There will be no estate taxes. The value of the PPVA Investment Account is included in the taxable estate, but there is a dollar-for-dollar estate charitable tax deduction. From: Richard Kahn Sent: Friday, June 06, 2014 1:30 PM To: Michael Liebeskind Cc: Brian Gartner Subject: Re: Private Placement Variable Annuity (PPVA) Investment Account i do remember if we spoke about estate taxes if at death funds are going to charity are they out of your estate assume they are includable if individual has in his name at death please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350.0954 cell 917-414-7584 On Jun 6, 2014, at 8:31 AM, Michael Liebeskind < Rich, It was a pleasure speaking with you. Good luck with your meeting. Thanks to Paul for making the connection. Michael From: Richard Kahn Sent: Thursday, June 05, 2014 8:58 PM To: Brian Gartner Cc: Michael Liebeskind Subject: Re: Private Placement Variable Annuity Thank you both for your time this afternoon Conversation was very useful and I look forward to I will be back in touch tomorrow or Monday Have a nice evening Rich (PPVA) Investment Account presenting PPVA to my principal > wrote: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00260446 DB-SDNY-0 114262 EFTA01455482