EFTA01754949

Subject: Re: GRAT Plan From: Ada Clapp Sent Wednesday, ctober To: Jeffrey Epstein <jeevacationegmail.com> You mean 9 West 57th I assume (we arc in the Crown building around the block). I will reserve something there. Ada Clapp Mad Family Partners do Apollo Management 9 W 57th Street New York IC/2I 161/2 21 ICA *Te/21 xle/2]iwit%TaileATLY2 ICAT/1/2-44,1/2! 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I advice you to concult with an indopondent tax advicor on your particular tax circumetancec. This-seemanicatienr anil-any-attarAwnentr ierfor-the-intefided-Feeipient(s)-GRIy-and-mw contain-information-that-is-privilegedr senfidential-anclier-pcoprietacy—ff-you-ace-not-the- intended-resipient7you-afe-herelay-notified-that-fufther-dissemination-of-this- eemmunieatien-and-its-attathmer4s4s-prehibitedrPlease-delete-all-eepies-ef-this- sommunisation-affidas—attashments-and-name-immediately-that-youaave-reseived- them-in-GFRW7 thi-Oe4-2720137m-F04-5-2447Jeffrey-Epstein-cjecvacation@gmail.corn>Avretei new-gtettr etermiee-whether-er-net-he-thitilegs4he-priee-is-higli eeelel- like-te-revisit-funding-wirh-a-deriverive-thet-atiews-hirn-te-keep-the-divideed er-bethered- by-the-seeeeenting-eightetare i-heye-time-ee-friday-te-sir-and-disetr ee-alarrand-eileenr - how the annuity b paid , doca not have to be in the doca.? Hi Jeffity, Eiteen-eftd4-spelee-wirh-Alen-yesterderand-we-wanied-te-reeelt-base-withiett-enihe-plen-fer- the-GRAT,Ae-voe-understend-ity EFTA_R1_00055529 EFTA01754955 s—The-GRAT--svenkl-previde-fer-his-annuity-te-be-paid-quatterly-se-that-heen-eanmeet- his-cash-flew-needs. - The annuity would be paid to Leon first with cash from the distributions and ncxt with BFP ntcrests. e-e-There-eauld-alse-be-a-pro-raia-disinbutienin-kuld-freni-BFP-ducing-the- GRA-T-tenn,--The-distributien-weekl-eensist-eiBM—investment- paftnetship-interests-Metheentities-as-well-asmarketable-seentities-fabent4-1-50- MM—with-ne-valnatien-diseeum-applied-te-them)r These-assets-cenkl-be-used-te- fund-the-GRAT-temaindetr allewing-Leen-te-take-baek-flION-BFP4S-his-annuity- payments, •—Each-quaFter-keen-ceald-rell-his-annttity-payment-Ereaghly4240-millien)-te-amew- GRA-T-=(-L-een-tnay-ept-te-re-GRA-T--twiee-a-year-instead). •40-the-end-ef-the-GM-T-temir the-temainder-wentd-pass-eitheete-an-existing-mustr suelt-as-the-ifecitage--Trust(with-the-assets-m-be-later-deea ve-revise-the- Hefitage-T-tuser et-te-a-new-tmst-te-he-ereated-b.frL-een-fwhieh-will-later-be-tleeanted-te- the-revised-Hetitage-Tmst)= o-o-Please-let us4mew-what you-ore-iltinking-in-this-regardrIfikere-wili-be-o- new4riilii—have-yere4isewsseibike-terms-oftke-ww-frirsi-ivith-heen? Issues to consider?. e—This-is-net-neeessatilythe-best-time-te-GRAT—Nyhett-the-yaltte-efthe-asset-is-high, -Given4hat-we-ate-deingettatterly-er-semiannual-paymentsr if-the-BFP-gees-dewn-in- valuer Leen-still-has-a-ehanee-te-m-GRAT-seme-13FP-m-the-leweevalue-but-he-will-have- test-the-eppectenity-te-demete-at-a-Iewer-value lt-dees-net-appear-that-we-can4ake- advantage-efthe-substitutien-peweete-freeee-the-Yalue-ef-the-GRAT--assets-as-we-have- nething-te-substitute-(art-..villienerate-a-sales-tex-and-eur-aeeess-te-eash-seemslimited-as- we-haw-little-te-efiet-as-cellateral-te-a-third-paFty-leftder+ • Paying Leon his annuity in kind will require quarterly valuations (but Alan is comfortable that these could be less formal than a full blown appraisal). This will be an added expense as well as an administrative burden. - Because we are funding the GRAT with encumbered property we have to figure out how best to avoid violating the GRAT rules. Alan is considering having the lien released before the BFP is transferred to the GRAT with the agreement that the Note gets re secured as Leon gets his annuity payments. The problem with this approach is that it makes-the-etiginal-Nete-leek-tess-like—a-bena-fide-debtenterediter-arFangement, EFTA_R1_00055530 EFTA01754956 -Unfectunatelyr we-de-net-have-a-befieselutien-at-the-mement, s—if-Leen-Fe-GRATs-evety-quarterTwe-areeeneerned-that-we-wbe-ereating-an- aeeeunting-beast-that-semeene-will-have-to-teme-and-that-Leen-will-eftd-up-iwthe-same- plaee-he-was-in-2006-07-fwkh-g-GftdrTs—but-in-this-eeser 4-times-ihet-ai-annuitt payments-teineniter-es-wellits-veluatiensietathe0-and-in-2008-(with-tee-inuell-13FP-in- the-hands-eitheaustOr s4f-the-upside-en400%-ef-Leees43FP-imer-ests-is-geing-te4he4idsLwusts—what-will- heen-use-te-maketayments-en-the-Nete40-the-2006-Trust4-11-weile-netagefe-faverable- advisecy-Opinienr we-need-a-plen-in-pktee-te-pat devin-the-Nete-te-the-20064rust, -Eyen-if-we-get-theadvisefy-Opinienr sinee-mest-ef-beees-ftn-istledged-te-BACTI- am-nom-Stife-hew-we-ean-substitete-pledged-Oft-fer-the-Nete: PauPNeiss-is-dmf3/4ing-the-GRAT-ttnd-will-send-it-fer-my-review-seenrWe4we4-te-let-them- knew-if therafe-dfatilita-ftew-tillg-te-be-the-remainder-benefielarr as-wellr Dees-the-abeve-seund-like-the-plan-yetrare-eentemplatine Best-regefds7 Ada Clapp 84ack-Family-Pastnem 44-Apelle-PAlairoffifor4 &PN-6711vStiest- Nevo-Yrk 19049 IRS Circular 230 Disclosure: Rupsuard-to-IRS-regulationsr l-irderm-you-thal-any-tax-adviee-centained-ia-this-communicatioo-lincludiew attachmontz) it not intondod or writton to be ucod, and cannot bo used by any porcon or entity for the purpote of (I) avoiding tax rotated ponaltioc impoced by any governmental tax authority, Of-OW Piernotingi-macketing-or-resommencling-te-anothef-pacty-any-transastion-OF-mattec-clisemssed-herein:-1- advise-you-te-GGFISUft-leith-an-ledepeedent-lam-advisor-on-your-partioular-lax-sifflumstanses7 Tres-communicationr aad-aoy-attaelerientr ifrfor-lhe-iotended-recipient(s)-only-arld-may-rentain- infoonation-that-isprivilegedr eesticleolial-andier-proprietaiy-14-you-are-oot-the-iaterided-recipientr you- EFTA_R1_00055531 EFTA01754957 are4aereby-notifued414at4ufthec-clisseminalion-ef-this-sommunisatien-and4ts-attaelwnents4s-proflibited, -Rlease-dele4e-alkespies-ef-this-GOffiMufficatiO4:1-and-its—a4askments-and-name-immedia4ely4hat- you-have4eseived-thetwin-ecter, *4 ****************************************** The4afermatien-eentained4nal9-eemmunieetien4s eenfidentialr mefrbe-aftemey-elient-pfivilegedr may eenstitu4e4nside-infermatienr and4s4niended-enly-fer the-use-eCthe-addresseer It-is4he-prepenr of JeffferEintein- Unauthefize4-user disclosure-sr-espying-a-this eemmunlea+iefrer-aarpert-thereef-is-Afiell.frprehibited and-may-be-enlawfair If-yethhave-reeeived4his eemmunieatien4n-efFetpleaSe-tie44fy-us-immediately-by retum-e-mail-er-bre-niaii-te-jco [email protected] destrey-this-semmunieatiefrand-all-eepies-theree ineluding-all-amehmentsr eepright--all-rights-resefved The-itifecmatien-eentaineel-in-this-eemmunientien-is eenfidentiair marbe-atterftey-elieni-privilegedr may eenstitute-iftside4nfennatieer and-is-infende4-enly4ef the-use-efthe-fiddresseer It-is-the-preperty-ef JeffreY-Etgein Unaufhefized-userdisetesufe-er-eepyingef this eemmunieetieft-er-any-part4hereef-isaifietb-prehibited and-Fney-be-unlawfulAr-yethhave-reeeived-this eemmuniemiewifrerret please-netifyits-immedietely-by retee-mail-eeby- icccac at ionpizmail.comrand destreefthis-eemmanieatien-and-all-eepies4heree ifteluding-elittieehmemseepyright—all4ights-resepeed EFTA_R1_00055532 EFTA01754958 The-inferniatien-eentented-ki-this-eemmunientien-is eettfklentieir tney-be-ettesney-elient-pcivilegek may eenstitute-inside-infefmatienr anii-is-intende#efily-fef the-use-ef-the-tszkiress is-the-preperty-ef Jeffrey-Epstein- Unatithecize4-teser diselesure-eeeepying-efthis eenununieetien-es-eny-pert4hereef-is-sttiefly-prehibited and-nter be-unlevAlrif-yeuttve-reeeived-this eemmunteatien-in-effet please-netify-es-inintedietely-by [email protected] destre.frthis-eetnmutneatien-and-all-eepies-theree ineluding-ell-atieehmentsreepright—eWrights-resewed EFTA_R1_00055533 EFTA01754959