[sheet: Closing Checklist]

Item No.	Category	Document / Deliverable Description	Responsible Party	Due Date	Completion Date	Status	Notes
1	Engagement	Engagement Letter — Calderwood & Harkness LLP to Briarwood Family Office LLC	Patricia Dunmore / Calderwood & Harkness LLP	2024-01-15	2024-01-15	Complete	Flat fee engagement ($185,000). Executed by Patricia Dunmore and countersigned by Margot S. Briarwood as Managing Director of BFO. Matter No. 1026-00005.
2	Engagement	Conflicts Check Clearance Memorandum	George Trujillo / Calderwood & Harkness LLP	2024-01-15	2024-01-15	Complete	Cleared all parties: BFO, Caldwell Fiduciary Services Inc., beneficiaries, Reedlaw & Stein LLP.
3	Trustee Succession	Physician's Certification of Permanent Incapacity — Eldon M. Briarwood	Dr. Annette Volkov	2023-12-03	2023-12-03	Complete	Certification dated December 3, 2023, pursuant to Article VII, Section 7.2 of the Trust Agreement dated June 12, 1998. Obtained prior to engagement opening.
4	Trustee Succession	Internal Memorandum re Trustee Succession Under Article VII	Grace Nakamura / Rafael Dominguez	2024-01-18	2024-01-18	Complete	Analysis of succession provisions under Trust Agreement (as amended by First Amendment dated March 3, 2008 and Second Amendment dated December 31, 2015). Confirms Margot S. Briarwood as first successor individual trustee under Article VII, Section 7.3.
5	Trustee Succession	Certificate of Successor Trustee Appointment — Margot S. Briarwood	Grace Nakamura / Calderwood & Harkness LLP	2024-01-22	2024-01-22	Complete	Signed by Margot S. Briarwood; acknowledged by Howard R. Phelan on behalf of Caldwell Fiduciary Services Inc. Notarially acknowledged for recording. Trust EIN: 13-7284915.
6	Trustee Succession	Acknowledgment of Successor Trustee by Caldwell Fiduciary Services Inc.	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-01-25	2024-01-24	Complete	Written acknowledgment from Caldwell (401 Lexington Avenue, 14th Floor, New York, NY 10174) confirming continuing role as institutional co-trustee. Trust Account No. CFT-00298174.
7	Beneficiary Notices	Notice of Trustee Succession to Margot S. Briarwood (as Beneficiary)	Rafael Dominguez / Calderwood & Harkness LLP	2024-01-30	2024-01-28	Complete	Sent to 14 Waverly Place, Unit 4W, New York, NY 10003. Margot holds 45% beneficial interest ($18,675,000).
8	Beneficiary Notices	Notice of Trustee Succession to Tobias E. Briarwood	Rafael Dominguez / Calderwood & Harkness LLP	2024-01-30	2024-01-28	Complete	Sent to 88 Round Hill Road, Greenwich, CT 06831. Tobias holds 35% beneficial interest ($14,525,000).
9	Beneficiary Notices	Notice of Trustee Succession to Nadia Briarwood-Chen	Rafael Dominguez / Calderwood & Harkness LLP	2024-01-30	2024-01-28	Complete	Sent to 341 Sterling Place, Apt. 3, Brooklyn, NY 11238. Nadia holds 20% beneficial interest ($8,300,000).
10	Appraisals	Engagement of Pinnacle Valuation Group LLC for Independent Appraisals	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-02-14	2024-02-14	Complete	Pinnacle engaged by Caldwell at Tobias's request (Tobias retained Reedlaw & Stein LLP on Feb 5, 2024). Lead appraiser: Derek T. Winstead, MAI. Fee: $34,500 for three parcels.
11	Appraisals	Appraisal Report — 14 Waverly Place, Unit 4W, New York, NY 10003 (Report No. PVG-2024-0441)	Derek T. Winstead / Pinnacle Valuation Group LLC	2024-03-01	2024-03-01	Complete	Co-op apartment, 2,400 sq ft, Waverly Place Owners Corp. Appraised FMV: $8,750,000. Tax basis: $1,620,000. Unrealized gain: $7,130,000. Valuation date: March 1, 2024.
12	Appraisals	Appraisal Report — 602 Halsey Street, Brooklyn, NY 11233 (Report No. PVG-2024-0442)	Derek T. Winstead / Pinnacle Valuation Group LLC	2024-03-01	2024-03-01	Complete	4-unit residential brownstone, 4,800 sq ft. Block 1684, Lot 42, Kings County. Appraised FMV: $4,200,000. Tax basis: $985,000. Unrealized gain: $3,215,000.
13	Appraisals	Appraisal Report — 27 Fenimore Road, Larchmont, NY 10538 (Report No. PVG-2024-0443)	Derek T. Winstead / Pinnacle Valuation Group LLC	2024-03-01	2024-03-01	Complete	Single-family residence, 5,200 sq ft, 0.82 acres. Section 9, Block 32, Lot 14, Village of Larchmont, Town of Mamaroneck, Westchester County. Appraised FMV: $6,150,000. Tax basis: $2,340,000. Unrealized gain: $3,810,000.
14	Tax Analysis	Tax Memorandum — In-Kind Real-Estate Distributions and Cash Equalization Payments	Sylvia Hartwell / Calderwood & Harkness LLP	2024-02-20	2024-02-20	Complete	Addresses IRC § 643(e) carryover basis, total unrealized gain of $14,155,000, transfer taxes ($84,450 total: Halsey St. NYC RPTT at 1.425% = $59,850; Fenimore Rd. NYS at $2/$500 = $24,600; Waverly Place exempt as co-op). Grantor trust status terminated 12/31/2015.
15	Distribution Agreement	Draft Consent and Distribution Agreement — Circulated to Parties	Grace Nakamura / Calderwood & Harkness LLP	2024-03-12	2024-03-12	Complete	Transmitted to Janet C. Okonkwo (Reedlaw & Stein LLP, counsel to Tobias) and all beneficiaries. Circulated with Trustee Succession Certificate. Comments requested by March 25, 2024.
16	Distribution Agreement	Schedule of Trust Distributions (Exhibit to Distribution Agreement)	Rafael Dominguez / Calderwood & Harkness LLP	2024-03-12	2024-03-12	Complete	Three-tab workbook: (1) Beneficial interests; (2) RE allocation (total RE FMV $19,100,000, total basis $4,945,000); (3) Cash equalization ($22,400,000 liquid assets; payments of $5,725,000 / $8,375,000 / $8,300,000). Total distributions: $41,500,000. Admin costs: $367,550.
17	Distribution Agreement	Reedlaw & Stein LLP Comments on Draft Distribution Agreement	Janet C. Okonkwo / Reedlaw & Stein LLP	2024-03-25	2024-03-25	Complete	Comments received from Tobias's counsel. Key issues: independence of Pinnacle appraisals, equalization-payment timing, additional release language.
18	Distribution Agreement	Redline of Consent and Distribution Agreement Incorporating Reedlaw & Stein Comments	Grace Nakamura / Calderwood & Harkness LLP	2024-03-28	2024-03-28	Complete	Tracked-changes version reflecting negotiated revisions. Dated March 28, 2024.
19	Distribution Agreement	Consent and Distribution Agreement — Execution Version (Dated April 8, 2024)	Grace Nakamura / Calderwood & Harkness LLP	2024-04-08	2024-04-08	Complete	Executed by: Margot S. Briarwood (successor trustee & beneficiary — 45%), Tobias E. Briarwood (beneficiary — 35%), Nadia Briarwood-Chen (beneficiary — 20%), Caldwell Fiduciary Services Inc. (co-trustee, by Howard R. Phelan). Governed by New York law. Authorized under Article X, Section 10.4 of Trust Agreement.
20	Conveyance Documents	Stock Power and Proprietary Lease Assignment — 14 Waverly Place, Unit 4W (Waverly Place Owners Corp.) to Margot S. Briarwood	Grace Nakamura / Calderwood & Harkness LLP	2024-04-15	2024-04-15	Complete	Co-op share transfer. Assignment of shares and proprietary lease from Trust to Margot. Exempt from NYC RPTT as co-op share transfer.
21	Conveyance Documents	Bargain-and-Sale Deed — 602 Halsey Street, Brooklyn, NY 11233 to Margot S. Briarwood	Grace Nakamura / Calderwood & Harkness LLP	2024-04-15	2024-04-15	Complete	Block 1684, Lot 42, Kings County. Recorded April 15, 2024. NYC RPTT of $59,850 (1.425% of $4,200,000) paid.
22	Conveyance Documents	Bargain-and-Sale Deed — 27 Fenimore Road, Larchmont, NY 10538 to Tobias E. Briarwood	Grace Nakamura / Calderwood & Harkness LLP	2024-04-15	2024-04-15	Complete	Section 9, Block 32, Lot 14, Village of Larchmont, Town of Mamaroneck, Westchester County. Recorded April 15, 2024. NYS transfer tax of $24,600 ($2.00 per $500 of $6,150,000) paid.
23	Title Insurance	Owner's Title Insurance Policy — 14 Waverly Place, Unit 4W (Margot S. Briarwood)	Mitchell Fong / Trident National Title Corp.	2024-04-15	2024-04-15	Complete	Policy issued by Trident National Title Corp. (570 Seventh Avenue, 20th Floor, New York, NY 10018).
24	Title Insurance	Owner's Title Insurance Policy — 602 Halsey Street, Brooklyn (Margot S. Briarwood)	Mitchell Fong / Trident National Title Corp.	2024-04-15	2024-04-15	Complete	Policy issued by Trident. Total title premiums for 3 policies: $47,200.

25	Title Insurance	Owner's Title Insurance Policy — 27 Fenimore Road, Larchmont (Tobias E. Briarwood)	Mitchell Fong / Trident National Title Corp.	2024-04-15	2024-04-15	Complete	Policy issued by Trident.
26	Transfer Tax Filings	NYC Real Property Transfer Tax Return — 602 Halsey Street	Rafael Dominguez / Calderwood & Harkness LLP	2024-04-15	2024-04-15	Complete	RPTT of $59,850 paid (1.425% × $4,200,000). Filed with NYC Department of Finance.
27	Transfer Tax Filings	NYS Real Estate Transfer Tax Return (TP-584) — 27 Fenimore Road	Rafael Dominguez / Calderwood & Harkness LLP	2024-04-15	2024-04-15	Complete	NYS transfer tax of $24,600 paid ($2.00 per $500 × $6,150,000). Filed with Westchester County Clerk.
28	Funds Flow / Payments	Funds Flow Memorandum — Cash Equalization Payments	Grace Nakamura / Calderwood & Harkness LLP	2024-04-22	2024-04-22	Complete	Source: Caldwell Trust Account No. CFT-00298174. Three outbound wires: $5,725,000 (Margot), $8,375,000 (Tobias), $8,300,000 (Nadia). Total: $22,400,000. Signed off by Margot (successor trustee) and Howard R. Phelan (Caldwell).
29	Funds Flow / Payments	Wire Confirmation — Cash Equalization to Margot S. Briarwood ($5,725,000)	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-04-22	2024-04-22	Complete	Securities also transferred to Margot's account on same date.
30	Funds Flow / Payments	Wire Confirmation — Cash Equalization to Tobias E. Briarwood ($8,375,000)	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-04-22	2024-04-22	Complete	Wired to Tobias's designated account.
31	Funds Flow / Payments	Wire Confirmation — Cash Equalization to Nadia Briarwood-Chen ($8,300,000)	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-04-22	2024-04-22	Complete	Wired to Nadia's designated account.
32	Funds Flow / Payments	Payment of Administration Costs from Trust Liquid Assets	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-04-22	2024-04-22	Complete	Total admin costs: $367,550 (C&H $185,000; Pinnacle $34,500; Trident $47,200; transfer taxes $84,450; Halford & Kline $12,800; recording/misc. $3,600). Deducted from cash/liquid-asset pool; reduces cash equalization proportionally.
33	Final Accounting / Tax	Final Trust Accounting — Delivered to All Beneficiaries	Howard R. Phelan / Caldwell Fiduciary Services Inc.	2024-05-01	2024-05-01	Complete	Comprehensive accounting of Trust corpus ($41,500,000 as of 12/31/2023), all distributions, and administration costs. Delivered to Margot, Tobias, and Nadia.
34	Final Accounting / Tax	Final Form 1041 — Fiduciary Income Tax Return (Short Tax Year Ending May 20, 2024)	Lorraine M. Casella / Halford & Kline CPAs	2024-05-01	2024-05-01	Complete	Prepared by Halford & Kline (125 Broad Street, 8th Floor, New York, NY 10004). Trust EIN: 13-7284915. Fee: $12,800. Final return for short tax year ending with Trust termination.
35	Release / Termination	Receipt, Release, and Refunding Agreement — Margot S. Briarwood	Grace Nakamura / Calderwood & Harkness LLP	2024-05-15	2024-05-15	Complete	Executed by Margot acknowledging receipt of distributions (14 Waverly Place + 602 Halsey Street + $5,725,000 cash). Releases successor trustee and Caldwell from claims. Includes refunding obligation.
36	Release / Termination	Receipt, Release, and Refunding Agreement — Tobias E. Briarwood	Grace Nakamura / Calderwood & Harkness LLP	2024-05-15	2024-05-15	Complete	Executed by Tobias acknowledging receipt of distributions (27 Fenimore Road + $8,375,000 cash). Releases successor trustee and Caldwell. Reviewed by Janet C. Okonkwo, Reedlaw & Stein LLP.
37	Release / Termination	Receipt, Release, and Refunding Agreement — Nadia Briarwood-Chen	Grace Nakamura / Calderwood & Harkness LLP	2024-05-15	2024-05-15	Complete	Executed by Nadia acknowledging receipt of $8,300,000 cash distribution. Releases successor trustee and Caldwell. All three agreements effective May 15, 2024.
38	Release / Termination	Trust Termination — Eldon M. Briarwood Irrevocable Family Trust	Patricia Dunmore / Calderwood & Harkness LLP	2024-05-20	2024-05-20	Complete	Trust terminated effective May 20, 2024. Confirmation email sent by Patricia Dunmore to Margot S. Briarwood (BFO), copying George Trujillo, Grace Nakamura, and Howard R. Phelan.
39	Release / Termination	Matter Closing — Calderwood & Harkness LLP Matter No. 1026-00005	Patricia Dunmore / Calderwood & Harkness LLP	2024-05-20	2024-05-20	Complete	All deliverables complete. Engagement closed. Final Form 1041 to be filed by Halford & Kline for short tax year ending May 20, 2024.

[sheet: Key Contacts]

Party / Entity	Contact Person	Title / Role	Address	Notes
Calderwood & Harkness LLP	Patricia Dunmore	Responsible Partner	1 Chase Manhattan Plaza, 42nd Floor, New York, NY 10005	Billing partner: George Trujillo. Lead associate: Grace Nakamura. Working associate: Rafael Dominguez. Tax specialist: Sylvia Hartwell.
Briarwood Family Office LLC	Margot S. Briarwood	Managing Director / Successor Trustee	780 Park Avenue, Suite 22A, New York, NY 10021	Client. BFO EIN: 20-5491833.
Eldon M. Briarwood Irrevocable Family Trust	Margot S. Briarwood (Successor Trustee)	Successor Individual Trustee	c/o BFO, 780 Park Avenue, Suite 22A, New York, NY 10021	Trust EIN: 13-7284915. Trust Agreement dated June 12, 1998, as amended. Caldwell Trust Account No. CFT-00298174.
Caldwell Fiduciary Services Inc.	Howard R. Phelan	Senior Vice President, Trust Officer	401 Lexington Avenue, 14th Floor, New York, NY 10174	Institutional co-trustee. Annual admin fee: $49,800/yr (0.12% of corpus).
Reedlaw & Stein LLP	Janet C. Okonkwo	Partner	55 East 59th Street, Suite 1800, New York, NY 10022	Counsel to Tobias E. Briarwood. Retained February 5, 2024.
Pinnacle Valuation Group LLC	Derek T. Winstead, MAI	Lead Appraiser	300 Mamaroneck Avenue, Suite 210, White Plains, NY 10605	Independent appraiser. Engagement fee: $34,500.
Halford & Kline CPAs	Lorraine M. Casella, CPA	Engagement Partner	125 Broad Street, 8th Floor, New York, NY 10004	Trust accountant since 2006. Final Form 1041. Fee: $12,800.
Trident National Title Corp.	Mitchell Fong	VP, Commercial Underwriting	570 Seventh Avenue, 20th Floor, New York, NY 10018	Title insurer. 3 policies; total premiums: $47,200.
Margot S. Briarwood	—	Beneficiary (45%)	14 Waverly Place, Unit 4W, New York, NY 10003	Pro-rata entitlement: $18,675,000. Receives Waverly Place + Halsey Street + $5,725,000 cash.
Tobias E. Briarwood	—	Beneficiary (35%)	88 Round Hill Road, Greenwich, CT 06831	Pro-rata entitlement: $14,525,000. Receives Fenimore Road + $8,375,000 cash.
Nadia Briarwood-Chen	—	Beneficiary (20%)	341 Sterling Place, Apt. 3, Brooklyn, NY 11238	Pro-rata entitlement: $8,300,000. Receives $8,300,000 cash.
Dr. Annette Volkov	—	Attending Physician	Private practice, Larchmont, NY	Certified Eldon's incapacity December 3, 2023.
Eldon M. Briarwood	—	Grantor / Original Trustee (incapacitated)	27 Fenimore Road, Larchmont, NY 10538	Age 87. Permanently incapacitated per physician's certification.
Ashgrove Capital Partners Fund III LP	—	Private Fund Manager	—	Delaware LP. Trust holds $1,850,000 in fund interests.

[sheet: Key Dates]

Date	Event	Reference / Notes
1998-06-12	Trust instrument executed; Trust created	Eldon M. Briarwood appointed individual trustee; Caldwell appointed institutional co-trustee
2008-03-03	First Amendment to Trust Agreement	Per Trust instrument reference
2015-12-31	Second Amendment; grantor-trust status terminated	Eldon relinquished swap power under IRC § 675(4)
2023-12-03	Physician's certification of Eldon's permanent incapacity	Dr. Annette Volkov; triggers Article VII, § 7.2 succession
2024-01-15	Calderwood & Harkness engagement opened	Matter No. 1026-00005
2024-01-22	Margot S. Briarwood accepts successor trustee appointment	Trustee Succession Certificate executed; Caldwell acknowledges
2024-02-05	Tobias retains Reedlaw & Stein LLP	Janet C. Okonkwo, Partner; requests independent appraisals
2024-02-14	Pinnacle Valuation Group LLC engaged by Caldwell	Three parcels; fee $34,500
2024-02-20	Tax analysis memorandum delivered	Sylvia Hartwell, Calderwood & Harkness
2024-03-01	Pinnacle appraisal reports delivered	Valuation date; Reports PVG-2024-0441, -0442, -0443
2024-03-12	Draft Distribution Agreement and Trustee Succession Certificate circulated	Sent to Reedlaw & Stein, all beneficiaries, Caldwell
2024-03-25	Reedlaw & Stein comments received on Distribution Agreement	Key comments on appraisal independence, payment timing, release language
2024-03-28	Redline of Distribution Agreement incorporating comments	Prepared by Grace Nakamura
2024-04-08	Consent and Distribution Agreement executed by all beneficiaries	All three beneficiaries + Margot as trustee + Caldwell
2024-04-15	Deeds recorded; title policies issued by Trident	Bargain-and-sale deeds (Halsey St. & Fenimore Rd.); stock/lease assignment (Waverly Place co-op). Transfer taxes paid.
2024-04-22	Cash equalization payments wired; securities transferred	Wires from Caldwell Account CFT-00298174: $5,725,000 + $8,375,000 + $8,300,000 = $22,400,000
2024-05-01	Final trust accounting delivered; final Form 1041 prepared	Caldwell and Halford & Kline
2024-05-15	Receipt and release agreements executed by all beneficiaries	Last signature obtained May 15, 2024
2024-05-20	Trust terminated; matter closed	Eldon M. Briarwood Irrevocable Family Trust terminated. C&H matter 1026-00005 closed.

[sheet: Closing Checklist]
Item No. | Category | Document / Deliverable Description | Responsible Party | Due Date | Completion Date | Status | Notes
1 | Engagement | Engagement Letter — Calderwood & Harkness LLP to Briarwood Family Office LLC | Patricia Dunmore / Calderwood & Harkness LLP | 2024-01-15 | 2024-01-15 | Complete | Flat fee engagement ($185,000). Executed by Patricia Dunmore and countersigned by Margot S. Briarwood as Managing Director of BFO. Matter No. 1026-00005.
2 | Engagement | Conflicts Check Clearance Memorandum | George Trujillo / Calderwood & Harkness LLP | 2024-01-15 | 2024-01-15 | Complete | Cleared all parties: BFO, Caldwell Fiduciary Services Inc., beneficiaries, Reedlaw & Stein LLP.
3 | Trustee Succession | Physician's Certification of Permanent Incapacity — Eldon M. Briarwood | Dr. Annette Volkov | 2023-12-03 | 2023-12-03 | Complete | Certification dated December 3, 2023, pursuant to Article VII, Section 7.2 of the Trust Agreement dated June 12, 1998. Obtained prior to engagement opening.
4 | Trustee Succession | Internal Memorandum re Trustee Succession Under Article VII | Grace Nakamura / Rafael Dominguez | 2024-01-18 | 2024-01-18 | Complete | Analysis of succession provisions under Trust Agreement (as amended by First Amendment dated March 3, 2008 and Second Amendment dated December 31, 2015). Confirms Margot S. Briarwood as first successor individual trustee under Article VII, Section 7.3.
5 | Trustee Succession | Certificate of Successor Trustee Appointment — Margot S. Briarwood | Grace Nakamura / Calderwood & Harkness LLP | 2024-01-22 | 2024-01-22 | Complete | Signed by Margot S. Briarwood; acknowledged by Howard R. Phelan on behalf of Caldwell Fiduciary Services Inc. Notarially acknowledged for recording. Trust EIN: 13-7284915.
6 | Trustee Succession | Acknowledgment of Successor Trustee by Caldwell Fiduciary Services Inc. | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-01-25 | 2024-01-24 | Complete | Written acknowledgment from Caldwell (401 Lexington Avenue, 14th Floor, New York, NY 10174) confirming continuing role as institutional co-trustee. Trust Account No. CFT-00298174.
7 | Beneficiary Notices | Notice of Trustee Succession to Margot S. Briarwood (as Beneficiary) | Rafael Dominguez / Calderwood & Harkness LLP | 2024-01-30 | 2024-01-28 | Complete | Sent to 14 Waverly Place, Unit 4W, New York, NY 10003. Margot holds 45% beneficial interest ($18,675,000).
8 | Beneficiary Notices | Notice of Trustee Succession to Tobias E. Briarwood | Rafael Dominguez / Calderwood & Harkness LLP | 2024-01-30 | 2024-01-28 | Complete | Sent to 88 Round Hill Road, Greenwich, CT 06831. Tobias holds 35% beneficial interest ($14,525,000).
9 | Beneficiary Notices | Notice of Trustee Succession to Nadia Briarwood-Chen | Rafael Dominguez / Calderwood & Harkness LLP | 2024-01-30 | 2024-01-28 | Complete | Sent to 341 Sterling Place, Apt. 3, Brooklyn, NY 11238. Nadia holds 20% beneficial interest ($8,300,000).
10 | Appraisals | Engagement of Pinnacle Valuation Group LLC for Independent Appraisals | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-02-14 | 2024-02-14 | Complete | Pinnacle engaged by Caldwell at Tobias's request (Tobias retained Reedlaw & Stein LLP on Feb 5, 2024). Lead appraiser: Derek T. Winstead, MAI. Fee: $34,500 for three parcels.
11 | Appraisals | Appraisal Report — 14 Waverly Place, Unit 4W, New York, NY 10003 (Report No. PVG-2024-0441) | Derek T. Winstead / Pinnacle Valuation Group LLC | 2024-03-01 | 2024-03-01 | Complete | Co-op apartment, 2,400 sq ft, Waverly Place Owners Corp. Appraised FMV: $8,750,000. Tax basis: $1,620,000. Unrealized gain: $7,130,000. Valuation date: March 1, 2024.
12 | Appraisals | Appraisal Report — 602 Halsey Street, Brooklyn, NY 11233 (Report No. PVG-2024-0442) | Derek T. Winstead / Pinnacle Valuation Group LLC | 2024-03-01 | 2024-03-01 | Complete | 4-unit residential brownstone, 4,800 sq ft. Block 1684, Lot 42, Kings County. Appraised FMV: $4,200,000. Tax basis: $985,000. Unrealized gain: $3,215,000.
13 | Appraisals | Appraisal Report — 27 Fenimore Road, Larchmont, NY 10538 (Report No. PVG-2024-0443) | Derek T. Winstead / Pinnacle Valuation Group LLC | 2024-03-01 | 2024-03-01 | Complete | Single-family residence, 5,200 sq ft, 0.82 acres. Section 9, Block 32, Lot 14, Village of Larchmont, Town of Mamaroneck, Westchester County. Appraised FMV: $6,150,000. Tax basis: $2,340,000. Unrealized gain: $3,810,000.
14 | Tax Analysis | Tax Memorandum — In-Kind Real-Estate Distributions and Cash Equalization Payments | Sylvia Hartwell / Calderwood & Harkness LLP | 2024-02-20 | 2024-02-20 | Complete | Addresses IRC § 643(e) carryover basis, total unrealized gain of $14,155,000, transfer taxes ($84,450 total: Halsey St. NYC RPTT at 1.425% = $59,850; Fenimore Rd. NYS at $2/$500 = $24,600; Waverly Place exempt as co-op). Grantor trust status terminated 12/31/2015.
15 | Distribution Agreement | Draft Consent and Distribution Agreement — Circulated to Parties | Grace Nakamura / Calderwood & Harkness LLP | 2024-03-12 | 2024-03-12 | Complete | Transmitted to Janet C. Okonkwo (Reedlaw & Stein LLP, counsel to Tobias) and all beneficiaries. Circulated with Trustee Succession Certificate. Comments requested by March 25, 2024.
16 | Distribution Agreement | Schedule of Trust Distributions (Exhibit to Distribution Agreement) | Rafael Dominguez / Calderwood & Harkness LLP | 2024-03-12 | 2024-03-12 | Complete | Three-tab workbook: (1) Beneficial interests; (2) RE allocation (total RE FMV $19,100,000, total basis $4,945,000); (3) Cash equalization ($22,400,000 liquid assets; payments of $5,725,000 / $8,375,000 / $8,300,000). Total distributions: $41,500,000. Admin costs: $367,550.
17 | Distribution Agreement | Reedlaw & Stein LLP Comments on Draft Distribution Agreement | Janet C. Okonkwo / Reedlaw & Stein LLP | 2024-03-25 | 2024-03-25 | Complete | Comments received from Tobias's counsel. Key issues: independence of Pinnacle appraisals, equalization-payment timing, additional release language.
18 | Distribution Agreement | Redline of Consent and Distribution Agreement Incorporating Reedlaw & Stein Comments | Grace Nakamura / Calderwood & Harkness LLP | 2024-03-28 | 2024-03-28 | Complete | Tracked-changes version reflecting negotiated revisions. Dated March 28, 2024.
19 | Distribution Agreement | Consent and Distribution Agreement — Execution Version (Dated April 8, 2024) | Grace Nakamura / Calderwood & Harkness LLP | 2024-04-08 | 2024-04-08 | Complete | Executed by: Margot S. Briarwood (successor trustee & beneficiary — 45%), Tobias E. Briarwood (beneficiary — 35%), Nadia Briarwood-Chen (beneficiary — 20%), Caldwell Fiduciary Services Inc. (co-trustee, by Howard R. Phelan). Governed by New York law. Authorized under Article X, Section 10.4 of Trust Agreement.
20 | Conveyance Documents | Stock Power and Proprietary Lease Assignment — 14 Waverly Place, Unit 4W (Waverly Place Owners Corp.) to Margot S. Briarwood | Grace Nakamura / Calderwood & Harkness LLP | 2024-04-15 | 2024-04-15 | Complete | Co-op share transfer. Assignment of shares and proprietary lease from Trust to Margot. Exempt from NYC RPTT as co-op share transfer.
21 | Conveyance Documents | Bargain-and-Sale Deed — 602 Halsey Street, Brooklyn, NY 11233 to Margot S. Briarwood | Grace Nakamura / Calderwood & Harkness LLP | 2024-04-15 | 2024-04-15 | Complete | Block 1684, Lot 42, Kings County. Recorded April 15, 2024. NYC RPTT of $59,850 (1.425% of $4,200,000) paid.
22 | Conveyance Documents | Bargain-and-Sale Deed — 27 Fenimore Road, Larchmont, NY 10538 to Tobias E. Briarwood | Grace Nakamura / Calderwood & Harkness LLP | 2024-04-15 | 2024-04-15 | Complete | Section 9, Block 32, Lot 14, Village of Larchmont, Town of Mamaroneck, Westchester County. Recorded April 15, 2024. NYS transfer tax of $24,600 ($2.00 per $500 of $6,150,000) paid.
23 | Title Insurance | Owner's Title Insurance Policy — 14 Waverly Place, Unit 4W (Margot S. Briarwood) | Mitchell Fong / Trident National Title Corp. | 2024-04-15 | 2024-04-15 | Complete | Policy issued by Trident National Title Corp. (570 Seventh Avenue, 20th Floor, New York, NY 10018).
24 | Title Insurance | Owner's Title Insurance Policy — 602 Halsey Street, Brooklyn (Margot S. Briarwood) | Mitchell Fong / Trident National Title Corp. | 2024-04-15 | 2024-04-15 | Complete | Policy issued by Trident. Total title premiums for 3 policies: $47,200.
25 | Title Insurance | Owner's Title Insurance Policy — 27 Fenimore Road, Larchmont (Tobias E. Briarwood) | Mitchell Fong / Trident National Title Corp. | 2024-04-15 | 2024-04-15 | Complete | Policy issued by Trident.
26 | Transfer Tax Filings | NYC Real Property Transfer Tax Return — 602 Halsey Street | Rafael Dominguez / Calderwood & Harkness LLP | 2024-04-15 | 2024-04-15 | Complete | RPTT of $59,850 paid (1.425% × $4,200,000). Filed with NYC Department of Finance.
27 | Transfer Tax Filings | NYS Real Estate Transfer Tax Return (TP-584) — 27 Fenimore Road | Rafael Dominguez / Calderwood & Harkness LLP | 2024-04-15 | 2024-04-15 | Complete | NYS transfer tax of $24,600 paid ($2.00 per $500 × $6,150,000). Filed with Westchester County Clerk.
28 | Funds Flow / Payments | Funds Flow Memorandum — Cash Equalization Payments | Grace Nakamura / Calderwood & Harkness LLP | 2024-04-22 | 2024-04-22 | Complete | Source: Caldwell Trust Account No. CFT-00298174. Three outbound wires: $5,725,000 (Margot), $8,375,000 (Tobias), $8,300,000 (Nadia). Total: $22,400,000. Signed off by Margot (successor trustee) and Howard R. Phelan (Caldwell).
29 | Funds Flow / Payments | Wire Confirmation — Cash Equalization to Margot S. Briarwood ($5,725,000) | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-04-22 | 2024-04-22 | Complete | Securities also transferred to Margot's account on same date.
30 | Funds Flow / Payments | Wire Confirmation — Cash Equalization to Tobias E. Briarwood ($8,375,000) | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-04-22 | 2024-04-22 | Complete | Wired to Tobias's designated account.
31 | Funds Flow / Payments | Wire Confirmation — Cash Equalization to Nadia Briarwood-Chen ($8,300,000) | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-04-22 | 2024-04-22 | Complete | Wired to Nadia's designated account.
32 | Funds Flow / Payments | Payment of Administration Costs from Trust Liquid Assets | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-04-22 | 2024-04-22 | Complete | Total admin costs: $367,550 (C&H $185,000; Pinnacle $34,500; Trident $47,200; transfer taxes $84,450; Halford & Kline $12,800; recording/misc. $3,600). Deducted from cash/liquid-asset pool; reduces cash equalization proportionally.
33 | Final Accounting / Tax | Final Trust Accounting — Delivered to All Beneficiaries | Howard R. Phelan / Caldwell Fiduciary Services Inc. | 2024-05-01 | 2024-05-01 | Complete | Comprehensive accounting of Trust corpus ($41,500,000 as of 12/31/2023), all distributions, and administration costs. Delivered to Margot, Tobias, and Nadia.
34 | Final Accounting / Tax | Final Form 1041 — Fiduciary Income Tax Return (Short Tax Year Ending May 20, 2024) | Lorraine M. Casella / Halford & Kline CPAs | 2024-05-01 | 2024-05-01 | Complete | Prepared by Halford & Kline (125 Broad Street, 8th Floor, New York, NY 10004). Trust EIN: 13-7284915. Fee: $12,800. Final return for short tax year ending with Trust termination.
35 | Release / Termination | Receipt, Release, and Refunding Agreement — Margot S. Briarwood | Grace Nakamura / Calderwood & Harkness LLP | 2024-05-15 | 2024-05-15 | Complete | Executed by Margot acknowledging receipt of distributions (14 Waverly Place + 602 Halsey Street + $5,725,000 cash). Releases successor trustee and Caldwell from claims. Includes refunding obligation.
36 | Release / Termination | Receipt, Release, and Refunding Agreement — Tobias E. Briarwood | Grace Nakamura / Calderwood & Harkness LLP | 2024-05-15 | 2024-05-15 | Complete | Executed by Tobias acknowledging receipt of distributions (27 Fenimore Road + $8,375,000 cash). Releases successor trustee and Caldwell. Reviewed by Janet C. Okonkwo, Reedlaw & Stein LLP.
37 | Release / Termination | Receipt, Release, and Refunding Agreement — Nadia Briarwood-Chen | Grace Nakamura / Calderwood & Harkness LLP | 2024-05-15 | 2024-05-15 | Complete | Executed by Nadia acknowledging receipt of $8,300,000 cash distribution. Releases successor trustee and Caldwell. All three agreements effective May 15, 2024.
38 | Release / Termination | Trust Termination — Eldon M. Briarwood Irrevocable Family Trust | Patricia Dunmore / Calderwood & Harkness LLP | 2024-05-20 | 2024-05-20 | Complete | Trust terminated effective May 20, 2024. Confirmation email sent by Patricia Dunmore to Margot S. Briarwood (BFO), copying George Trujillo, Grace Nakamura, and Howard R. Phelan.
39 | Release / Termination | Matter Closing — Calderwood & Harkness LLP Matter No. 1026-00005 | Patricia Dunmore / Calderwood & Harkness LLP | 2024-05-20 | 2024-05-20 | Complete | All deliverables complete. Engagement closed. Final Form 1041 to be filed by Halford & Kline for short tax year ending May 20, 2024.
[sheet: Key Contacts]
Party / Entity | Contact Person | Title / Role | Address | Notes
Calderwood & Harkness LLP | Patricia Dunmore | Responsible Partner | 1 Chase Manhattan Plaza, 42nd Floor, New York, NY 10005 | Billing partner: George Trujillo. Lead associate: Grace Nakamura. Working associate: Rafael Dominguez. Tax specialist: Sylvia Hartwell.
Briarwood Family Office LLC | Margot S. Briarwood | Managing Director / Successor Trustee | 780 Park Avenue, Suite 22A, New York, NY 10021 | Client. BFO EIN: 20-5491833.
Eldon M. Briarwood Irrevocable Family Trust | Margot S. Briarwood (Successor Trustee) | Successor Individual Trustee | c/o BFO, 780 Park Avenue, Suite 22A, New York, NY 10021 | Trust EIN: 13-7284915. Trust Agreement dated June 12, 1998, as amended. Caldwell Trust Account No. CFT-00298174.
Caldwell Fiduciary Services Inc. | Howard R. Phelan | Senior Vice President, Trust Officer | 401 Lexington Avenue, 14th Floor, New York, NY 10174 | Institutional co-trustee. Annual admin fee: $49,800/yr (0.12% of corpus).
Reedlaw & Stein LLP | Janet C. Okonkwo | Partner | 55 East 59th Street, Suite 1800, New York, NY 10022 | Counsel to Tobias E. Briarwood. Retained February 5, 2024.
Pinnacle Valuation Group LLC | Derek T. Winstead, MAI | Lead Appraiser | 300 Mamaroneck Avenue, Suite 210, White Plains, NY 10605 | Independent appraiser. Engagement fee: $34,500.
Halford & Kline CPAs | Lorraine M. Casella, CPA | Engagement Partner | 125 Broad Street, 8th Floor, New York, NY 10004 | Trust accountant since 2006. Final Form 1041. Fee: $12,800.
Trident National Title Corp. | Mitchell Fong | VP, Commercial Underwriting | 570 Seventh Avenue, 20th Floor, New York, NY 10018 | Title insurer. 3 policies; total premiums: $47,200.
Margot S. Briarwood | — | Beneficiary (45%) | 14 Waverly Place, Unit 4W, New York, NY 10003 | Pro-rata entitlement: $18,675,000. Receives Waverly Place + Halsey Street + $5,725,000 cash.
Tobias E. Briarwood | — | Beneficiary (35%) | 88 Round Hill Road, Greenwich, CT 06831 | Pro-rata entitlement: $14,525,000. Receives Fenimore Road + $8,375,000 cash.
Nadia Briarwood-Chen | — | Beneficiary (20%) | 341 Sterling Place, Apt. 3, Brooklyn, NY 11238 | Pro-rata entitlement: $8,300,000. Receives $8,300,000 cash.
Dr. Annette Volkov | — | Attending Physician | Private practice, Larchmont, NY | Certified Eldon's incapacity December 3, 2023.
Eldon M. Briarwood | — | Grantor / Original Trustee (incapacitated) | 27 Fenimore Road, Larchmont, NY 10538 | Age 87. Permanently incapacitated per physician's certification.
Ashgrove Capital Partners Fund III LP | — | Private Fund Manager | — | Delaware LP. Trust holds $1,850,000 in fund interests.
[sheet: Key Dates]
Date | Event | Reference / Notes
1998-06-12 | Trust instrument executed; Trust created | Eldon M. Briarwood appointed individual trustee; Caldwell appointed institutional co-trustee
2008-03-03 | First Amendment to Trust Agreement | Per Trust instrument reference
2015-12-31 | Second Amendment; grantor-trust status terminated | Eldon relinquished swap power under IRC § 675(4)
2023-12-03 | Physician's certification of Eldon's permanent incapacity | Dr. Annette Volkov; triggers Article VII, § 7.2 succession
2024-01-15 | Calderwood & Harkness engagement opened | Matter No. 1026-00005
2024-01-22 | Margot S. Briarwood accepts successor trustee appointment | Trustee Succession Certificate executed; Caldwell acknowledges
2024-02-05 | Tobias retains Reedlaw & Stein LLP | Janet C. Okonkwo, Partner; requests independent appraisals
2024-02-14 | Pinnacle Valuation Group LLC engaged by Caldwell | Three parcels; fee $34,500
2024-02-20 | Tax analysis memorandum delivered | Sylvia Hartwell, Calderwood & Harkness
2024-03-01 | Pinnacle appraisal reports delivered | Valuation date; Reports PVG-2024-0441, -0442, -0443
2024-03-12 | Draft Distribution Agreement and Trustee Succession Certificate circulated | Sent to Reedlaw & Stein, all beneficiaries, Caldwell
2024-03-25 | Reedlaw & Stein comments received on Distribution Agreement | Key comments on appraisal independence, payment timing, release language
2024-03-28 | Redline of Distribution Agreement incorporating comments | Prepared by Grace Nakamura
2024-04-08 | Consent and Distribution Agreement executed by all beneficiaries | All three beneficiaries + Margot as trustee + Caldwell
2024-04-15 | Deeds recorded; title policies issued by Trident | Bargain-and-sale deeds (Halsey St. & Fenimore Rd.); stock/lease assignment (Waverly Place co-op). Transfer taxes paid.
2024-04-22 | Cash equalization payments wired; securities transferred | Wires from Caldwell Account CFT-00298174: $5,725,000 + $8,375,000 + $8,300,000 = $22,400,000
2024-05-01 | Final trust accounting delivered; final Form 1041 prepared | Caldwell and Halford & Kline
2024-05-15 | Receipt and release agreements executed by all beneficiaries | Last signature obtained May 15, 2024
2024-05-20 | Trust terminated; matter closed | Eldon M. Briarwood Irrevocable Family Trust terminated. C&H matter 1026-00005 closed.

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts