EFTA01092079.pdf

Proposed 2013 Will and Revocable Trust Dispositive Provisions Upon Leon's death' Debra Survives Debra Predeceases ► Outright to Debra ► Outright to Children o Personal property (excluding Art o Personal property (excluding Art Entities Entities and Collectibles2). and Collectibles) in equal shares to o Residences. surviving children. ► Charitable Pledges Paid. ► Charitable Pledges Paid. ► To Revocable Tnict ► To Revocable Trust, o Art Entities. o Proceeds from sale of residences. o Collectibles. o Art Entities. o Balance of estate. o Collectibles. o Balance of estate. Revocable Trust Debra Survives Debra Predeceases ► Cash Bequests ► Cash Bequests o $3 million to Melanie Spinella. o $3 million to Melanie Spinella. o Unused estate tax exemption amount to o 10 million to John Ressler. Black Family 1997 Trust. o $25 million in trust for Judy Black ► To Marital Trust On Judy's death, $1 million to her o Art Entities. husband and balance to Heritage Trust. o Collectibles. Balance of Trust Fund (less debts, o Unused GST tax exemption amount to o expenses and taxes owing). Black Family 1997 GST exempt Trust. ► Art and Collectibles not selected for a Legacy Marital Trust All income to Debra Trust to be sold. during her lifetime. Upon her death, ► To Heritage Trust remaining principal (less estate tax owing) is disposed of as follows: o Sale proceeds for art and Collectibles not • Each child selects $X of art held selected for a Legacy Trust. in Art Entities and Collectibles o Interests in Art Entities (if any after sale of for his or her Legacy Trust (see art). next column). o Balance of Trust Fund (less debts, expenses and taxes owing). 1 Assumes the Revocable Trust is not funded during Leon's lifetime. 2 Collectibles are defined as art valued at $10,000 or more, the cane collection and first edition books. EFTA01092079  Revocable Trust (continued) Debra Survives Debra Predeceases • Balance of Collectibles and art fleritage Trust: Trustees may pay held in Art Entities to be sold. income and principal to descendants for • $10 million to John Ressler. any purpose and must pay: • $25 million in trust for Judy • $10 million to a child's Legacy Trust Black. when child attains age 30. On Judy's death, $1 million to • $50 million to a child's Legacy Trust her husband and balance to when child attains age 35. Heritage Trust • $100 million to a child's Legacy • Debra's GST exemption amount Trust when child attains age 40. to Black Family 1997 Trust. ► To a Child's Legacy Tritst • Balance of Marital Trust o $X of art and Collectibles selected by the (including sale proceeds of art child for his or her Legacy Trust and Collectibles) to the Heritage Trust (see next column). o $10 million at age 30. o $50 million at age 35. o $100 million at age 40. Legacy Trust: Trustees may pay income and principal to the child for any purpose. • Trustee is requested to give the child $10 million at age 30 to buy a residence. • Legacy Trust terminates upon the child's death and is distributed to Leon's descendants as child appoints or in default to child's descendants per stirpes subject to a Legacy Trust EFTA01092080