EFTA02547527.pdf

From: Richard Kahn Sent: Thursday, December 14, 2017 10:26 PM To: jeffrey E. Subject: Fwd: Carol S. Chomsky Marital Trusts - Distribution Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fa ce Begin forwarded message: From: =/b>Deborah Pechet Quinan Subject: qb>RE: FW: Carol S. =homsky Marital Trusts - Distribution Date: =/b>December 14, 2017 at 5:27:23 PM =ST To: =/b>Noam Chomskyc a, "Richard Kahn 010111 Dear Noam, Financial planning may =e the wrong term for Max to have used. As I recall Nick was =ngaged to prepare your and Valeria's tax returns and those of =he marital trusts, and to provide a financial analysis of your and =aleria's cash flows and income sources. The financial =nalysis was to have formed a baseline for a discussion to determine, =ollectively, which "buckets" (i.e. the Marital Trusts, =he IRA, other sources of income) would be accessed and in what =roportions, to meet your and Valeria's cash flow needs. =nbsp;Since there is a difference between a financial analysis and a =inancial plan, perhaps Max used the term "financial planningQ=9D a bit loosely. The financial analysis was also intended to =rovide clarity to you and Valeria regarding how Bainco had been =haracterizing your expenses, as Valeria was concerned that they had =anipulated the presentation of the information on their reports. EFTA_R1_01701879 EFTA02547527  In the interests of =etting the federal estimate under way tomorrow, would you agree to my =ffirming Max's item 2(a) below with the caveat that a financial =nalysis, as opposed to a financial plan was agreed to, and that I will =ork with you on items 2(a) with the above caveat, (b) and (c)? Do you have any =bjection to him providing me with the listing of corporate =rustees? Thanks, Deborah Deborah Pechet Quinan, Esq. =L.M. Shareholder Chair, Trusts =amp; Estates Group 255 State Street. =th Floor I Boston, MA 021O9 Direct: I Cell: Assistant - la ne Mahoney: Office: Fax: <mailto: I www.riw.com I BIO From: Noam Chomsky Imailto Sent: Thursday, December 14, 2017 =2:38 PM To: Deborah Pechet Quinan Cc: Valeria Chomsk ); =ichard Kahn <mailto: u e aro T. c omsky =arital Trusts - Distribution Acknowledging item 2, =s you suggest, is OK except for one qualification. Max writes =hat he had "previously been assured =prior to making tax payments on Noam's behalf at the end of =015 and in early 2016) that Noam would engage in a financial planning =rocess with Nick Nichols." Such a process had indeed been =uggested, but I did not accept the suggestion. There never was an =rrangement to engage in financial planning with Nick. There was a =ifferent arrangement with Nick about how Bainco had been listing =xpenses, but not about financial planning. Max's reference in =is reconsideration to a financial advisor of my choosing is not a =roblem. Noam On Thu, Dec 14, 2017 =t 7:52 AM, Deborah Pechet Quinan < <mailto > wrote: Dear Noam, Valeria and Richard, Please see Max's =esponse to the discussion I had with him on Tuesday. He has =ffered to make the $150,000 tax distribution but he wants my =ffirmation on Noam's behalf of the items below. I am =repared to provide the acknowledgements that Max has requested in item =. I do not think item 1requires an acknowledgement as it is =imply a statement of Max's position which he has now provided =n writing. 2 EFTA_R1_01701880 EFTA02547528  Please =onfirm that you are in agreement with my agreeing to and acknowledging =tem 2 and the items set forth therein. As soon as I receive this =rom you I will proceed asap to respond to Max in the affirmative and to =onfirm that he may make the estimated tax payment directly to the =RS. I will also at that time obtain the tax payment voucher from =ick Nichol's office. I have no =bjection to Max providing the list of corporate trustees he references =n item 3. It can't hurt to see what he is thinking in =his regard. Please let me know if I have your permission to =equest the list. I await your =esponse. Thank you, Deborah Deborah Pechet Quinan, Esq. LL.M. Shareholder Chair, Trusts & Estates =roup 255 =tate Street, 7th Floor I Boston, =A 02109 Direct: 617.570.3521 I Cell Assistant = Jayne Mahoney Office: I Fax: e-mail: <mailtoil www.riw.com <http://www.riw.com/> BIO From: Max Kohlenberg [mailto: Sent: Thursday, December 14, 2017 =:57 AM To: Deborah Pechet Quinan Subject: Carol S. Chomsky Marital =rusts - Distribution Deborah =E2.40, I'm following up =n our conversation on Tuesday about principal distributions to Noam =rom the Carol S. Chomsky marital trusts. Please consider the =ollowing: 3 EFTA_R1_01701881 EFTA02547529  1. As I stated to you and as I now affirm to =ou in writing, I am certain that in the exercise of my discretionary =ower to make distributions of principal from the trusts I'm =ntitled to inquire into Noam's financial circumstances, =ncluding (a) the nature and extent of his resources, (b) his sources of =ncome, and (c) his expenditures. In fact, I'm equally =ertain that my fiduciary duty to Noam requires me to obtain that =nformation so as to adequately address his long-term needs and to =nsure that the trust is used for his exclusive benefit during his =ifetime. (I am mindful of the interests of Noam's =hildren, as residuary beneficiaries of the trusts, and of my fiduciary =uty to them as well, but as I've stated to you previously, my =rimary concern has been and continues to be Noam's =nterests.) 2. Having previously been assured (prior to =aking tax payments on Noam's behalf at the end of 2015 and in =arly 2016) that Noam would engage in a financial planning process with =ick Nichols, and having notified you at the time that I did not intend =o make any further principal distributions until that process was =ompleted, I informed you on Tuesday that I was not prepared to make any =rincipal distributions to Noam now. On further reflection, and =indful of Noam's distress, I've reconsidered the =ircumstances and am willing to make the proposed 5150,000 payment to =he IRS on his behalf, provided that you will (a) urge Noam to engage in = financial planning process (with Nick Nichols or another financial =rofessional of his choosing), (b) urge Noam to cooperate in =roviding some information to me about his financial resources, income =nd expenses (to a degree mutually acceptable), and (c) impress upon =oam the fact that though I am now making another tax payment from the =rust on his behalf, I do so with no intention of making further =istributions of principal unless he completes the financial planning =nd disclosure process that was agreed upon in 2015. 3. Lastly, with respect to my trusteeship, I =ave suggested to Harry Chomsky that I prepare a short list of =ualified, professional trustees for his consideration and for Noam'=. It is my hope that one of those candidates would be acceptable to =arry and to Noam (with your recommendation). This seems to me a good =pproach, given that Harry has unequivocally declared his unwillingness =o appoint Rich Kahn as my successor. Needless to say, if you'= like to suggest another approach to finding a successor to me I will =e glad to discuss it with Harry. If you are in agreement =ith the points set out above, please reply acknowledging each of them =nd please also affirm that (as was the case with respect to the 2015 =nd 2016 tax payments) you have no objection to my direct payment of =unds to the IRS, as an expedient and permissible means to expedite that =ayment (instead of having me arrange for the distribution of the funds =o Noam's personal account for subsequent payment to the =RS). Lastly, please ask Noam's accountant to prepare a =uitable estimated tax payment voucher and forward it directly to me as =oon as possible. I will then ask Noam's investment =dvisors at Bainco to raise the necessary funds and make the =ayment. Looking forward to your =eply, Max A. Max Kohlenberg Howland Evangelista Kohlenberg Burnett, LLP 4 EFTA_R1_01701882 EFTA02547530  One Financial Plaza — Suite 1600 Providence, Rhode Island 02903 Direct: el: Main: Fax: <mailto www.hekblaw.com This email and =ny attachments thereto are intended only for use by the addressee(s) =amed herein and may contain legally privileged and/or confidential =nformation. If you are not the intended recipient of this email, =ou are hereby notified that any dissemination, distribution or copying =f this email, and any attachments thereto, is strictly =rohibited. If you have received this email in error, please =mmediately notify me by return email and permanently delete the =riginal and any copy of this message or attachment. Thank =ou. NOTICE: This email with its attachments, if any, is intended =olely for permitted use by authorized recipients. If you are not an =uthorized recipient of this email, your retention, transmission, =isclosure, or use of this email is prohibited. If you received this =mail in error, please notify the sender and delete this email and its =ttachments from your devices and systems. NOTICE: This email with its =ttachments, if any, is intended solely for permitted use by authorized =ecipients. If you are not an authorized recipient of this email, your =etention, transmission, disclosure, or use of this email is prohibited. =f you received this email in error, please notify the sender and delete =his email and its attachments from your devices and =ystems. 5 EFTA_R1_01701883 EFTA02547531