is a temporary problem ... Trust assets as well--but only until we decant again into the Heritage Trust which would give only
a limited POA. I know it seems like smoke and mirrors
https://www.justice.gov/epstein/files/DataSet%209/EFTA00973854.pdf
EFTA00973691Set 9
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Trust and the 1997 Trust while Leon is
deciding on the terms of the Heritage Trust. That way, we would not have to wait for the Advisory Option to
decant ... material to the Opinion. Because, the APOI trust
will eventually be decanted into the Heritage Trust which can include language Alan likes, it is a temporary
problem ... Trust assets as well--but only until we decant again into the Heritage Trust which would
give only a limited POA. I know it seems like smoke and mirrors
https://www.justice.gov/epstein/files/DataSet%209/EFTA00973691.pdf
EFTA01112218Set 9
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term where distributions are made
to charity (such as the family foundation).
1. Heritage Trust.
Jeffrey next explained that most of the assets in the non-taxable bucket will pour ... into a
single "pot trust" called the Heritage Trust for the benefit of Debra and Debra and Leon's
descendants. In addition to the pot trust, the Trust Agreement will ... descendants, called a "Legacy Trust." After Leon's death, the
Trustees of the Heritage Trust will distribute to each child's Legacy Trust $10 million when the
child attains
https://www.justice.gov/epstein/files/DataSet%209/EFTA01112218.pdf
EFTA01195967Set 9
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term of years, the assets remaining in
the CLAT could pass to the Heritage Trust. Effectively, similar to a GRAT, a CLAT
would permit you to transfer the future appreciation ... other charities), you eventually will
be able to leave a significant bequest to the Heritage Trust virtually free of estate tax.
B. Alternative CLAT Terms
Based on the current ... permitted during the period of estate administration
provided certain requirements are met. Specifically, the Heritage Trust could purchase
assets otherwise destined to pass to the CLAT, provided, among other things
https://www.justice.gov/epstein/files/DataSet%209/EFTA01195967.pdf
EFTA01202525Set 9
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term of years, the assets remaining in
the CLAT could pass to the Heritage Trust. Effectively, similar to a GRAT, a CLAT
would permit you to transfer the future appreciation ... other charities), you eventually will
be able to leave a significant bequest to the Heritage Trust virtually free of estate tax.
B. Alternative CLAT Terms
Based on the current ... permitted during the period of estate administration
provided certain requirements are met. Specifically, the Heritage Trust could purchase
assets otherwise destined to pass to the CLAT, provided, among other things
https://www.justice.gov/epstein/files/DataSet%209/EFTA01202525.pdf
EFTA01071282Set 9
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Office/PW In progress
III. DECANT EXISTING TRUSTS TO NEW TRUST
I. Confirm terms of "Heritage Trust" and draft a revised the Trust Agreement. Team
Determine which assets will be decanted ... Heritage Trust (2006 Trust,
1997 non-GST exempt trust, etc.) and the timing.
2. • First decant 2006 Trust to 1997 Trust. Team
• Next decant 1997 Trust to Heritage Trust ... EXISTING TRUSTS TO NEW TRUST (CONTINUED)
Draft and execute either (i) use agreement between Heritage Trust and DB
regarding use of art held by the Heritage Trust, or (ii) lease
https://www.justice.gov/epstein/files/DataSet%209/EFTA01071282.pdf
Meadow Lane, Southampton will pass to the
Marital Trust and eventually to the Heritage Trust. Does Leon wish to leave Debra 750
Meadow Lane outright, rather than have a single ... Trust Agreement
currently provides that the Trustees have discretion to invest principal of the Heritage
Trust in one or more entrepreneurial ventures of Leon's descendants. However, the
Trustees ... invest more than 10% of the Heritage Trust principal in any such
ventures if the entrepreneur is a child and not more than 5% if the entrepreneur is a
grandchild
https://www.justice.gov/epstein/files/DataSet%209/EFTA01196026.pdf