We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
SB on
In a sense yes. Backup, enter withdrawal, examine, if not correct, do a restore.
We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
ira smilovitz on
You can use the "My Demo Club" site. It's in the list under the yellow triangle next to your club's ID.
We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
Rebecca Kruse on
Ira Smilovitz is right--My Demo Club is a great place to practice.
You can also enter an actual member withdrawal entry in bivio in advance, print the member's withdrawal report and then delete this withdrawal entry. You can't edit withdrawal entries but you can delete them. Here are instructions:
We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
Peter Dunkelberger on
What is the difference between a decedent's withdrawal and a resignation?
We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
ira smilovitz on
In theory, there isn't any difference. In practice, a club's partnership agreement might say otherwise.
We just had a member of our club pass away. We have never
processed a deceased member's withdrawal before. We're
wondering if there are any "dry run' tools that can be used
to simulate a member withdrawal. Thanks in advance for your
help!
Len Delmolino
Massachusetts High Flyers Investment Club
Leonard J Delmolino on
Thanks to everyone for the helpful responses!
From what I can tell, a deceased member withdrawal and a
resignation are the same from a financial and tax
standpoint. It seems like there are some differences from
procedural standpoint, however. Our deceased member has a
personal account at the same brokerage firm as our club
account. In a earlier post from September 10, 2016, it was
stated that stock transfers could only be done to a special
"estate account" set up by the executor. Does anyone know if
this is true? Has anyone transferred stock for a deceased
member?
Len Delmolino
Massachusetts High Flyers Investment Club
ira smilovitz on
The problem is that once the broker is notified of the death, it will generally not allow any transfers into the account. If this broker will allow the transfer, go for it.
From what I can tell, a deceased member withdrawal and a
resignation are the same from a financial and tax
standpoint. It seems like there are some differences from
procedural standpoint, however. Our deceased member has a
personal account at the same brokerage firm as our club
account. In a earlier post from September 10, 2016, it was
stated that stock transfers could only be done to a special
"estate account" set up by the executor. Does anyone know if
this is true? Has anyone transferred stock for a deceased
member?
Len Delmolino
Massachusetts High Flyers Investment Club
Donna OConnnell on
I have transferred stock for a deceased member. She had her own personal account with Schwab.
From what I can tell, a deceased member withdrawal and a
resignation are the same from a financial and tax
standpoint. It seems like there are some differences from
procedural standpoint, however. Our deceased member has a
personal account at the same brokerage firm as our club
account. In a earlier post from September 10, 2016, it was
stated that stock transfers could only be done to a special
"estate account" set up by the executor. Does anyone know if
this is true? Has anyone transferred stock for a deceased
member?
Len Delmolino
Massachusetts High Flyers Investment Club
--
Donna O'Connell
Rebo Reeves on
I transferred stock to an estate account that her husband had set up. It took several months to accomplish and wasn't easy to do with Bivio to get the proper withdrawal statement. That was the only way to transfer a large amount of stock with her capital gains, etc. In another club, the member did not have much invested and I just wrote a check to her husband.
From what I can tell, a deceased member withdrawal and a
resignation are the same from a financial and tax
standpoint. It seems like there are some differences from
procedural standpoint, however. Our deceased member has a
personal account at the same brokerage firm as our club
account. In a earlier post from September 10, 2016, it was
stated that stock transfers could only be done to a special
"estate account" set up by the executor. Does anyone know if
this is true? Has anyone transferred stock for a deceased
member?
Len Delmolino
Massachusetts High Flyers Investment Club
--
Donna O'Connell
Dan Cohn on
We found Schwab very difficult; we could not transfer Stock to an exiting member. So we transfer to Fidelity and asked our members to get Fidelity account with their wives. Made transfer of stock very easy. Just could transfer whole shares; so had to determine how much cash had to be transferred as well.
Dan Cohn
Treasurer
NAMC Investment club #3
Sent from my iPhone
On Aug 30, 2024, at 8:33 PM, Rebo Reeves via bivio.com <user*34255900001@bivio.com> wrote:
I transferred stock to an estate account that her husband had set up. It took several months to accomplish and wasn't easy to do with Bivio to get the proper withdrawal statement. That was the only way to transfer a large amount of stock with her capital gains, etc. In another club, the member did not have much invested and I just wrote a check to her husband.
From what I can tell, a deceased member withdrawal and a
resignation are the same from a financial and tax
standpoint. It seems like there are some differences from
procedural standpoint, however. Our deceased member has a
personal account at the same brokerage firm as our club
account. In a earlier post from September 10, 2016, it was
stated that stock transfers could only be done to a special
"estate account" set up by the executor. Does anyone know if
this is true? Has anyone transferred stock for a deceased
member?
Len Delmolino
Massachusetts High Flyers Investment Club