Re: Your thoughts

Dear Max,

I would like to ask for a distribution from one of the marital trusts,=br» for $500,000, to deal with current expenses of mine.

Thanks for your consideration

Noam

Forgive me for asking Noam, but did you mean $500,000, or $50,000?

Thanks,

Max

Sent from my Verizon, Samsung Galaxy smartphone

I meant $500,000.

Noam

Thanks for the quick reply Noam. I will get back to you tomorrow

Max

Sent from my Verizon, Samsung Galaxy smartphone

Good morning (from Scotland) Noam —

When we were last in touch on this I replied with a cc to Deborah (who I have copied again here) and I understood that you, she and Valeria had discussed my need (as trustee) to know something more about the background for this request and your anticipated needs going=br> forward. Deborah got back to me and indicated that the call she =nd I had tentatively scheduled was being cancelled.

If you would like me to reschedule a call with Deborah, or a meeting,<=r» I'd be glad to do that. I'll be back on Tuesday.=br»

My best,

Max

Sent from my Verizon, Samsung Galaxy smartphone

I didn't hear from you about this, and would like to what is happe=ing in this matter. I would like to get on with my life and work wit=out delay. I've worked hard for 70 years, put away a substantial=sum of money. I surely have the right to access it. Could you let=me know where this stands.

Noam

Hello Noam -

I'm afraid I cannot send the money you have requested without furt=er discussion with you and I also feel I cannot have such a discussion attorney. Please also note that any distributions from the trust= would also involve Harry, who is the co-trustee of the trusts.

As you will see, I have again copied Deborah on my reply. I will=be glad to follow up with a meeting or a call when I return, next week.

Thanks,

Max

Sent from my Verizon, Samsung Galaxy smartphone

Dear Noam,

You are waiting for me to provide guidance as to how you can regain outlining your options in light of the trust terms. I anticipate=br> being able to spend some time on this over the weekend, along with reviewing the drafts of your estate planning documents. Once I h=ve sent the memo to you we can discuss your thoughts and we can then respond to Max. Unfortunately this is a difficult situation, not simple and straightforward, because of the terms of the trust and fiduciary law applicable to trusts. Please see my email of 10/17=for an explanation of some of the issues.

In some situations a trust is drafted so that you would have the right=br> to remove and replace the trustee, and in doing so perhaps find a trustee that would not inquire so diligently as to your personal financial circumstances before making a principal distribution to you.=br> In this regard, please refer to my email of 10/17 where I summarize trustees can both resign at any time. They appoint successors subjectar» to your approval. If they agree to resign you can find a new independent trustee whom they can appoint. If not, you can remove them=br> but only with the approval of a majority of your children. Do you think your daughters would agree to remove Max and Harry? If so you trustee. I can help you craft a letter to your daughters if you =hink they might agree to do this.

My one additional thought right now that I need to review more closely=br> is that Harry, not being the independent trustee, should not have a contradict this interpretation (I need to review the trust again) then=br» Max alone has the power. However this would likely not change the analysis that Max believes he needs to go through since he is accountable to all beneficiaries. He believes he needs some leve= of financial information from you but in my view that does not need to be=br> > detailed. I can discuss with him what level of detail would sati=fy him; however, if my understanding is correct that you do not wish to > provide him with any backup for his distribution decision, then we should evaluate the removal option and any other strategies I may be > able to come up with.

Unfortunately this is not a simple situation and I will do my best to<=r> outline some additional options for you. In the meantime please let me=br> know your thoughts regarding the above. I am available for a cal= as > well, at your convenience.

Best,

Deborah

Sent from my iPhone. Please excuse brevity and typos.

There seems to be some confusion. I was responding to your lette= of Oct. 16, in which you said you would be getting back to me the next from you, I wrote again, last night.

My letter to you explained the reasons for my request for a distribution from the marital trust. To repeat, "I would li=e to get on with my life and work without delay. I've worked hard for=70 years, put away a substantial sum of money. I surely have the ri=ht to access it."
I don't see what further explanation is necessary, or why it is 90, having worked hard for 70 years and put away a substantial sum of<=r» money, I not only have the right to some peace and tranquillity to go<=r> > on with my life and work, but also to do so without facing an inquisition.

If you are unable to transfer the money this week , could you please detail for me the reasons behind the decision.

Thanks,

Noam

Did you read this below?
I am concerned that Deborah "strategies" are going to cost u= a fortune with little or no results.

I think someone should talk directly to max. me . noam or debor=h. this is silly, yes and will cost a fortune. for no reason. =A0 if noam gives me the ok, I will have someone talk directly to both max and deborah

Noam insists in writing a lett=r to the children as Deborah proposed.

We received an extremely kind invitation from Harry to join the three of them for Thanksgiving in his house and that the three of them will be very happy to have both of us there.

Noam believes that Max is doing what he is doing by himself, because he has the obligation as a Trustee and Deborah corroborates that Max would be liable. But my understanding is that Max would be liable just inside the family due to a family agreement. Therefore the situation could be resolved in family. But I think is going to be very difficult and I have advised Noam from the very beginning to not accept any money from these trusts because it will mean problems for him.

he is liable ONLY to the children. =so idf they agree there is no issue. he should just get =heir agreement . ask max if that will suffice.