RE: Re:
status of co vel? letter, leo=s children signing etc.
I thought that each child could hav= the other three as benef , not debra , can you se=d another co-vel letter I cannot locate the first either
i thought that is only one for one, ? vic=-josh josh,ben, / do they combine like step transaction? =you are great
I've asked Darren to =end me a copy of the letter you already signed so I can modify it. W= can't seem to find it.
The plan so far is to have distributions made to the two younger chil=ren from their individual trusts. They will use those funds to fund =heir new trusts. The two older ones will use portions of the notes t=at were issued to them from their individual trusts. Because those n=tes would not make very good investments for long term, multi-generational=trusts, we expect that the notes will be paid off when they are held by th= trustees of the new trusts.
We expect that Leon and Debra will be trust=es. Leon will be an independent trustee.
If the other children are beneficiaries, we would have a recip=ocal trust problem
It create= a level of concern that I would rather avoid. We don't have that pr=blem if we use Debra.
Carlyn S. McCaffrey I Partner
McDermott Will & E=ery LLP | 340 Madison Avenue, New York, NY 10173
+1 =/span: > <=span> | www.mwe.com
http://www.mwe.com <=:p>