EFTA Document EFTA01783377

From: Halperin, Alan S Sent: Friday, September 2, 2016 4:03 PM To: jeffrey E.; Ada Clapp Subject: RE: You are correct that Leon has not yet changed the plan. Under his documents: 1. The family may select art and collectibles. Any such property not so selected will pass to the foundation. 2. The remaining tangibles will pass to the children. 3. The NYC apartment is to be sold and the proceeds of sale are to be added to the general estate. All other residences are to pass in trust for the children. 4. There are some cash bequests to specified individuals. S. The residue passes to the foundation. To the extent the family takes art and other collectibles, the resulting estate tax is to be charged against the residue. Accordingly, there may little passing to charity (under the current documents) if the family decides to take art and collectibles. In that case, the BFP interests could be swapped with the trust for cash (such as proceeds of sale from art) to pay expenses and taxes. In short, under the documents in place, there is a lot of flexibility in terms of whether and to what extent the family trust will inherit or charity will inherit. As you know, we have suggested changes to this plan, including a CLAT. Best. Alan Alan S. Halperin I Partner Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas I New York, NY 10019-6064 www.paulweiss.com <http://www.paulweiss.com> From: jeffrey E. [mailto:jeevacation@gmailcomj Sent: Friday, Se tember 02 2016 11:44 AM To: Ada Clapp Halperin, Alan S Subject: EFTA_R1_00103938 EFTA01783377 my understanding is that nothing has changed with respect the estate plan from last year. could you send me the summary of what happens if leon and o down together. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This message is intended only for the use of the Addressee and may contain information that is privileged and confidential. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please erase all copies of the message and its attachments and notify us immediately. 2 EFTA_R1_001 03939 EFTA01783378