Re: trust

Thanks for the quick reply Noam. I will get ba=k to you tomorrow.

Max

Sent from my Verizon, Samsung Galaxy smartphone

Dear Max,
I would like to ask for a distribution from one of the marital trusts, 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

Good morning (from S=otland) Noam —

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

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

My best,

Max

Sent from my Verizon, Samsung Galaxy smartphone

I didn't hear from you about this, and would lik= to what is happening in this matter. I would like to get on with my=life and work without delay. I've worked hard for 70 years, put =way 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 wit= you without Deborah's knowledge and participation, as she is your att=rney. Please also note that any distributions from the trusts would also involve Harry, who is the co-trustee of the tru=ts.

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 Verizo=, Samsung Galaxy smartphone

Dear Noam,

You are waiting for me to provide guidance as to how you can regain co=trol of the trust funds. My plan is to prepare a memo for you outlin=ng your options in light of the trust terms. I anticipate being able=to spend some time on this over the weekend, along with reviewing the drafts of your estate planning documents. O=ce I have sent the memo to you we can discuss your thoughts and we can the= respond to Max. Unfortunately this is a difficult situation, not simple a=d straightforward, because of the terms of the trust and fiduciary law applicable to trusts. Please see my e=ail 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=to remove and replace the trustee, and in doing so perhaps find a trustee =hat would not inquire so diligently as to your personal financial circumst=nces before making a principal distribution to you. In this regard, please refer to my email of 101=7 where I summarize the trustee removal, resignation and appointment provi=ions. The trustees can both resign at any time. They appoint successors su=ject 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 but only with the approval of a majority of your =hildren. Do you think your daughters would agree to remove Max and Harry? =f so you could then appoint a successor. You would need to find an independent trustee. I can help you craft = letter to your daughters if you think they might agree to do this.

My one additional thought right now that I need to review more closely=is that Harry, not being the independent trustee, should not have a say in=the distribution decision. If there is nothing in the trust to contradict =his interpretation (I need to review the trust again) then Max alone has the power. However this would likely n=t change the analysis that Max believes he needs to go through since he is=accountable to all beneficiaries. He believes he needs some level of=financial information from you but in my view that does not need to be detailed. I can discuss with him wh=t level of detail would satisfy him; however, if my understanding is corre=t 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 =utline some additional options for you. In the meantime please let me know=your thoughts regarding the above. I am available for a call 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 da=. That was the last time we were in touch. Since I didn't =ear from you, I wrote again, last night.

My letter to you explained the reasons for my request for a distributi=n from the marital trust. To repeat, "I would like to get on wi=h my life and work without delay. I've worked hard for 70 years,=put away a substantial sum of money. I surely have the right to access it."

I don't see what further explanation is necessary, or why it is ne=essary to bring Deborah into this. I could add that as I approach 90= having worked hard for 70 years and put away a substantial sum of money, = not only have the right to some peace and tranquillity to go on with my life and work, but also to do so without fac=ng 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

Thanks for the informative letter. I would =ppreciate it if you could craft a letter, as you suggest, which I will use=to contact all three children.

Thanks=/div>

Noam

it is simple if the children agree. it is dist=rbing and problematic if they dont