stream 36 0 obj >> While Harry is attractive and likeable, he has difficulty holding a job, and he is a poor money manager. A Bloodline Trust is a revocable trust that you set up now for your children. >> If the child has children, you can name another child or financial institution as a co-trustee. ]"ARO"G,~^X*94c!)3r0I&XoL,.XMdlqZhKxG"Lo0*6|V1e2;P>0@tQgR9lBJg-%'jNDYOnXq%lF|ZXalE>wiZ?aCKApd>} ',rd9L"a1e(QJ~y(S02q0Fp/ d@=X)Xjt!i7\}QTF}otco4JD"D. What are the different types of succession? Harry moves to another state and refuses to pay any child support for Bill and Lindas grandchildren. Leaving everything to your children in a basic will does not always provide an adequate level of protection and there are potential complications that could occur later down the line. /S /P A bloodline trust (sometimes called a dynasty trust) can be drafted to keep assets in the bloodline of a family and away from creditors, as well as the ex-spouse of a beneficiary or spendthrift beneficiaries. /S /Document >> Go Beyond a Demo with an hour-long review of your firm's technology. He is listed in The Best Lawyers in America which also named him Las Vegas Trusts and Estates/Tax Law Lawyer of the Year in 2012, 2015, 2016, 2018, 2020 and 2022. /Footnote /Note The agreement can also have an asset transfer agreement. How many Disneyland employees are homeless? Harry also likes to spend money lavishly, mostly on himself, rather than on Sally and the children. /Type /StructElem << [ 32 0 R 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R Many clients have worked hard to build up an inheritance for their children but are worried that when this passes on following their death it may be lost or diminished due to personal insolvency or the consequences of marriage breakdown, such that the children or grandchildren do not receive any ultimate benefit. We invite you to contact us and welcome your calls, letters and electronic mail. During divorce proceedings, Louises brother temporarily replaces her as the trustee until the process is complete. Cindy is the trustee and is permitted to use money for the health, education, maintenance and support of herself and her children. /S /P By setting up a trust, you can protect your familys inheritance from third parties. Family Trust, Disclaimer Trust, Marital Trust, Supplemental Needs Trust and Defective Grantor Trust _____ FAMILY TRUST - sample language . /S /P 4 0 obj /Chart /Sect Cindy and Joe have two children, Anne and Katie, and Joe has two children from a previous marriage. /Pg 23 0 R It can also shield the assets from death taxes. The information on this site is for general informational purposes only. << What is a unicameral legislature quizlet? Trust documents are used to prepare your estate. Only the blood-relatives named will have access to the trust property. >> 35 0 obj The emotions ball activity is related to building trust among the family members in family therapy. The trust code is a comprehensive series of laws on the subject of trusts. # Qi|{Qcj^ !f4xhe A person who was born into or legally adopted into the direct line of an individuals descent (e.g., children, grandchildren, and great-grandchildren). Upon your childs death, the trust ends and the funds that remain can only be inherited by their descendants. 47 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R ] Many charities faced with the prospect of a disputed bequest have been reluctant to pursue the matter in the courts. /S /P Third, if the concern is payment for long-term care of the parents of your son or daughter-in-law, the selection of trustee becomes more murky. It is also commonly used as the structure for family businesses. Follow the step-by-step instructions below to design your printable irrevocable trust form: Select the document you want to sign and click Upload. SAMPLE HOLDING TRUST, a Family Trust, Registration #1JH17-01-011 PRIMARY ASSET: Valuable items, accrued equities, new assets, management income, and various assets as may be added or replaced from time-to-time. One solution is to name an individual or group of individuals who are familiar with the family as co-trustees. The Grantor has this day delivered the property described in Coronavirus Outbreak Sparks a 76% Surge in UK Will Writing. Is a spendthrift and /or poor money manager. << Neither you nor your representative responded to my previous . A Bloodline Trust is an excellent tool for protecting the inheritances you leave to your children, and to keep your hard-earned assets from winding up in the hands of complete strangers. >> If the inheritance is commingled with the assets of your son- or daughter-in-law during marriage, in a divorce, it will be subject to equitable distribution. Please refer to the most recently issued guidance from OPM to determine whether Speedwell Law is open. The creditor may wind up with 100% of your childs inheritance. Accordingly, the firm set up a Bloodline Trust with Spendthrift Provisions for Fred and Wilma. The pure discretionary Bloodline Preservation Trust. Beyond Counsel's consultants love talking legal tech. This means that if Wally, Ralph, and Sally were alive all assets would be split three ways. <> This only reiterates the importance of writing a will with a legal and professional will-writing service. Find out how to set up a bloodline trust today by signing up to Wills.Services to get started right away. You should consult an attorney for advice regarding your individual situation. /Metadata 67 0 R He can be reached at 702-341-6000, ext. /Header /Sect >> Has an addictive illness such as alcoholism or drug addition. /S /P The old saying, we can pick our friends, but we cant pick our family, is particularly applicable in the case of sons- and daughters-in-law. Given the taxation and legal issues that need to be considered and addressed, it's . /Type /StructElem /S /P QA uZ\],u/;Xt &lf~Xb}!b3,y^BTVN << If there is a divorce, your son or daughter-in-law may wind up with 50% of your childs inheritance. The injured person sues and recovers a judgment against Susanne for $6,000,000. John and Jenny die and leave their estate to Joan. /Diagram /Figure When Joe files for divorce, Cindy automatically is removed as trustee and her brother Don assumes that role. A bloodline will guarantees that your property stays in the family. As mentioned, it depends on the size of the estate and the contents of the will, but you can rest assured that we will remain transparent about our fees throughout the whole process. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Heres an example: I give to my son, Alan John Smith, one-third of my estate. This is a very convenient way to leave assets to your loved ones when you die. % Family Trust Agreement. The judge may assign 100% of the trust asset to the beneficiary spouse, and then "offset" the value of the trust asset by assigning 100% of the value of the marital home to the other spouse - leaving both spouses with $1 million in assets each. <> << In order to make absolutely certain that your estate (whether it compiles of your money, family house, other property, businesses or family heirlooms) is kept in the family, you must set up a trust within your will. A Lineal Descendants Trust is a Family Trust that is setup to strictly benefit your blood line relatives your children, and in turn their children and then their children. This will allow them to enjoy complete access and control over the trust assets, and to invest and use the assets in any way they wish. Typically, bloodline wills tend to cost more than basic wills due to their complexity, but well be sure to present you with the most affordable deals for your situation. No spouse would receive any assets of the estate. A bloodline trust, however, is a specific type of trust which has the purpose of guaranteeing that the property within it (money and/or investments, for example) are kept in the family (blood-only). /InlineShape /Sect The co-trustee has access to all the records. /Type /StructElem In light of the difficulties identified, the paper proposes a new and alternative approach based on the provision of a preferential share representing a fixed monetary sum, subject to limitations. You will be able to protect your family members and your loved ones with this trust. /Type /Group ARTICLE II. With the Bloodline Preservation Trust we will ensure your client's goals are met with the best possible planning. TRUST PROPERTY. The information you obtain at this site is not, nor is it intended to be, legal advice. The monies in the trust can be used only for Cindy and her blood descendants. You can customize them to name who will receive your tangible, personal property and the residue (everything else). The trustee will hold all the assets in the trust until the beneficiary passes away. Tax Management endobj endobj endobj . /P 30 0 R /K [ 11 ] If you're looking for a way to set up your estate to offer financial benefits and more, then you might want to consider a strategic plan like a Family Trust. /F2 10 0 R Ten years later, Pete and Moira have both passed away and Louise and Damien go through a divorce. Sherry and Mark have a daughter, Cindy, who marries her high school sweetheart, Joe. A Bloodline Trust is a type of trust that protects assets solely for the blood descendants of the person who creates the trust. This trust enables you to make sure that all (or some of) the possessions left behind in the event of your death are protected and can only be inherited by your descendants and your children's. A bloodline trust should always be considered when the son- or daughter-in-law: Creditor. application and use of trust funds 5.1 any action or thing carried out by the trustee shall be deemed to be within the purposes of this trust and within the powers of the trustee, including, but limited to, making gifts of any trust assets and/or advancing or making loans, upon such terms and conditions as the trustee in is sole option and How do you serve notice and Acknowledgement of receipt? Frequently, it is the spouse of the child, the son or daughter-in-law, who is the poor money manager and persuades the child to spend the money foolishly. /S /P endobj /K [ 7 ] /Type /StructTreeRoot Trust assets can be used only for blood descendants your children and grandchildren. The way to fill out the Declaration revocation trust form online: To get started on the blank, utilize the Fill camp; Sign Online button or tick the preview image of the form. /Type /StructElem << The money you leave to your child is then diverted to paying for the long-term care of the parents of your son or daughter-in-law. endobj >> Their goals are serving clients, helping the profession, and informing the public to improve and reform probate, trust and tax laws and professional responsibility. WHO SERVES AS TRUSTEE OF THE BLOODLINE TRUST? They can be squandered due to gambling, drug, or alcohol addiction, or bad money management; All or part of a childs inheritance could be lost to his or her creditors or lawsuits filed against them; If a child marries and then gets divorced, half of their inheritance could be lost to their spouse during the divorce; and. /F6 18 0 R 4 0 obj If your child dies before the money is all spent, you may want it to remain in trust for your grandchildren. x IMvjY:})bE#9$mEnx'A;m6rrusj_]lN>0t{:e^7~{. 3 0 obj DECLARATION OF TRUST 1 JOHN CLIENT TRUST 2 THIS DECLARATION, made the _____ day of November, 2015 by JOHN H. CLIENT, of 123 Main St., Syracuse, NY 13202 (hereinafter referred to as "Grantor" and "Trustee"); W I T N E S S E T H : 1. 53 0 obj Is a gambler. >> endobj How can I leave money to my son but not his wife? When the divorce ends, Cindy is reinstated as trustee. The order of succession specifies that the office passes to the vice president; if the vice presidency is simultaneously vacant, or if the vice president is also incapacitated, the powers and duties of the presidency pass to the speaker of the House of Representatives, president pro tempore of the Senate, and then. endobj With the latter, the trust comes into effect on the death of the settlor and the assets to be transferred to the trust are those specified in the will. /Pg 23 0 R Hook Law Center lawyers who have received this accolade include Andrew H. Andy Hook, President of Hook Law Center; Shannon Laymon-Pecoraro, practicing in elder law, special needs planning, estate and trust administration and more; and Letha Sgritta McDowell, practicing in estate planning, elder law, special needs planning and more. At Wills.Services, we offer a solution to this potential issue in the shape of a bloodline will, which provides you with the opportunity to ensure that your assets stay within your blood family. Three years later Dan dies unexpectedly leaving everything, including Joans inheritance, to Olivia. stream The assets within the trust are protected and, by law, will be kept in the family. In fact, assets held in a Bloodline Trust can only be used for the benefit of the beneficiary and his or her blood descendants. 29 0 obj NAME OF TRUST The trust created in this instrument may be referred to as THE IRREVOCABLE SPECIAL NEEDS TRUST for the benefit of _____ (hereinafter referred to as the "Beneficiary"). Firstly, its worth noting that a trust is defined as a legal arrangement whereby someone else (the trustee) manages the assets (the trust property) on your behalf for the benefit of another person or other people (the beneficiaries). Has children from a previous marriage. /GS7 7 0 R This type of trust is a powerful tool that you can use to protect the hard-earned money and assets you leave for your children, while at the same time giving them complete access and control over their inheritances. % is more complex, but exponentially more protective than a support version of the Bloodline Preservation Trust. ACTEC The American College of Trust and Estate Counsel. Sallys parents die, and their estate is left to her. endobj /Pg 3 0 R /S /InlineShape Is prone to addiction, whether its alcoholism or drug use. /F3 12 0 R /Marked true A Will is a legal document that directs who will receive all of an individual's property on death, while a Trust will only deal with any assets where ownership has been transferred to the Trust. xjPw-p5*w[,=0uJ.N,.5B9H*E)@$<8 ?1O@V*W!j.V OC9RQS,&e+'p*Ss2 B2i'>@d^%6I8?eI^K^+D;. Robert A. Pascal: A Priest of Right Order, Ireland is unusual in a succession law context as despite being a common law jurisdiction Irish succession law applies a comprehensive system of forced heirship for spouses under the Succession Act 1965. >> likelihood of estate assets diverging from the path of the family bloodline. /Pg 3 0 R << The main difference between a Will and a Trust is that a Will only comes into effect on death - up until that point, a Will can be Harry also likes to spend money lavishly, mostly on himself, rather than on Sally and the children. /Pg 23 0 R For instance, you can make sure that your childrens inheritance will only go to them or their descendants. If there is an advantage and the expected benefits are Often, our children choose wonderful, trustworthy spouses with whom we get along very well. Most Testamentary trusts give the beneficiaries the choice whether to take their inheritance or retain it in trust. >> There are four general concerns we have when leaving inheritances to our children: Fortunately, each of these scenarios can be avoided by establishing a Bloodline Trust with your child as the beneficiary. Just fill in the appropriate information and print them . 49 0 obj This guide deals with one particular type of trust - the family trust - but much of the information will also apply to other types of trusts. << Sadly their children werent so lucky. A Bloodline Preservation Trust. /Endnote /Note 52 0 obj An Inter-Vivos Trust is established by someone during their lifetime to manage certain assets or investments and support beneficiaries, such as family members. The most important thing to remember when setting up a bloodline trust is that your children can be appointed as the trustee and retain control of the assets. What is the Five and Five Rule in Estate Planning. A bloodline trust is a type of will, which protects a daughter's inheritance from her husband. /F5 16 0 R %PDF-1.7 x=r8?IJbk*d6NmMb6xIq!)^DIP%F7OOrzry3Jx|^/_'gz?{(H.?%&??~tvifR(.S? Writing a will is essential for many reasons you can set out personal funeral arrangements, provide for your family, protect your assets, and ensure that everything you leave behind will be inherited by the right people when you pass away, in-line with your final wishes. /P 30 0 R A parental trust in which the individual's children or grandchildren (but not the descendants' spouses) are the beneficiaries are sometimes called Bloodline Preservation Trusts. A bloodline will protects children from spendthrift parents or creditors. Joe is emotionally and physically abusive to Cindy, Anne and Katie. The trust company handles the records, administration, and investments. If the child is sued by a creditor or spouse for divorce, then the child is removed as trustee and the sibling is substituted as successor trustee. The only difference between a will and a bloodline will is that your descendants will be the beneficiaries. /Pages 2 0 R What Happens if You Die Intestate in the UK? The Bottom Line About Irrevocable Trusts. The majority of testators (the name for people who write a will) set up a bloodline trust or will as a safety net for their children and grandchildren, protecting them against any third-parties from outside the family that may try to get their hands on the estate, namely their ex-partners. We provide free and printable will and trust forms for you to download on this page. Your child, acting as trustee, can distribute principal and income to or for the benefit of himself or herself or to his or her children. endobj 50 0 obj A Bloodline Trust should always be considered when the son- or daughter-in-law: Is a spendthrift and/or poor money manager. Thanks in advance. Lastly, the spendthrift provision of the trust would allow the Trustee to hold all portions of the estate allocated to Sally in trust until her divorce was final. >> In many cases, a parent leaves money to a child. This causes strain in family relationships. [ 47 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R ] 40 0 obj Contacting us does not create an attorney-client relationship. /P 30 0 R They often dont have the money to pay and call upon their children. /Pg 3 0 R Bloodline Trust. WAQF: perpetual and inalienable Islamic endowments, The Omitted Spouse: New Estate Planning Techniques for Jewish Clients, " Trusts: Weapons of Mass Injustice? " One bloodline was in the orient and developed oriental magic. SM. At that time, divorce is no longer an issue, so the son or daughter-in-law could serve as trustee for their childs share. i3uLI.4xfYl$fddJ^jsj:i*#S/B)hQ8E( t2^B,?=PXq,=`bF0E=j%~.ANSJmqi~#bY>`XGbt4258IJ+HXK>M)tq;WGy?+*`oxtMj|i!G`{G#!Xgy&XQiG`$r|Aq{ehq ,(gi22.PZKjrpj7GU74>Ro+h7FWJ;TsrB/gQ_+S{F*( M5RYEJG At any time, your child can resign from the trustee role. Thus, a bloodline trust can ensure that assets that you leave behind with your children will stay in your family to benefit future generations of your bloodline. A response to the critics, The Problematic Structure of Management of Co-Owned Properties in Turkish Law and Pursuance of Solutions. A family trust is an estate planning product that can help you legally determine who will get your assets when you die, as well as how much they will get. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site. /P 30 0 R /Type /Pages to say: (a) Upon Trust, in the first instance to collect the dividends, interest, rents, profits and other income of the Trust Fund and from Hook Law Center attorney Letha Sgritta McDowell is the 2021/2022 NAELA President; she and Hook Law Center President Andrew H. Andy Hook have both served NAELA in various other capacities and chaired multiple committees for NAELA in the past. Protecting trust assets from "direct assignment" in a Massachusetts divorce is relatively . /P 30 0 R If you make an error, you put your entire estate in jeopardy as the will could become invalid upon your death, meaning that your wishes will not be considered and the inheritance you leave behind will be distributed in line with the rules of intestacy. Two years later Dan remarries. A bloodline will make sure that all family members are included and that you can choose to dissolve it at any time. /Type /StructElem Thus, a bloodline trust is a good option for protecting your family's wealth. The most common reason for creating a trust is to manage and distribute your assets, but you can include any other lawful reason you choose. << When the divorce is finalised, Louise is reinstated as the trustee and the trust property remains safely within the bloodline, rather than being taken by Louises ex-husband. If you want to put some money aside for a specific reason, setting up a trust can help you do so in an orderly fashion. The Trustee shall pay from the Trust Estate all expenses of Grantor's legally enforceable debts, costs of administration including ancillary costs, costs of safeguarding and delivering <>>> They will have complete control over the assets in the trust, so they can use them the way they like. Setting up this type of trust is a precaution that protects against potential issues in your familys long-term future. 26 0 obj 4 0 obj In order to act as a dynasty trust, the trust must be kept . You will never see the benefits of it yourself, but you will be rewarded with the invaluable peace of mind in knowing that your legacy is guaranteed to be kept in the family. A bloodline trust should always be considered when the son- or daughter-in-law: Is a spendthrift and /or poor money manager. /Chartsheet /Part A Bloodline Trust should always be considered when the son- or daughter-in-law: Without a Bloodline Trust, a number of circumstances can put your childs inheritance at risk. /K [ 3 ] One lineage was from Canaan and the Canaanites. can be drafted as either a "support trust" or a "pure discretionary trust" for creditor protection purposes. /Length 5602 Susannes entire inheritance is used to pay toward the judgment. Grandchildren from your childs first marriage could be disinherited by a son- or daughter-in-law from a second marriage. /RoleMap 27 0 R /K [ 2 ] 2 0 obj << the benefit of the members of a particular family. Open navigation menu. See our full price guide for more information. The trust property can only be used for the benefit of your children and grandchildrens health, education, maintenance and support, meaning that the contents of the trust are safe from anyone that is not considered a descendant. The fees are money well-spent for asset protection and tax savings. If you want to protect your childs inheritance from an irresponsible spouse or ex-spouse, consider establishing a Bloodline Trust. A deed of family trust must include the following: Objects and Purpose of Trust; Powers of Trustees; Powers of Settlors; Duties of Settlors; Exercise of Powers and Discretions by the Trustee; Financial Accounts, records and audit; Investment of Trust Funds. >> A Bloodline Trust is designed to keep money in the family, protecting the inheritance of your children and their descendants: Bloodline Trusts offer a number of important benefits: Your child can serve as initial trustee of the Bloodline Trust or share this responsibility with an independent co-trustee. >> %PDF-1.5 If you would like more information or a free, no-obligation chat about your options, be sure to get in touch with us by completing our straightforward contact form and well give you a call at a time that suits you. Is a gambler. With 50% of all marriages and 70% of second marriages ending in divorce,this is not an uncommon dilemma. Name of the Trust: This Trust shall be known as the "_____ Revocable Living Trust" hereinafter known as the "Trust" and is is not an amendment to a prior Living Trust. To learn more, view ourPrivacy Policy. /S /P x]o8 >vD`qmY5i{ n,Uz]74j={7~;h/7q?4. Was married previously or has children from another relationship. endobj The key benefit is that it provides an invaluable safety net for your children and grandchildren, so that the legacy you leave to them remains only with your descendants and no third-parties. >> If the trust was a trust identified as code 322, 335, or 336 and the trust is continued after the death of the last surviving lifetime beneficiary (either the settlor, or the spouse or common-law partner, as the case may be), use trust type code 300 (other trust) on all T3 returns filed for a tax year ending after the date of death. Family Trust - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Living Trust Forms - Trust Dissolution Form. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. /Type /StructElem Choose My Signature. Simply naming your children as the beneficiaries in a standard will does not necessarily mean that it will be passed down to your grandchildren and their children thereafter when the time comes. Has an addiction, such as gambling. In a deed of trust, a lender loans a borrower money to purchase a home or other property, and as a security against the loan, the borrower gives legal title to the property to the lender. Specifically, assets in the trust can be used only for your childrens or grandchildrens health, education, maintenance or support. /Pg 3 0 R /K [ 6 ] Call us today to arrange a consultation with an experienced Virginia estate planning attorney. Sherry and Mark established a Bloodline Trust for Cindys benefit. 27 0 obj /Pg 3 0 R There are about forty will and trust forms. A bloodline trust is an estate planning tool that ensures that your assets remain in the family for generations to come. When creating a bloodline trust, you will need to designate a trustee to oversee the assets. It guarantees that your assets are protected and provides a safety net for your descendants if ever they should need it, and whats more, we can do all the hard work for you here at Wills.Services. /K [ 5 ] Your partner may not be able to manage your money responsibly. 44 0 obj This type of trust is essentially a precaution for an issue that may occur in the distant future, it can be difficult to realise how they could benefit your family. Content by elder law attorney, Andrew Hook and the Hook Law Center staff. There are three main types of property law. Ralph has been married three times and has five children. A professional outside trustee is better in that situation. 47 0 obj A Bloodline Trust is a premium form of family . If the parents leave the money to the child in a Bloodline Trust and the child dies, the trust can provide that it pass on to the grandchildren either in a continuing Bloodline Trust or outright. SM. By setting up a trust, you can protect your family's inheritance from third parties. There should be a valid purpose. Each separate trust will be used only for the sole benefit of that specific child and their blood descendants. Office Closure Policy: Speedwell Law follows the office closure policy of the Office of Personnel Management. /Type /StructElem Dans new wifes name is Olivia. Sherry and Mark die and, two years later, Joe and Cindy divorce. Then when you die, your assets will be divided into separate trusts (one for each child). If you leave your estate to your child and the child is later sued, the childs creditors can attach the inheritance. Even if you have set up a basic will, problems can still arise, which could result in your estate being inherited by the wrong people. The information presented in this site is not legal advice or a legal opinion. Format for Deed of Family Trust Download Word Doc DRAFT OF DEED OF FAMILY TRUST The children of his current spouse would not be included in the estate. At the outset, an Inter Vivos Trust must be distinguished from a Testamentary Trust. endobj endobj John and Jenny have a daughter, Joan. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. Any heirs of the deceased Beneficiary would split that portion of the inheritance equally. When a child passes away, his or her spouse could inherit their estate. A Bloodline Trust offers protection to your children from: (1) divorce, (2) creditors, (3) death of children and subsequent remarriages of childrens spouses, (4) long-term care of childrens in-laws, and (5) squandering the money. A Bloodline Trust is designed to keep money in the family, protecting the inheritance of your children and their descendants: Bloodline Trusts offer a number of important benefits: Trust assets can be used only for blood descendants your children and grandchildren. /P 30 0 R >> A review of leading reported cases involving charitable bequests in wills reveals that the courts are vigorous in upholding proper family provision as against charitable bequests, portraying this provision as based on moral obligation. Sallys parents die and their estate is left to her. << endobj /S /P Bill and Linda have a daughter, Sally, who marries Harry. It ensures some or all of your children and grandchildren receive the value of inheritance you wish them to have. /Image9 9 0 R The Roy empire also includes at least $345 million in real estate, including Logan Roys $52 million palatial townhouse on New Yorks Fifth Avenue. 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