How does a club document who the beneficiary is for a deceased member?
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I've a recollection of reading (in Bivio?) a number of years ago, that assets of a deceased member should be turned over to the executor of the estate and not to any "beneficiary". IRAs and life insurance have a named beneficiary; as a business partner I don't know that you can tell your other partners (i.e. the Investment Club members) who you want your club assets to go to in the event of your death. Their will/living trust/ ... controls that and it's the executors responsibility to properly distribute the deceased's assets. I think you might get into a passel of trouble distributing assets to person A when their Will leaves all assets to their spouse. (N.B. - I'm not a lawyer) From: Kimberly Hazen <hazenfree@gmail.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Friday, October 10, 2014 6:36 AM Subject: Re: [club_cafe] Re: How does a club document who the beneficiary is for a deceased member? Same for us. We have a "new member" form with SSN, beneficiary, address, etc. I keep them in a locked file cabinet to protect the information. On Fri, Oct 10, 2014 at 7:34 AM, Jeanne E Tieken <jeannetieken@gmail.com> wrote: We capture that information as soon as they join. At tax Great Q. We used the Bivio recommended Partnership docs. Is there a Bivio recommended "new member application"? On Jul 2, 2015, at 10:34 AM, "VIA via bivio.com" <user*27500300001@bivio.com> wrote: I've a recollection of reading (in Bivio?) a number of years ago, that assets of a deceased member should be turned over to the executor of the estate and not to any "beneficiary". IRAs and life insurance have a named beneficiary; as a business partner I don't know that you can tell your other partners (i.e. the Investment Club members) who you want your club assets to go to in the event of your death. Their will/living trust/ ... controls that and it's the executors responsibility to properly distribute the deceased's assets. I think you might get into a passel of trouble distributing assets to person A when their Will leaves all assets to their spouse. (N.B. - I'm not a lawyer) From: Kimberly Hazen <hazenfree@gmail.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Friday, October 10, 2014 6:36 AM Subject: Re: [club_cafe] Re: How does a club document who the beneficiary is for a deceased member? Same for us. We have a "new member" form with SSN, beneficiary, address, etc. I keep them in a locked file cabinet to protect the information. On Fri, Oct 10, 2014 at 7:34 AM, Jeanne E Tieken <jeannetieken@gmail.com> wrote: We capture that information as soon as they join. At tax When a new member joins the club , the club should obtain Tax ID on form W9. Scan it and save it Sent from my iPhone Bharat Bhatt
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