Stuart Woods_Stone Barrington 21

Do you understand what a trust is?”
    “I think so,” Peter replied. “It means that someone will be in charge until I reach a predetermined age, and I won’t be able to draw money from the trust or sell any property unless the trustees agree.”
    “That’s correct,” Eggers said. “Your mother felt strongly that you should not have unrestricted access to your inheritance until you are thirty-five years old, perhaps earlier, if the trustee agrees.”
    Peter nodded.
    “Stone is the trustee, and should anything happen to him, I am his alternate. If something happens to me first, Stone will appoint my replacement.”
    “I understand. That’s fine with me,” Peter said. “One thing, I’ve already told my dad I don’t want the Virginia property or the horse farm. I don’t have any interest in the horse business, and hardly any connection with the house.”
    “I think we’ll put it on the market,” Stone said. “ Architectural Digest will be running a feature on the place soon, and that might spark some interest.”
    “Let’s not list it with a broker just yet,” Eggers said. “Properties of this size often create interest among qualified buyers before they’re listed, and if we can sell it directly, you wouldn’t be paying a huge commission to a realtor.”
    Both Stone and Peter nodded agreement.
    “There are some other things you should know,” Eggers said, “and there’s some good news. First of all, Arrington divided her liquid holdings into two accounts, roughly equal. She left the more conservatively invested account to you, Peter, and the more growthrelated account to you, Stone, so there won’t be any need to have to divide the assets.”
    “What’s the good news?” Peter asked.
    “First of all, you should know that the total value of Arrington’s estate, as of this morning, is approximately two point six billion dollars. Stone, your share, including the investments and the Bel-Air property, comes to about eight hundred million dollars. It was Arrington’s wish that you bequeath Peter your wealth inherited from her upon your death. Peter, if you should precede Stone in death, your trust will revert to him. Your trust from your mother will amount to approximately one point eight billion dollars.”
    Peter’s eyes widened. “Then I’m a billionaire?”
    “Not until you’re thirty-five,” Eggers said, smiling.
    Stone spoke up. “Let me tell you how we’re going to handle this, Peter. We’re going to manage your trust through the existing banking and investment programs, because they’re doing very well, and we’re not going to touch the principal of the trust until it’s turned over to you, or until there is some other very good, unanticipated reason. All of your needs will be met from my personal funds. When I die, I will bequeath you the remainder of my inheritance from Arrington.”
    Peter seemed to be speechless.
    “Do you understand?”
    Peter nodded. “Yes, I do. Thank you, Dad.”
    “Now, you have to do something hard, Peter,” Stone said.
    “What’s that, Dad?”
    “You have to forget that you’re going to be a billionaire and just live your life like an ordinary person. That won’t be as easy as you might think, but you should start by not telling anyone—and that includes Hattie and Ben—anything about your inheritance. You can just say that you have a trust, and that it won’t be available to you until you’re thirty-five. If people think of you as a billionaire, you’ll find that they—even your very best friends—will have their perceptions of you altered by their knowledge of your wealth. I’m sure you want your friends to like you for who you are, and not what you have.”
    “I see,” Peter said, “and I think you’re right.”
    “Also, if anyone, such as your school or a charity, should ask you to donate money to them, tell them to call me, that you have no access to substantial funds.”
    “All right, I will.”
    “Any questions?” Eggers asked.
    Both Stone and Peter shook their heads.
    “Now the good news,” Eggers said. “Due to an anomaly in the national budget created by the Bush tax cuts ten years ago, a folly of our Republican friends, there are no federal inheritance taxes on the estate of anyone who dies in this calendar year.”
    “You mean there’s nothing to be paid?” Stone asked.
    “No, not a cent.”
    “Wow,” Stone and Peter said simultaneously.

54
    S tone was back at his desk when Joan brought him the