guidance

Ann on

Subject: guidance

I presented this on 3/2/17 but am not sure as to how to proceed with our Partnership in regards to the wording in the agreement itself nor the wording that the Partner would present to the Partnership to actually implement this provision nor how to enter the words into bivio's member entry.

Do any of your investment groups have this implemented now; and if so, how is it done?

Thank you all.

Ann

Our Partnership agreement/bylaws approved 1/2017 read in this regard the following:

Article IV

Partners

Section 1. Partners:

a. The total number of Partners in the Land of Enchantment Investment Partnership shall be a maximum of fourteen (14).

b. A Partner may, after giving written notice to the Partnership, transfer their interest in the Partnership to a revocable living trust of which they are the grantor and sole trustee.

on 3/2/17-

My Queston: Our investment partnership has completed amending its agreement and have made provisions as stipulated above.

Would you be able to provide the wording for the notice that is to be presented to the Partnership that we could use to implement this provision? If you have additional guidance we would appreciate that as well.

Thank you,

Ann Merrick

FEEDBACK: as of 3/3/17 from bivio club-cafe

"A revocable living trust is a special form of trust whose intent is to avoid probate upon the future death of the grantor. The restriction that Ann's club is incorporating requires that the grantor be the only trustee thus insuring interest and continuity of acquaintance. Revocable living trusts automatically terminate upon the death of the grantor so that event can be addressed within the partnership agreement. The only additional work for a club treasurer in dealing with a revocable living trust is figuring out how to parse the trust title to fit the "first name, last name" format of the member information and K-1.

I would add language to the appropriate parts of your partnership agreement that specifies that the death of the grantor and/or appointment of a new trustee will be treated as a [insert what your club intends to do],

Please provide further guidance/input to this above advisement to add to the agreement.

What, can you provide to move us forward in this process. We have a member who is wanting to exercise this now and some others who are considering it. We want to do it "correctly" now.

Do we need to add to the partner agreement/bylaw?

What statement/advisement wording to the Partnership by a Partner is correct to implement it?

Thank you.

Ann Merrick

Land of Enchantment Investment

Financial Partner

John W Ranby Trustee PGM Cariboo Trust on

Ann:

The process I used to transfer my ownership in the
partnership from an individual to my revocable trust was as
follows:

1. At a regular meeting, I made a motion that the
partnership would accept the transfer of my interest in the
partnership from me as an individual to me as trustee of my
trust. It was seconded and approved.
2. I prepared a document which contained the following
wording:

At a duly scheduled meeting on (date) of the general
partners of (Name of Partnership), with a quorum present,
the following motion was approved:
(Insert wording of motion). (Sample: it is hereby moved that
the partnership ownership of John E Doe is transferred to
the Doe Family Trust, John Doe, Trustee.)

Then provide a signature block for the President; the word
"Attest:" and the signature block of the Secretary with a
date line for each.

The minutes of the meeting are the official record for the
partnership, but I provided a copy of the Resolution to the
person who keeps ownership records (the treasurer in our
case) and put a copy in my trust file.

That was it.

Jack Ranby, Treasurer
Grants Partners Investment Club

Ann on

Mr. Ranby,

Thank you so very much. Your information is most clear and definitely helpful.

Much appreciated.

Ann Merrick

Financial Partner

Land of Enchantment Investment Partnership

From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of John W Ranby Trustee PGM Cariboo Trust <ranby@azbar.org>
Sent: Friday, March 10, 2017 8:28 PM
To: club_cafe@bivio.com
Subject: [club_cafe] Re: guidance

Ann:

The process I used to transfer my ownership in the
partnership from an individual to my revocable trust was as
follows:

1. At a regular meeting, I made a motion that the
partnership would accept the transfer of my interest in the
partnership from me as an individual to me as trustee of my
trust. It was seconded and approved.
2. I prepared a document which contained the following
wording:

At a duly scheduled meeting on (date) of the general
partners of (Name of Partnership), with a quorum present,
the following motion was approved:
(Insert wording of motion). (Sample: it is hereby moved that
the partnership ownership of John E Doe is transferred to
the Doe Family Trust, John Doe, Trustee.)

Then provide a signature block for the President; the word
"Attest:" and the signature block of the Secretary with a
date line for each.

The minutes of the meeting are the official record for the
partnership, but I provided a copy of the Resolution to the
person who keeps ownership records (the treasurer in our
case) and put a copy in my trust file.

That was it.

Jack Ranby, Treasurer
Grants Partners Investment Club