Our group had a member pass away this week and per our PA
his interest will pass on to his spouse. If the wife would
like a complete withdrawal, then no problem, we will just
send her cash and it will be over. However, she does have
the option to stay in our club.
My question is how to I transfer ownership in Bivio from Mr.
John Doe to Mrs. Jane Doe? Any assistance would be
appreciated.
Thanks, Jeff.
Pennsylvania Investment Group
Joe Farrell on
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group
Margaret Wentworth on
This sounds illegal to me. Payment should be to the estate. Check with Ira at Bivio before proceeding,
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group
ira smilovitz on
It's probably not illegal, but definitely not recommended. The disposition of the decedent's interest in the club is governed by your state's surrogacy laws. This usually means that the terms of the decedent's will dictate what happens. If your club follows its bylaws and transfers the units to the surviving spouse, but the will states that there is a different beneficiary, the club will be caught in the middle. It will have to pay the rightful beneficiaries what they were due, and will have to try to recover the mispaid value from the surviving spouse.
That's why it is always recommended that the proceeds of a decedent's interest in the club should be paid to the "estate of the decedent". Let the person who is legally assigned the responsibility for collecting and distributing the assets of the decedent bear the attendant risks.
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group
Mike & Kim Potter on
Ira,
My husband passed away last Dec. He wasn't an investment club member but in dealing with the paperwork, I received a reimbursement check from a medical insurance company made out to the estate of _____ and our credit union insisted that it be redone and made out in his name in order to be deposited. In our case nothing was going thru probate so the check just needed to be cashed. Would it not be better to advise clubs to make a check out to a deceased member instead of the estate of ___?
Thanks,
Kim Potter
BI Brighton Model Club
On Monday, June 5, 2023 at 12:42:55 AM EDT, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
It's probably not illegal, but definitely not recommended. The disposition of the decedent's interest in the club is governed by your state's surrogacy laws. This usually means that the terms of the decedent's will dictate what happens. If your club follows its bylaws and transfers the units to the surviving spouse, but the will states that there is a different beneficiary, the club will be caught in the middle. It will have to pay the rightful beneficiaries what they were due, and will have to try to recover the mispaid value from the surviving spouse.
That's why it is always recommended that the proceeds of a decedent's interest in the club should be paid to the "estate of the decedent". Let the person who is legally assigned the responsibility for collecting and distributing the assets of the decedent bear the attendant risks.
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group
ira smilovitz on
Kim.
I'm sorry for your loss. The death of a spouse must be particularly painful. The answer to your question is more appropriately addressed by a lawyer, which I am not. There may, or may not, be practical/legal differences between the two approaches. However, the primary objective of the investment club acting as an independent entity from its individual members should be to minimize its exposure to potential problems, not to simplify things for its individual members when so doing might expose the club to risk.
That's one reason why beneficiary designations are discouraged. While it may seem to make things easier for the individual member, they expose the club to the risk of paying the wrong legal beneficiary should the decedent's will disagree with the club beneficiary designation.
In my mind, a check payable to the decedent is easier to misdirect (through endorsement) than one payable to the "Estate of [decedent]" - providing slightly more protection to the club.
My husband passed away last Dec. He wasn't an investment club member but in dealing with the paperwork, I received a reimbursement check from a medical insurance company made out to the estate of _____ and our credit union insisted that it be redone and made out in his name in order to be deposited. In our case nothing was going thru probate so the check just needed to be cashed. Would it not be better to advise clubs to make a check out to a deceased member instead of the estate of ___?
It's probably not illegal, but definitely not recommended. The disposition of the decedent's interest in the club is governed by your state's surrogacy laws. This usually means that the terms of the decedent's will dictate what happens. If your club follows its bylaws and transfers the units to the surviving spouse, but the will states that there is a different beneficiary, the club will be caught in the middle. It will have to pay the rightful beneficiaries what they were due, and will have to try to recover the mispaid value from the surviving spouse.
That's why it is always recommended that the proceeds of a decedent's interest in the club should be paid to the "estate of the decedent". Let the person who is legally assigned the responsibility for collecting and distributing the assets of the decedent bear the attendant risks.
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group
Deep Shikha on
Ira, I have a question for you. We folded our club in May. I withdrew funds in mid-May. It is my understanding that we have to send a partial tax return by Aug. 15. I will like to do it in June. Can you direct me to directions for doing mid year tax return for our club.?
It's probably not illegal, but definitely not recommended. The disposition of the decedent's interest in the club is governed by your state's surrogacy laws. This usually means that the terms of the decedent's will dictate what happens. If your club follows its bylaws and transfers the units to the surviving spouse, but the will states that there is a different beneficiary, the club will be caught in the middle. It will have to pay the rightful beneficiaries what they were due, and will have to try to recover the mispaid value from the surviving spouse.
That's why it is always recommended that the proceeds of a decedent's interest in the club should be paid to the "estate of the decedent". Let the person who is legally assigned the responsibility for collecting and distributing the assets of the decedent bear the attendant risks.
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group
ira smilovitz on
Deep,
Contact bivio Support. They can turn on the "short-year" tax return capability for your club and provide you with further instructions.
Ira, I have a question for you. We folded our club in May. I withdrew funds in mid-May. It is my understanding that we have to send a partial tax return by Aug. 15. I will like to do it in June. Can you direct me to directions for doing mid year tax return for our club.?
It's probably not illegal, but definitely not recommended. The disposition of the decedent's interest in the club is governed by your state's surrogacy laws. This usually means that the terms of the decedent's will dictate what happens. If your club follows its bylaws and transfers the units to the surviving spouse, but the will states that there is a different beneficiary, the club will be caught in the middle. It will have to pay the rightful beneficiaries what they were due, and will have to try to recover the mispaid value from the surviving spouse.
That's why it is always recommended that the proceeds of a decedent's interest in the club should be paid to the "estate of the decedent". Let the person who is legally assigned the responsibility for collecting and distributing the assets of the decedent bear the attendant risks.
Bivio will help you step up the basis and get the new name and SSN on the account. See them.
Joe
> On Jun 3, 2023, at 8:15 AM, Jeffrey A. Ogilvie via bivio.com <user*28567800001@bivio.com> wrote:
>
> Our group had a member pass away this week and per our PA
> his interest will pass on to his spouse. If the wife would
> like a complete withdrawal, then no problem, we will just
> send her cash and it will be over. However, she does have
> the option to stay in our club.
> My question is how to I transfer ownership in Bivio from Mr.
> John Doe to Mrs. Jane Doe? Any assistance would be
> appreciated.
> Thanks, Jeff.
> Pennsylvania Investment Group