EFTA00675468.pdf

From: Ada Clapp To: Jeffrey Epstein Subject: Fwd: 1997 Trust Decanting Date: Mon, 18 Nov 2013 17:06:57 +0000 FYI Begin forwarded message: From: "Alan S Halperin" Subject: Re: 1997 Trust Decanting Date: November 18, 2013 at 11:33:50 AM EST To: "Ada Clapp" You ask good questions. 1. As to the 1997 Trust, we are relying on the EPTL. The statute provides: "The exercise of the power shall be effective thirty days after the date of service of the [decanting) instrument . . .." Once we are beyond the thirty days, I don't think you can call it back. And, if we are within the thirty days, any changed action, at the very least, would require additional action and notice. Accordingly, in the former situation, it will be too late; and in the latter situation, it may not look terrific, both from the trustees' perspective, the beneficiaries' perspective and Leon's perspective. I would prefer to get our ducks in order now, make a determination and then act. 2. As to the 2006 Trust, I think we should proceed with the decanting. If we need any of those assets, we can pull them from APO1. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Click Here for More Information Alan S. Halperin I Partner Paul, Weiss, Rifkind, Wharton 8 Garrison LLP 1285 Avenue of the Americas I New York, NY 10019-6064 212 373-3313 Direct Phonill 2-0313 (Direct Fax) From: "Ada Claw To: Alan S Halperin/PaulWeiss PaulWeiss Cc: "Jeffrey Epstein" >. "Eileen Alexandersori "Richard Joslin" < > Date: 11/18/2013 10:50 AM Subject: Re: 1997 Trust Decanting Alan—does that work with an EPTL decanting? Can the Trustees give notice and then change their minds? EFTA00675468 We also have that issue with the 2006 Trust as we may need the Trustees to decant funds to the 2011 Trusts in connection with the split-dollar proposal if that is to be completed before year-end. I assume that means we would need a new 30 day notice period (since the prior notice discussed decanting into the APO I Trust)? Or should we just go ahead and decant all 2006 Trust Assets to the APO1 Trust and do the distribution from there? Either way, we will need to speak with the Trustees again. Ada Clapp Black Family Partners osure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. On Nov 18, 2013, at 10:23 AM, Jeffrey Epstein Give notice but we will make final decision late dec On Monday, November 18, 2013, Ada Clapp wrote: Hi Jeffrey, > wrote: You noted that you did not want the 1997 Trust decanted until after our November 6th meeting so you could consider it together with other planning. Do you now wish to move forward with that decanting? We have to give the beneficiaries 30 days notice so we need to do that soon if you want it completed by year-end. Please advise how you would like to proceed. Best regards, Ada Clapp Black Family Partners do Apollo Management IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or EFTA00675469 recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. 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 Jeffrey Epstein 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 , 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. 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