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Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes.  One of our members is on hospice.  I am wondering if when the time comes if we can just transfer his portion – about $26000 – to his wife?  Or do we have to sell stocks to raise cash to write a check to his estate?  Does it make a difference that we are in a community property state?

Carol True, Treasurer – Hilltop Investment Club

I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member? Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:

Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes. One of our members is on hospice. I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife? Or do we have to sell stocks to raise cash to write a check to his estate? Does it make a difference that we are in a community property state?

Carol True, Treasurer - Hilltop Investment Club

Hi Carol,

Once the partner passes, you will need to deal with the estate to correctly distribute assets. If they provide you with documentation that it is appropriate to distribute them to the wife, that can be done without you selling stocks.

You may also be able to make the transfer before the member passes to avoid having to deal with the estate. That decision, however, should only be made after consultation with a lawyer.

Once you know what you can/can't do legally, contact us in support@bivio.com and we can tell you how you will need to address it in your accounting.

Laurie Frederiksen
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On Tue, Nov 10, 2020 at 11:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member? Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:

Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes. One of our members is on hospice. I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife? Or do we have to sell stocks to raise cash to write a check to his estate? Does it make a difference that we are in a community property state?

Carol True, Treasurer - Hilltop Investment Club

How would I transfer stocks?

On Tue, Nov 10, 2020, 10:33 AM Laurie Frederiksen <laurie@bivio.biz> wrote:

Hi Carol,

Once the partner passes, you will need to deal with the estate to correctly distribute assets. If they provide you with documentation that it is appropriate to distribute them to the wife, that can be done without you selling stocks.

You may also be able to make the transfer before the member passes to avoid having to deal with the estate. That decision, however, should only be made after consultation with a lawyer.

Once you know what you can/can't do legally, contact us in support@bivio.com and we can tell you how you will need to address it in your accounting.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe


On Tue, Nov 10, 2020 at 11:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member? Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:

Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes. One of our members is on hospice. I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife? Or do we have to sell stocks to raise cash to write a check to his estate? Does it make a difference that we are in a community property state?

Carol True, Treasurer - Hilltop Investment Club

Yes...We would also like the answer to that question, "how do I transfer stocks"... As we are with Folio and the last time I called them which was admittedly over a month ago, Folio was not allowing the transfer of stocks out of the Folio account

Any help is appreciate!

Cindy Relick
Chickpicks

Sent from my iPhone

On Nov 10, 2020, at 11:49 AM, Carol True via bivio.com <user*17498100001@bivio.com> wrote:


How would I transfer stocks?

On Tue, Nov 10, 2020, 10:33 AM Laurie Frederiksen <laurie@bivio.biz> wrote:

Hi Carol,

Once the partner passes,  you will need to deal with the estate to correctly distribute assets.  If they provide you with documentation that it is appropriate to distribute them to the wife,  that can be done without you selling stocks.

You may also be able to make the transfer before the member passes to avoid having to deal with the estate.  That decision, however, should only be made after consultation with a lawyer.

Once you know what you can/can't do legally,  contact us in support@bivio.com and we can tell you how you will need to address it in your accounting.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
Follow us on twitter!  www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe


On Tue, Nov 10, 2020 at 11:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member?  Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger 
Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:

Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes.  One of our members is on hospice.  I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife?  Or do we have to sell stocks to raise cash to write a check to his estate?  Does it make a difference that we are in a community property state?

 

Carol True, Treasurer - Hilltop Investment Club

Carol,

If you are asking how to transfer stocks from your clubs brokerage account to the brokerage account of the withdrawing member or estate, that would be handled by your broker. In bivio accounting during the member withdrawal process, there is a point where you designate the shares transferred.

If you are asking how to transfer the member's interest in the shares owned by the club, there is no transfer of shares; only transfer of the value of the member's units. That is what Laurie has offered to help you with once you determine the appropriate course of action legally.

Being in a community property state could have some bearing on who has legal standing to share in the value, as well as the existence of a pre or post nuptial agreement between the parties, as well as other unknown facts. That is why the club should not be making these decisions beyond the terms of the partnership agreement or explicit instructions from the member.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Carol True via bivio.com
Sent: Tuesday, 10 November, 2020 09:49
To: club_cafe@bivio.com
Subject: Re: [club_cafe] deceased member

How would I transfer stocks?

On Tue, Nov 10, 2020, 10:33 AM Laurie Frederiksen <laurie@bivio.biz> wrote:

Hi Carol,

Once the partner passes,  you will need to deal with the estate to correctly distribute assets.  If they provide you with documentation that it is appropriate to distribute them to the wife,  that can be done without you selling stocks.

You may also be able to make the transfer before the member passes to avoid having to deal with the estate.  That decision, however, should only be made after consultation with a lawyer.

Once you know what you can/can't do legally,  contact us in support@bivio.com and we can tell you how you will need to address it in your accounting.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
Follow us on twitter!  www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe

On Tue, Nov 10, 2020 at 11:10 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member?  Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger 

Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:

Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes.  One of our members is on hospice.  I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife?  Or do we have to sell stocks to raise cash to write a check to his estate?  Does it make a difference that we are in a community property state?

 

Carol True, Treasurer - Hilltop Investment Club

Hi Carol,

Make sure you read the provisions in your partnership agreement to determine what is permitted in this situation. Your email does not specify if your partnership agreement allows for transferring the deceased's interest to his spouse.

Also, transferring a deceased member's partnership interest to his spouse may not be easy and may require some legal/tax advice. Search Bivio for "transfer deceased member's interest to spouse" for a discussion on this topic.

Martina Urquides



-----Original Message-----
From: Peter Dunkelberger via bivio.com <user*26984900001@bivio.com>
To: club_cafe@bivio.com
Sent: Tue, Nov 10, 2020 8:09 am
Subject: Re: [club_cafe] deceased member

I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member?  Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger 
Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:
Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes.  One of our members is on hospice.  I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife?  Or do we have to sell stocks to raise cash to write a check to his estate?  Does it make a difference that we are in a community property state?
 
Carol True, Treasurer - Hilltop Investment Club

You should consult with a lawyer for legal advice. I would not rely on postings on a discussion list like this. You need someone who can assess the specifics of your situation to tell you the best way to proceed.

Once you know, we can help you with the mechanics of recording the payout in your accounting.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe


On Tue, Nov 10, 2020 at 1:10 PM MARTINA URQUIDES via bivio.com <user*21844400001@bivio.com> wrote:
Hi Carol,

Make sure you read the provisions in your partnership agreement to determine what is permitted in this situation. Your email does not specify if your partnership agreement allows for transferring the deceased's interest to his spouse.

Also, transferring a deceased member's partnership interest to his spouse may not be easy and may require some legal/tax advice. Search Bivio for "transfer deceased member's interest to spouse" for a discussion on this topic.

Martina Urquides



-----Original Message-----
From: Peter Dunkelberger via bivio.com <user*26984900001@bivio.com>
To: club_cafe@bivio.com
Sent: Tue, Nov 10, 2020 8:09 am
Subject: Re: [club_cafe] deceased member

I would think that if you established your partnership with couples as a single partner, you would have made a provision in your partnership agreement in case one of the couples died. Or is each person in the couple a member? Either Way, your partnership agreement should tell you to whom you make out a check in case of a death of a partner.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Tue, Nov 10, 2020 at 10:56 AM Carol True via bivio.com <user*17498100001@bivio.com> wrote:
Our club is made up of 7 couples although a couple is actually 2 members for accounting purposes. One of our members is on hospice. I am wondering if when the time comes if we can just transfer his portion - about $26000 - to his wife? Or do we have to sell stocks to raise cash to write a check to his estate? Does it make a difference that we are in a community property state?
Carol True, Treasurer - Hilltop Investment Club