EFTA00618283.pdf

Cash Needs and Anticipated Transfers: Estate Administration Following Leon's Death (if Debra Survives) Required Expenditures/Uses Cash Needs/Estate Obligations Sources Funeral opena8 and expense:, 0r lest Ilan 3100.000 • Use funds In V.S. Trust and JPaAOrgan Braun% 01ha 30 2016. rougNy 513.000.000)1a ptrl05ls SrPereea babanal fees 3150.000 • Use projected angora (527.541000)W sa0sy interest payments and dialnbute tisanes 10 Debi) %Ices Or hattleheld stall $625.000 Expenses Iona famn office $930.000 hbalaneous admnstrabon expenses 3500000 Interest annuls on bans $12.215.000 Income to Dabs (subject lo acorns taxi $15.329.000 Total 329.649.000 Required Expenditures/Uses Cash Needs/Estate Obligations Sources SateenOr household staff 51.675.000 • Use pcition of lords al V.S. Trued end JPMorgan accounts. leavng a reserve of $5.000.000 (rWanly $5.695.000) New York estate lax Way eahln 9 months) 3444.000 • Sell bat (eStliated at $12.000.000) Federal estate tax (pay aithn 9 months) $2.600.000 • Sell plane (estimated at 511250.900: Leon's share is $6.638.000) Airplane entrance 3153.000 • Distnbute an in kind b WIf0 pledges to museums (estimated at $15.624.000) Yacht insurance 137.000 • Cdlect receivables of S26200.000 Fine an insurance premiums 3761000 • Sell $42.600.000~rho( art Haneteroperly Insurance (exdudes jewelry) 3370000 • Use projected dividends ($70.719.000) to sabsfy inmost payments and distal:nob bcianca to Debra Chahlable pledges 310.600.000 All pledged to museums (In kind) 315.624.000 Repay Bonk Amera bat loen 315.925.000 Repay Bank c Amera plane loen 39.445.000 Cash beluE•14 33.600.000 Repay «her nett 339.600.000 Sates lax and crher paya0les 33.200.000 Expenses to run family office $2.790.000 Legal leer. $1.125.000 Aswan:in foes 3150000 Oiler enscelaneous ohleptions $5.000.000 Interest payments on bans 336.643.000 income to Debra (subset lo escome tax) 334.076.000 Total 5181.622.000 'all net intern must be distritputcd to Debra in order for the trust for her benefit to qualify for the marital deduction. Thus up-cad:beet shows any me cash needs of Leon's estate if Debra survnes him. II does not show subsequent acnonstraecn expenses of Debras estate. Page 1 EFTA00618283 Required Expenertures/Uses Cash Needs/Estate Obligatbas Sources Repay Bank of Amerce an loan (repay when IS months) 5895.030.000 • Transfer 51.003.885.030 of art to sandy. n part. debt of SI.438 bilion owng to (emery. truslanStos pnduding riterests in AP Narrows. Narrows Holdings US. Narrows Holdings II LLC and Pont Noldngs Inc.)' Repay rotes to LOB 2011 US 3528.912.000 • Sell $431.277.000 worth of art and datnbute proceeds to busts lo minty. in part debt 51.438 bilion owing 10 farnly auslRlentOes Repay rolesto APOI Trust 33.530.000 • Sell %%interest mobil,/ owned art and ninest n Friends Ventures 11.0 for 580.803.000and apply proceeds to nonloan expenses Repay nolesto AP02 Trust 3835.509000 • Sell additond 3821.300.000worth d an Repay rolesto LOB 2014 US 523.088.000 • Sell 518.Ø.00001Apollo-rdated madmen, Repay rote to OFP S47.125,000 • Selt 511.303.030 of ether PE and redroted stock OST bequest 10 1997 Exempt Trust S1.860.000 • UN projected ffivkl«hOs (5187.592.003)10 Salet' merest Patmefte end Matto% batence to Ocexa Charitable pledgee 510.030.000 Expenses nil family 08103 53.720.000 Legal Nee 32.250.000 ACCOuntrig fees 5300.000 Rine all insuranCe premime 5750.000 interest pmmeres on loans S48.1513000 income to Debra (silojest m ammo tax) 5138.735,000 Total $2.339.634.000 2-47.01B eeltix Required Expenditures/Uses Cash Needs/Estate Obligations Sources Fund mental Mull $1.503.030.000 • Sell 533.490.030 wenh elan Executors commissions 32.000.000 • Fund Mateal MAI"», remannp oast) reserve am U.S. TRW and JPniorgan accounts. BFP Interests. 750 Meadow Lane. Wier rernanng estate assets lientalnlnq «RAW» pledge8 520.000.000 • Distnbute projected civlOends(S.0 7.616.000)10 Debra Expenses utrun family Otte $7.440.000 Legal Nes 42.250.000 Accountreg fees 5300.000 Fine an instance premiums S1.5001300 Income to Debra (Sorel to income tax) 5417.818.000 Total S1.961.108.030 'Due 10 the step-up in basis et dealti, this transfer will not give rise to Income In, See the Trust Needs timeline tor resulting sales lax payed* by the family trusts. Thz spreadsheet shows onry the cash needs of Leon . estate (Debra sureties him. II does not show subsequent acIminsbabcne expenses of Debra estate. Page 2 EFTA00618284