<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p
{mso-style-priority:99;
margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.msonormal0, li.msonormal0, div.msonormal0
{mso-style-name:msonormal;
mso-style-priority:99;
margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.xmsonormal, li.xmsonormal, div.xmsonormal
{mso-style-name:x_msonormal;
mso-style-priority:99;
margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
span.EmailStyle20
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle21
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle22
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:#1F497D;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="blue" vlink="purple">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Please see below and carefully read Jim Spica’s argument, to which the most recent email in the trail refers.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Steve</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p></o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <actec-prac@ACTEC.ORG>
<b>On Behalf Of </b>Gorin, Steven B.<br>
<b>Sent:</b> Tuesday, March 31, 2020 3:31 PM<br>
<b>To:</b> actec-prac@ACTEC.ORG<br>
<b>Subject:</b> Dividing Trusts with Two Grantors<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">I combined all email replies to keep this one discussion and changed the subject line to match this thread.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">In almost all cases, either the trust agreement or applicable state law will allow divisions and will allow non-pro rata distributions, the same way the divisions
are made in community property trusts when the first spouse dies. It doesn’t matter whether the trust division is by will or other instrument – it’s still a division of property contributed by both spouses to one trust.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Consistent with Jim’s email, I don’t see a distinction between the federal income tax treatment of dividing at death community property, which is as much cream-in-the-coffee
as anything else, compared with another trust.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">As to Mickey’s suggestion that statutory partition at death solves the problem, I don’t see anything in Reg. § 1.671-2 that somehow transforms who is the grantor
of what portion by reason of a partition by death.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Overall, Reg. § 1.671-2 discusses portions but does not describe how to track them through the system. Reg. § 1.1001-1(h) allows quite a bit of latitude in severances
(whether or not a qualified GST severance). I don’t know why pick-and-choose fractional funding can’t be used to determine who has the state law status as settlor for divided trusts and have the income tax treatment under Reg. § 1.671-2 follow that (so
long as not a step transaction).<o:p></o:p></span></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Steve</span><span style="font-size:10.0pt;color:#002060">
</span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#002060"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">======================</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">
</span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><br>
<br>
</span><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#780000">Steven B. Gorin</span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><br>
</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="mailto:sgorin@thompsoncoburn.com"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">sgorin@thompsoncoburn.com</span></a></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><br>
Phone: 314.552.6151<br>
Fax: 314.552.7151</span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#002060"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Mobile: 314.602.6151 (when I’m not in the office)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="https://www.actec.org/directory/profile/Gorin-Steven/5ba22dbd-b79e-484b-ab45-8a4ead92af92/"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Fellow,
The American College of Trust and Estate Counsel (ACTEC)</span></a></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#0F243E">https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><br>
</span><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#780000">Thompson Coburn LLP</span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">
<br>
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">505 N. 7<sup>th</sup> St.</span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#002060"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">One US Bank Plaza<br>
St. Louis, Missouri 63101<br>
</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="http://www.thompsoncoburn.com/"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">www.thompsoncoburn.com</span></a></span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#002060"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="http://thompsoncoburn.com/people/steve-gorin"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">http://thompsoncoburn.com/people/steve-gorin</span></a></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#0F243E"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="http://www.thompsoncoburn.com/insights/blogs/business-succession-solutions"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">http://www.thompsoncoburn.com/insights/blogs/business-succession-solutions</span></a><o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Mickey Davis<br>
<b>Sent:</b> Tuesday, March 31, 2020 10:10 AM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Death works a partition of the community, so that solves the post death problem. Harder is when one spouse seeks to withdraw “his half” from a joint revocable
trust containing community property. As Al Golden has often pointed out, when that happens, the withdrawn “half” is likely community property, and the “half” remaining is likely community property.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Mickey<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>James Spica<br>
<b>Sent:</b> Tuesday, March 31, 2020 10:05 AM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Yes, if that’s what it does:
<i>petitio principii</i>. But in distributing the assets of a divided trust (in a UTC state), the trustee can make non-<i>pro-rata</i> distributions.
<i>See</i> Unif. Trust Code § 816(22) (Unif. Law Comm’n 2010). And no doubt there’ll be circumstances is which parsing the
<i>res</i>—whether based on strict historical segregation of accounts, i.e., “tracking,” or
<i>a priori</i> reasoning—into proper subsets, at least <i>some</i> of which can plausibly be attributed to one or the other settlor (I do not say, “to one
<i>rather</i> than the other”), will not impair the rights of the beneficiaries or the achievement of the purposes of the divided trust (within the meaning of UTC section 417). Why should we assume that the discrete “portions” of a multi-settlor irrevocable
trust posited by the UTC’s definition of the term ‘settlor’ (in UTC section 103(15)) can provide a state-law basis for creditor claims (<i>see id.</i> § 505(a)(2) (creditors of settlor can reach maximum amount trustee can distribute to settlor)) but not for
trust division? <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">James P. Spica<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Attorney at Law<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Chalgian & Tripp Law Offices, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">26211 Central Park Boulevard<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Suite 200<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Southfield, MI 48076<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">PH: 248-799-2711<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">FX: 248-799-9925<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">EM:
<a href="mailto:spica@mielderlaw.com">spica@mielderlaw.com</a> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Handler, David A.<br>
<b>Sent:</b> Tuesday, March 31, 2020 10:00 AM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt">No. Community property is different. At death each spouse is the owner of half the value of the assets. In most if not all cp states the spouses can agree (often in a joint rev trust) to divide on an asset by
asset basis versus each getting 50% of all assets. That is based on statute.<o:p></o:p></p>
<div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">David A. Handler, P.C. <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">-----------------------------------------------------<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">KIRKLAND & ELLIS LLP<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">300 North LaSalle, Chicago, IL 60654<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">T +1 312 862 2477 M +1 847 971 0415<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">F +1 312 862 2200<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">601 Lexington Avenue, New York, NY 10022<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">T +1 212 446 4875<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">F +1 212 446 4900<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545">-----------------------------------------------------<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545"><a href="mailto:david.handler@kirkland.com">david.handler@kirkland.com</a><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.5pt;font-family:"Calibri",sans-serif;color:#454545"> <o:p></o:p></span></p>
</div>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Jonathan Blattmachr<br>
<b>Sent:</b> Tuesday, March 31, 2020 9:57 AM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">No. The typical joint Rev trust, in my experience, says that when the first spouse dies (let's assume its H) his half of the CP assets and his separate property is disposed of essentially as they would be by his Will--typically, a CST,
reverse QTIP, residuary QTIP and the survivor's half of the CP and her separate property goes into a rev trust under the JRT for her for life giving her a lifetime GPOA. Either the JRT or state law will allow a "pick and choose" funding of the deceased spouse's
share of the CP. Jonathan<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><o:p> </o:p></p>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p class="MsoNormal" style="margin-bottom:12.0pt">On Mar 31, 2020, at 9:26 AM, Gorin, Steven B. <<a href="mailto:SGORIN@thompsoncoburn.com">SGORIN@thompsoncoburn.com</a>> wrote:<o:p></o:p></p>
</blockquote>
</div>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif"></span> <o:p>
</o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">So, Jonathan and David, when a community property trust is divided post-mortem, you think that the decedent is the grantor of ½ of the surviving spouse’s revocable
trust, and the surviving spouse is the grantor of ½ of the bypass and marital trusts?</span><o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Steve</span><o:p></o:p></p>
</div>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Jonathan Blattmachr<br>
<b>Sent:</b> Tuesday, March 31, 2020 7:44 AM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"> <o:p></o:p></p>
<div>
<p class="MsoNormal"><span style="color:black">I don't see why it can't be so divided. However, I'm not sure each divided share would be deemed for state law or tax purposes as having only one grantor. Rather, its like Ed Slott's "cream in the coffee" analogy
for types of assets" contributed to an IRA. Some may take the position that each separate trusts consisting half of assets contributed by each grantor of the original trust, Perhaps, if the trust directs the trustee to keep separate records of which spouse
contributed what (and what became of it) and that the assets contributed by each spouse shall be used to funded each trust, that would be respected. In other words, the assets would be held in solido but remain separate. Jonathan</span><o:p></o:p></p>
</div>
<div>
<div>
<p class="MsoNormal"><span style="color:black"> </span><o:p></o:p></p>
</div>
<div class="MsoNormal" align="center" style="text-align:center">
<hr size="2" width="98%" align="center">
</div>
<div id="divRplyFwdMsg">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
on behalf of Gorin, Steven B. <<a href="mailto:SGORIN@THOMPSONCOBURN.COM">SGORIN@THOMPSONCOBURN.COM</a>><br>
<b>Sent:</b> Monday, March 30, 2020 11:13 PM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a> <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>><br>
<b>Subject:</b> Re: [actec-prac] EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span>
<o:p></o:p></p>
<div>
<p class="MsoNormal"> <o:p></o:p></p>
</div>
</div>
<div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Les, when a grantor dies, are you saying that the decedent is automatically the grantor of ½ of every downstream trust?</span><o:p></o:p></p>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span><o:p></o:p></p>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">If not, why can’t a trust be divided during life as well as at death?</span><o:p></o:p></p>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Steve</span><span style="font-size:10.0pt;color:#002060">
</span><o:p></o:p></p>
</div>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="xmsonormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Les Raatz<br>
<b>Sent:</b> Monday, March 30, 2020 8:53 PM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
</div>
<p class="xmsonormal"> <o:p></o:p></p>
<div>
<p class="xmsonormal"><span style="font-size:14.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Steve, the community property rights of spouses should only apply to the interests in the trust they retain. If the trust is wholly revocable, then they retain
the entirety and therefore all can be community. If they retain no rights, then there should be no community either. At least in Arizona, if they retain, say, a GRAT payment right, then that retained right can be community. So the analogy may be limited.
Les</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Gorin, Steven B.<br>
<b>Sent:</b> Monday, March 30, 2020 6:24 PM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: [actec-prac] EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"> <o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Frank’s facts appear to be separate transfers of stock to the trust – presumably closely-held. Presumably, those stock certificates could be traced.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Beyond that, regarding the reinvestments, why can’t the parties agree to divide the trust and agree that each settlor has state law rights as settlor as to his
or her half? Community property trusts do this routinely when one spouse dies.</span><o:p></o:p></p>
</div>
<div style="margin-top:5.0pt;margin-bottom:5.0pt">
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Steve</span><span style="font-size:10.0pt;color:#002060">
</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">======================</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">
<br>
<br>
</span><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#780000">Steven B. Gorin<br>
</span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><a href="mailto:sgorin@thompsoncoburn.com">sgorin@thompsoncoburn.com</a><br>
Phone: 314.552.6151<br>
Fax: 314.552.7151</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Mobile: 314.602.6151 (when I’m not in the office)</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.actec.org_directory_profile_Gorin-2DSteven_5ba22dbd-2Db79e-2D484b-2Dab45-2D8a4ead92af92&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=DBhRf3qCI7nNPzo0x8zg9vpOekxRmF7bBW8DX1QtDTQ&s=5EV2kaS10hcALtgwkLV5e4db8GHoxtpNRqGl-e-SToc&e="><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Fellow,
The American College of Trust and Estate Counsel (ACTEC)</span></a><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.thompsoncoburn.com_insights_blogs_business-2Dsuccession-2Dsolutions_about&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=DBhRf3qCI7nNPzo0x8zg9vpOekxRmF7bBW8DX1QtDTQ&s=jF4-l1zexPbDKIMnC5kflpwQEbAj8t3nWr5QB6hqUjQ&e="><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#0F243E">https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about</span></a><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="color:#1F497D"><br>
</span><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#780000">Thompson Coburn LLP</span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">
<br>
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">505 N. 7</span><sup><span style="font-size:6.5pt;font-family:"Arial",sans-serif;color:#002060">th</span></sup><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">
St.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">One US Bank Plaza<br>
St. Louis, Missouri 63101<br>
<a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.thompsoncoburn.com&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=DBhRf3qCI7nNPzo0x8zg9vpOekxRmF7bBW8DX1QtDTQ&s=-fvgahwq2HoDGscX0gq9Aztc5wfBMIU2zkP7pVLnS3g&e=">www.thompsoncoburn.com</a></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__thompsoncoburn.com_people_steve-2Dgorin&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=DBhRf3qCI7nNPzo0x8zg9vpOekxRmF7bBW8DX1QtDTQ&s=iCg9gVs2cB04DVVgUpm8l4AUOzBEI8rjWEh3FxTeIr8&e="><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">http://thompsoncoburn.com/people/steve-gorin</span></a><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.thompsoncoburn.com_insights_blogs_business-2Dsuccession-2Dsolutions&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=DBhRf3qCI7nNPzo0x8zg9vpOekxRmF7bBW8DX1QtDTQ&s=xuvqr3NgUY4zsuexMvyveQfkfbshtVUHWEe_PzbAxQ0&e="><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">http://www.thompsoncoburn.com/insights/blogs/business-succession-solutions</span></a><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="color:#1F497D"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Handler, David A.<br>
<b>Sent:</b> Monday, March 30, 2020 6:45 PM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> Re: EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"> <o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Calibri",sans-serif;color:#44546A">I don’t think so. The only reason you can divide a mixed inclusion trust for GST purposes is because of a specific statute allowing severances.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Calibri",sans-serif;color:#44546A">Perhaps unless you can track the assets each contributed and all of the income and reinvestment from those assets…</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Calibri",sans-serif;color:#44546A"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#5482AB">David A. Handler, P.C.
<br>
</span></b><b><span style="font-size:11.0pt;font-family:"Arial",sans-serif;color:#C9D8E5">-----------------------------------------------------<br>
</span></b><b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#5482AB">KIRKLAND & ELLIS LLP<br>
</span></b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959">300 North LaSalle, Chicago, IL 60654<br>
</span><b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#5482AB">T</span></b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> +1 312 862 2477
</span><b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#5482AB">M</span></b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> +1 847 971 0415<br>
</span><b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#5482AB">F</span></b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> +1 312 862 2200<br>
<br>
601 Lexington Avenue, New York, NY 10022<br>
</span><b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#5482AB">T</span></b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> +1 212 446 4875<br>
</span><b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#5482AB">F</span></b><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> +1 212 446 4900<br>
</span><b><span style="font-size:11.0pt;font-family:"Arial",sans-serif;color:#C9D8E5">-----------------------------------------------------<br>
</span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#5482AB"><a href="mailto:david.handler@kirkland.com"><span style="font-size:8.0pt;color:#0563C1">david.handler@kirkland.com</span></a></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="color:#44546A"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b>Les Raatz<br>
<b>Sent:</b> Monday, March 30, 2020 6:24 PM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> [EXT] Re: [actec-prac] EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"> <o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:14.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Can you “unmix” multiple grantors of an otherwise irrevocable trust by division, so each 100% grantor of one trust? Les</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>>
<b>On Behalf Of </b><a href="mailto:Howardzaritsky@earthlink.net">Howardzaritsky@earthlink.net</a><br>
<b>Sent:</b> Monday, March 30, 2020 2:44 PM<br>
<b>To:</b> <a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a><br>
<b>Subject:</b> EXTERNAL: Re: [actec-prac] [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Dear All</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Any chance that H, W and the Cs have a family partnership?</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Regards,</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Howard</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent from my iPad</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"> <o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">On Mar 30, 2020, at 5:41 PM, Gorin, Steven B. <<a href="mailto:SGORIN@thompsoncoburn.com"><span style="color:#0563C1">SGORIN@thompsoncoburn.com</span></a>> wrote:</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">
</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">No, husband can<b><i><u>not</u></i></b> purchase a policy on his wife’s life from son and fall within an exception to the transfer for value rules.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">You need to divide the trust 1/2 into a separate trust deemed owned 100% by husband and 1/2 into a separate trust deemed owned 100% by wife.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">The grantor trust deemed owned 100% by husband buys the policy on husband's life, and the grantor trust deemed owned 100% by wife buys the policy on wife's life.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Steve
</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Les Raatz </span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Member</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Dickinson Wright PLLC</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">1850 N. Central Avenue</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Suite 1400</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Phoenix AZ 85004</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Phone 602-285-5022<br>
Fax 844-670-6009<br>
Email <a href="mailto:LRaatz@dickinsonwright.com">LRaatz@dickinsonwright.com</a></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Les Raatz </span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Member</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Dickinson Wright PLLC</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">1850 N. Central Avenue</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Suite 1400</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Phoenix AZ 85004</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif">Phone 602-285-5022<br>
Fax 844-670-6009<br>
Email <a href="mailto:LRaatz@dickinsonwright.com">LRaatz@dickinsonwright.com</a></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">-----Original Message-----<br>
From: ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG"><span style="color:#0563C1">actec-prac@ACTEC.ORG</span></a>> On Behalf Of Demmerly, Frank<br>
Sent: Monday, March 30, 2020 3:05 PM<br>
To: <a href="mailto:actec-prac@ACTEC.ORG"><span style="color:#0563C1">actec-prac@ACTEC.ORG</span></a><br>
Subject: Re: [EXT MAIL] Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">This is a purchase of 1/2 of the policy from child by the 1/ of the trust of which the insured is the grantor— a purchase by the insured, AND</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">A purchase of 1/2 of the policy from child by the 1/2 of the trust of which the insured’s spouse is the purchaser—-a purchase from the child by the insureds spouse</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">So, can husband purchase a policy on his wife’s life from son and fall within an exception to the transfer for value rules</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Frank R. Demmerly, Jr., Esq.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Archer & Greiner P.C.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">One Centennial Square</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Haddonfield, NJ 08033</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">856-354-3100</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">101 Carnegie Center</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">3rd Floor, Suite 300</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Princeton, NJ 08540</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">609-580-3700</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="mailto:fdemmerly@archerlaw.com"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">fdemmerly@archerlaw.com</span></a><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.archerlaw.com-253chttp-3A_www.archerlaw.com&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=ShWjzafEDwZK_QBOHHn-7L5ZZXy6AfObZAA2pAP5Sn4&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">www.archerlaw.com<http://www.archerlaw.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">[<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.archerlaw.com_wp-2Dcontent_uploads_2018_05_Archer-5FLogo-5F168x46.jpg&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=22hIQT6Z1vdeTTVr1EqbLpdlmFkKkWzVEIY8vXxoGsc&e="><span style="color:#0563C1">https://www.archerlaw.com/wp-content/uploads/2018/05/Archer_Logo_168x46.jpg</span></a>]</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">On Mar 30, 2020, at 3:44 PM, Gorin, Steven B. <<a href="mailto:SGORIN@thompsoncoburn.com">SGORIN@thompsoncoburn.com</a>> wrote:</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">See my response to Ann’s email that this authority does not apply.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Steve</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From: ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a>> On Behalf Of Matthew F. Kadish</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent: Monday, March 30, 2020 1:50 PM</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">To:
<a href="mailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG</a></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Subject: Re: Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Steve –</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">To build on Ed’s comment, the reasoning in PLR 201423009 may be useful.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">-- Matt</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Matthew F. Kadish <<a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.frantzward.com_professionals_kadish-2Dmatthew-2Df&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=YRoD66ZKPaA-Aw5IvVOZ0XuPjUELHp198XhMzCIuArQ&e=">http://www.frantzward.com/professionals/kadish-matthew-f</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Frantz Ward LLP</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Direct (216) 515-1078</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__FrantzWard.com&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=9YEIQ-P-daL4efbV8ysvvK0G9sZeCpq_Mwu-ROvke4Q&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#0563C1">FrantzWard.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><</span><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.FrantzWard.com&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=QKxFwG8ErYT7TIFMj96cz1h7XZsoiEm5F6ICFhw3nhw&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">http://www.FrantzWard.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From: ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG%3cmailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG<mailto:actec-prac@ACTEC.ORG</a>>> On Behalf Of Edwin Morrow</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent: Monday, March 30, 2020 2:31 PM</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">To:
<a href="mailto:actec-prac@ACTEC.ORG%3cmailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG<mailto:actec-prac@ACTEC.ORG</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Subject: Re: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">I’ve never looked into it but if TFV under section 101 excludes situations where transferee keeps carry over basis and 1041b says that spouse purchases are ignored and basis
carries over then why wouldn’t a purchase by a spouse or trust deemed owned by a spouse qualify, since carry over basis applies?</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Ed Morrow</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="mailto:Edwin.Morrow3@gmail.com%3cmailto:Edwin.Morrow3@gmail.com"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Edwin.Morrow3@gmail.com<mailto:Edwin.Morrow3@gmail.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">For US Bank work related email contact me at
<a href="mailto:Edwin.Morrow@usbank.com%3cmailto:Edwin.Morrow@usbank.com">Edwin.Morrow@usbank.com<mailto:Edwin.Morrow@usbank.com</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent from my iPhone</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">On Mar 30, 2020, at 1:41 PM, Gorin, Steven B. <<a href="mailto:SGORIN@thompsoncoburn.com%3cmailto:SGORIN@thompsoncoburn.com">SGORIN@thompsoncoburn.com<mailto:SGORIN@thompsoncoburn.com</a>>>
wrote:</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Citation please?</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Steve</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">======================</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Steven B. Gorin</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="mailto:sgorin@thompsoncoburn.com%3cmailto:sgorin@thompsoncoburn.com"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">sgorin@thompsoncoburn.com<mailto:sgorin@thompsoncoburn.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Phone: 314.552.6151</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Fax: 314.552.7151</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Mobile: 314.602.6151 (when I’m not in the office) Fellow, The American College of Trust and Estate Counsel (ACTEC)<<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__eur02.safelinks.protection.outlook.com_-3Furl-3Dhttps-253A-252F-252Fwww.actec.org-252Fdirectory-252Fprofile-252FGorin-2DSteven-252F5ba22dbd-2Db79e-2D484b-2Dab45-2D8a4ead92af92-252F-26data-3D02-257C01-257C-257Cecf37fa4f2dd4eafd8b808d7d4d196bb-257C84df9e7fe9f640afb435aaaaaaaaaaaa-257C1-257C0-257C637211868967657920-26sdata-3D3rARD1vQ5GNTAav4LRMPUdzOIZNhsrqKvg-252FVTDqVe90-253D-26reserved-3D0&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=oWWP_oz5T85KwYzR7hNgdSKoyJgDP-jo9_ro7KM0KjA&e=">https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.actec.org%2Fdirectory%2Fprofile%2FGorin-Steven%2F5ba22dbd-b79e-484b-ab45-8a4ead92af92%2F&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967657920&sdata=3rARD1vQ5GNTAav4LRMPUdzOIZNhsrqKvg%2FVTDqVe90%3D&reserved=0</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.thompsoncoburn.com_insights_blogs_business-2Dsuccession-2Dsolutions_about-253chttps-3A_eur02.safelinks.protection.outlook.com_-3Furl-3Dhttps-253A-252F-252Fwww.thompsoncoburn.com-252Finsights-252Fblogs-252Fbusiness-2Dsuccession-2Dsolutions-252Fabout-26data-3D02-257C01-257C-257Cecf37fa4f2dd4eafd8b808d7d4d196bb-257C84df9e7fe9f640afb435aaaaaaaaaaaa-257C1-257C0-257C637211868967667893-26sdata-3DDJW6RkKw0LvtYCjZX7TxJZsh2-252BxRUW5jEKlM-252F46EgiI-253D-26reserved-3D0&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=K7MFNvnCmhYpxas0fDpEstc1k1FFHG8wyqRZ5KDcyno&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about<https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.thompsoncoburn.com%2Finsights%2Fblogs%2Fbusiness-succession-solutions%2Fabout&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967667893&sdata=DJW6RkKw0LvtYCjZX7TxJZsh2%2BxRUW5jEKlM%2F46EgiI%3D&reserved=0</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Thompson Coburn LLP</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">505 N. 7th St.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">One US Bank Plaza</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">St. Louis, Missouri 63101</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.thompsoncoburn.com-253chttps-3A_eur02.safelinks.protection.outlook.com_-3Furl-3Dhttp-253A-252F-252Fwww.thompsoncoburn.com-252F-26data-3D02-257C01-257C-257Cecf37fa4f2dd4eafd8b808d7d4d196bb-257C84df9e7fe9f640afb435aaaaaaaaaaaa-257C1-257C0-257C637211868967677896-26sdata-3DtEQfK-252BrjLgeC7GdkuTqoz6yUeZPiGrvOiOiIUT8aKy0-253D-26reserved-3D0&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=CvYwadOIvnXoGgRd5kCNvN4KKwkCnZSGzQnWALqWOG8&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">www.thompsoncoburn.com<https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.thompsoncoburn.com%2F&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967677896&sdata=tEQfK%2BrjLgeC7GdkuTqoz6yUeZPiGrvOiOiIUT8aKy0%3D&reserved=0</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__thompsoncoburn.com_people_steve-2Dgorin-253chttps-3A_eur02.safelinks.protection.outlook.com_-3Furl-3Dhttp-253A-252F-252Fthompsoncoburn.com-252Fpeople-252Fsteve-2Dgorin-26data-3D02-257C01-257C-257Cecf37fa4f2dd4eafd8b808d7d4d196bb-257C84df9e7fe9f640afb435aaaaaaaaaaaa-257C1-257C0-257C637211868967687867-26sdata-3DmPclumScgWkXeoZVcAw6swqd3inboO7GNg66PxPWVq0-253D-26reserved-3D0&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=fB3_XrAREn3mHCbmL9rcsRoTFSx9bE67XXGXLmE4LDg&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">http://thompsoncoburn.com/people/steve-gorin<https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fthompsoncoburn.com%2Fpeople%2Fsteve-gorin&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967687867&sdata=mPclumScgWkXeoZVcAw6swqd3inboO7GNg66PxPWVq0%3D&reserved=0</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.thompsoncoburn.com_insights_blogs_business-2Dsuccession-2Dsolutions-253chttps-3A_eur02.safelinks.protection.outlook.com_-3Furl-3Dhttp-253A-252F-252Fwww.thompsoncoburn.com-252Finsights-252Fblogs-252Fbusiness-2Dsuccession-2Dsolutions-26data-3D02-257C01-257C-257Cecf37fa4f2dd4eafd8b808d7d4d196bb-257C84df9e7fe9f640afb435aaaaaaaaaaaa-257C1-257C0-257C637211868967697848-26sdata-3DtKjTlfnDz8jojjxk038t3GSf5MvF5ugqje9tYoAAig0-253D-26reserved-3D0&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=IIi3ErvEtlpojA1s4hU-o6cHR--osh63fFw-rclDfb0&e="><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">http://www.thompsoncoburn.com/insights/blogs/business-succession-solutions<https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.thompsoncoburn.com%2Finsights%2Fblogs%2Fbusiness-succession-solutions&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967697848&sdata=tKjTlfnDz8jojjxk038t3GSf5MvF5ugqje9tYoAAig0%3D&reserved=0</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From: ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG%3cmailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG<mailto:actec-prac@ACTEC.ORG</a>>> On Behalf Of Lesk, Ann
B.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent: Monday, March 30, 2020 12:16 PM</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">To:
<a href="mailto:actec-prac@ACTEC.ORG%3cmailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG<mailto:actec-prac@ACTEC.ORG</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Subject: Re: Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">If husband and wife file joint tax returns, then there is an exception to the transfer for value rules for a transfer to the wife (or a grantor trust with respect to the wife)
by the husband.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Ann B. Lesk</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Of Counsel</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="mailto:Ann.Lesk@friedfrank.com%3cmailto:Ann.Lesk@friedfrank.com"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Ann.Lesk@friedfrank.com<mailto:Ann.Lesk@friedfrank.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">>
| Tel: +1 212 859 8113 | Mobile: +1 908 487 5757</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Fried, Frank, Harris, Shriver & Jacobson LLP One New York Plaza, New York, NY 10004
<a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__friedfrank.com&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=pf8dJ2iPUcK1ptSYaRH5FsZayvQe1jQhHRGGQj3G27E&e=">
<span style="color:#0563C1">friedfrank.com</span></a><<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__eur02.safelinks.protection.outlook.com_-3Furl-3Dhttp-253A-252F-252Fwww.friedfrank.com-252F-26data-3D02-257C01-257C-257Cecf37fa4f2dd4eafd8b808d7d4d196bb-257C84df9e7fe9f640afb435aaaaaaaaaaaa-257C1-257C0-257C637211868967707831-26sdata-3DO-252F-252FOmF-252FowCPM-252F-252FjuERty3S7lbq-252BOetXl1ThuKh6lSb4-253D-26reserved-3D0&d=DwMGaQ&c=d4QUMdAn6M0Mbv3jzCCgJ4TWUi-bKfYzDU5LNH0X26s&r=F1SNVBZSW4IBhwLYXl7GiiGXpA9W7RJuf9rd5ezYm48&m=O0YTcGJtPPBrgnZCzQp4nUrBh79MKdJSeiuZwTVAFLY&s=Ui99wqajwslBseXx596i8cxHubWC_2etXd9kyCaulXc&e=">https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.friedfrank.com%2F&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967707831&sdata=O%2F%2FOmF%2FowCPM%2F%2FjuERty3S7lbq%2BOetXl1ThuKh6lSb4%3D&reserved=0</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">-----Original Message-----</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From: ACTEC Practice List <<a href="mailto:actec-prac@ACTEC.ORG%3cmailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG<mailto:actec-prac@ACTEC.ORG</a>>> On Behalf Of Demmerly,
Frank</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent: Monday, March 30, 2020 12:59 PM</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">To:
<a href="mailto:actec-prac@ACTEC.ORG%3cmailto:actec-prac@ACTEC.ORG">actec-prac@ACTEC.ORG<mailto:actec-prac@ACTEC.ORG</a>></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Subject: [actec-prac] Transfer for value to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Husband transfers stock to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Wife transfers stock to same trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">They both retain the right to substitute property of equivalent value</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Son wants to sell a life insurance policy on Husband’s life to trust</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Daughter wants to sell a life insurance policy on wife’s life to trust,</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Will the transfer for value rules not apply if Husband and wife each are the grantor of 1/2 of the trust ?</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Frank R. Demmerly, Jr., Esq.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Archer & Greiner P.C.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">One Centennial Square</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Haddonfield, NJ 08033</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">856-354-3100</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">101 Carnegie Center</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">3rd Floor, Suite 300</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Princeton, NJ 08540</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">609-580-3700</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="mailto:fdemmerly@archerlaw.com%3cmailto:fdemmerly@archerlaw.com"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">fdemmerly@archerlaw.com<mailto:fdemmerly@archerlaw.com</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">></span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.archerlaw.com&d=DwIFaQ&c=f8FlvfYQuSbLA7iOD5CXC1sSFhGAQjO8QPdJBWaik3E&r=2ro_emz5WCCqjY5CMfPYZzCCXX1uQkJBdfycqfCSXKA&m=hiKaVLal3MPuOvQs_kWolLP435gP8HrNu9bYsf7QjrA&s=QJ0xOB9zS_bRX3sNSGYJgvdcEpzGMZPacuwp6r5Rf4M&e%3chttps://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Furldefense.proofpoint.com%2Fv2%2Furl%3Fu%3Dhttp-3A__www.archerlaw.com%26d%3DDwIFaQ%26c%3Df8FlvfYQuSbLA7iOD5CXC1sSFhGAQjO8QPdJBWaik3E%26r%3D2ro_emz5WCCqjY5CMfPYZzCCXX1uQkJBdfycqfCSXKA%26m%3DhiKaVLal3MPuOvQs_kWolLP435gP8HrNu9bYsf7QjrA%26s%3DQJ0xOB9zS_bRX3sNSGYJgvdcEpzGMZPacuwp6r5Rf4M%26e&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967712820&sdata=KG1OHBF5GTq3T7WW%2FuAJ%2F4EOgkoogy4gzDwiftRLMrA%3D&reserved=0"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">https://urldefense.proofpoint.com/v2/url?u=http-3A__www.archerlaw.com&d=DwIFaQ&c=f8FlvfYQuSbLA7iOD5CXC1sSFhGAQjO8QPdJBWaik3E&r=2ro_emz5WCCqjY5CMfPYZzCCXX1uQkJBdfycqfCSXKA&m=hiKaVLal3MPuOvQs_kWolLP435gP8HrNu9bYsf7QjrA&s=QJ0xOB9zS_bRX3sNSGYJgvdcEpzGMZPacuwp6r5Rf4M&e<https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Furldefense.proofpoint.com%2Fv2%2Furl%3Fu%3Dhttp-3A__www.archerlaw.com%26d%3DDwIFaQ%26c%3Df8FlvfYQuSbLA7iOD5CXC1sSFhGAQjO8QPdJBWaik3E%26r%3D2ro_emz5WCCqjY5CMfPYZzCCXX1uQkJBdfycqfCSXKA%26m%3DhiKaVLal3MPuOvQs_kWolLP435gP8HrNu9bYsf7QjrA%26s%3DQJ0xOB9zS_bRX3sNSGYJgvdcEpzGMZPacuwp6r5Rf4M%26e&data=02%7C01%7C%7Cecf37fa4f2dd4eafd8b808d7d4d196bb%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637211868967712820&sdata=KG1OHBF5GTq3T7WW%2FuAJ%2F4EOgkoogy4gzDwiftRLMrA%3D&reserved=0</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">>=</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">INFORMATION CONTAINED IN THIS E-MAIL TRANSMISSION IS PRIVILEGED AND CONFIDENTIAL. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS EMAIL, DO NOT READ, DISTRIBUTE OR REPRODUCE
THIS TRANSMISSION (INCLUDING ANY ATTACHMENTS). IF YOU HAVE RECEIVED THIS E-MAIL IN ERROR, PLEASE IMMEDIATELY NOTIFY THE SENDER BY TELEPHONE OR EMAIL REPLY.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">_______________________</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Confidentiality Notice: The information contained in this e-mail and any attachments may be legally privileged and confidential. If you are not an intended recipient, you
are hereby notified that any dissemination, distribution or copying of this e-mail is strictly prohibited. If you have received this e-mail in error, please notify the sender and permanently delete the e-mail and any attachments immediately. You should not
retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">________________________________</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential
or other legally protected information. If you are not the intended recipient, please destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">________________________________</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">This e-mail (including any attachments) may contain information that is private, confidential or protected by attorney-client or other privilege. If you received this e-mail
in error, please delete it from your system without copying it and notify sender by reply e-mail, so that our records can be corrected.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">________________________________</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">________________________________</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential
or other legally protected information. If you are not the intended recipient, please destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">INFORMATION CONTAINED IN THIS E-MAIL TRANSMISSION IS PRIVILEGED AND CONFIDENTIAL. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS EMAIL, DO NOT READ, DISTRIBUTE OR REPRODUCE
THIS TRANSMISSION (INCLUDING ANY ATTACHMENTS). IF YOU HAVE RECEIVED THIS E-MAIL IN ERROR, PLEASE IMMEDIATELY NOTIFY THE SENDER BY TELEPHONE OR EMAIL REPLY.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><img border="0" id="x__x005f_x0000_i1025" src="https://dg01.redatatech.com/onprem_image_fetch?cid=1070&ep=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"><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="color:gray"><br>
</span><span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray">CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential or other
legally protected information. If you are not the intended recipient, please destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div style="margin-bottom:14.0pt">
<p class="xmsonormal"><br>
<br>
<span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray">The information contained in this e-mail, including any attachments, is confidential, intended only for the named recipient(s), and may be legally privileged. If you are not the intended
recipient, please delete the e-mail and any attachments, destroy any printouts that you may have made and notify us immediately by return e-mail.
<br>
<br>
Neither this transmission nor any attachment shall be deemed for any purpose to be a "signature" or "signed" under any electronic transmission acts, unless otherwise specifically stated herein. Thank you.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"> <o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> </span><span style="font-family:"Arial",sans-serif;color:black">
</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959">The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for
the use of the addressee. It is the property of Kirkland & Ellis LLP or Kirkland & Ellis International LLP. Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this
communication in error, please notify us immediately by return email or by email to
<a href="mailto:postmaster@kirkland.com"><span style="color:#5482AB">postmaster@kirkland.com</span></a>, and destroy this communication and all copies thereof, including all attachments.
</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif"><< RTF: Rich object >></span><o:p></o:p></p>
</div>
<div style="margin-bottom:12.0pt">
<p class="xmsonormal"><span style="font-family:"Arial",sans-serif;color:gray"><br>
</span><span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray">CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential or other
legally protected information. If you are not the intended recipient, please destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
</div>
<div>
<p class="xmsonormal" style="margin-bottom:14.0pt"><span style="font-family:"Arial",sans-serif"><br>
<br>
</span><span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray">The information contained in this e-mail, including any attachments, is confidential, intended only for the named recipient(s), and may be legally privileged. If you are not the
intended recipient, please delete the e-mail and any attachments, destroy any printouts that you may have made and notify us immediately by return e-mail.
<br>
<br>
Neither this transmission nor any attachment shall be deemed for any purpose to be a "signature" or "signed" under any electronic transmission acts, unless otherwise specifically stated herein. Thank you.</span><o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"> <o:p></o:p></p>
<div class="MsoNormal" align="center" style="text-align:center">
<hr size="2" width="100%" align="center">
</div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray"><br>
CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential or other legally protected information. If you are not the intended recipient, please
destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div class="MsoNormal" align="center" style="text-align:center">
<hr size="2" width="100%" align="center">
</div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray"><br>
CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential or other legally protected information. If you are not the intended recipient, please
destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
</blockquote>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959"> </span>
<o:p></o:p></p>
<p><span style="font-size:8.0pt;font-family:"Arial",sans-serif;color:#595959">The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee.
It is the property of Kirkland & Ellis LLP or Kirkland & Ellis International LLP. Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error,
please notify us immediately by return email or by email to <a href="mailto:postmaster@kirkland.com">
<span style="color:#5482AB">postmaster@kirkland.com</span></a>, and destroy this communication and all copies thereof, including all attachments.
</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div class="MsoNormal" align="center" style="text-align:center">
<hr size="3" width="100%" align="center">
</div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:7.5pt;font-family:"Arial",sans-serif;color:gray"><br>
CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential or other legally protected information. If you are not the intended recipient, please
destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.</span><o:p></o:p></p>
</div>
<br>
<hr>
<font face="Arial" color="Gray" size="1"><br>
CONFIDENTIALITY NOTE: This message and any attachments are from a law firm. They are solely for the use of the intended recipient and may contain privileged, confidential or other legally protected information. If you are not the intended recipient, please
destroy all copies without reading or disclosing their contents and notify the sender of the error by reply e-mail.<br>
<br>
</font>
</body>
</html>