couples memberships
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couples memberships Does any club allow a couple to act as one member? It would be similar to a joint account where two people own it equally. We have one member with both spouses names but use only one of their SS numbers.
From: "Mary Moriarty" <mmoriarty@crocker.com>
To: "club cafe" <club_cafe@bivio.com> Sent: Friday, February 7, 2014 8:53:00 AM Subject: [club_cafe] couples memberships be similar to a joint account where two people own it equally. And therein lies the issue...one SS number. My club has had couple-members with great success. But each spouse was an individual member who paid dues and was equally responsible for carrying his/her weight. What happens when you allow the "team approach" is that one spouse will typically let the other do all the work. If the less-interested spouse wants to leave the club, oftentimes they will both leave since, psychologically, they are one. Couples are great. But our experience has been that individual memberships and K-1s are best.
We get into trouble when we start changing an otherwise successful investment club business model to suit the various individual interests of our members. Don't do that. It usually doesn't work out.
Happy Friday! Lynn Ostrem Crow River Investment Club www.bivio.com/crowriver Lynn Ostrem
Resource Management Group, Inc. 4439 McAllister Av NE St.Michael, MN 55376 Office: 763/497-5153 Fax: 763/497-5838 Cell: 612/750-4943 garbagecop@gmail.com On Fri, Feb 7, 2014 at 8:02 AM, <dennymccarthy@comcast.net> wrote:
I think one of the big issues to consider is what happens if something goes wrong between the couple or even if one of them passes away. These events may put the club into the middle of something as their account might then be encumbered by legal proceedings. This could mean delays in decision making when you are trying to conduct club business. It is far cleaner to have each spouse have a separate membership account if they both want to participate in club activities. There is no reason you have to allow a joint holding on a club account. 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 We restrict our membership to ladies only and most are professional working women. Our membership is limited to 20 and we are never at a lack for members. Jayne Gilbert RICH (Rainbow Investment Club of Houston) From: Lynn Ostrem <garbagecop@gmail.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Friday, February 7, 2014 8:23 AM Subject: Re: [club_cafe] couples memberships And therein lies the issue...one SS number. My club has had couple-members with great success. But each spouse was an individual member who paid dues and was equally responsible for carrying his/her weight. What happens when you allow the "team approach" is that one spouse will typically let the other do all the work. If the less-interested spouse wants to leave the club, oftentimes they will both leave since, psychologically, they are one. Couples are great. But our experience has been that individual memberships and K-1s are best.
We get into trouble when we start changing an otherwise successful investment club business model to suit the various individual interests of our members. Don't do that. It usually doesn't work out.
Happy Friday! Lynn Ostrem Crow River Investment Club www.bivio.com/crowriver Lynn Ostrem
Resource Management Group, Inc. 4439 McAllister Av NE St.Michael, MN 55376 Office: 763/497-5153 Fax: 763/497-5838 Cell: 612/750-4943 garbagecop@gmail.com On Fri, Feb 7, 2014 at 8:02 AM, <dennymccarthy@comcast.net> wrote:
I totally agree! Bob Anderson On Feb 7, 2014, at 9:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
I also agree. Keep it clean! It is far less complicated and fair for all the other members too. Haut
From:
club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Robert Anderson
I totally agree! Bob Anderson On Feb 7, 2014, at 9:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
I think one of the big issues to consider is what happens if something goes wrong between the couple or even if one of them passes away. These events may put the club into the middle of something as their account might then be encumbered by legal proceedings. This could mean delays in decision making when you are trying to conduct club business. It is far cleaner to have each spouse have a separate membership account if they both want to participate in club activities. There is no reason you have to allow a joint holding on a club account.
Laurie Frederiksen
Thank you all for taking the time to answer my question regarding couple's ownership. In the case of bank accounts 2 people can be on the an account, one SS# is used for taxes and in the case of disability the account is split, in the case of death, the survivor is entitled to the money. Shouldn't investment club monies have the same protection? Dear Mary, There are many ways to ensure who gets money in the event of a death. Joint accounts are one way. But in a partnership, you would have the joint account as a member which creates a level of complication that doesn't exist if the joint account is just between two people. In essence, you'd have a member of your club where two people had to agree on one input every time there was a decision to make. That is very cumbersome and could potentially bog things down for the rest of your club. If the relationship between the two people became contentious, it could create a big problem getting things done in your club. 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 Fri, Feb 7, 2014 at 2:42 PM, Mary Moriarty wrote: Thank you all for taking the time to answer my question A clubs partnership agreement should specify what happens if a member passes away. In our recommended agreement, a death is treated as a withdrawal. The members share is paid out to the estate of the member. That way the estate handles it going to the correct person and the club stays out of any estate issues. As long as a club has an agreed upon procedure and they follow that procedure, there should not be any issues.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 Fri, Feb 7, 2014 at 2:52 PM, Mary Moriarty wrote: Thank you for your comment. But, in the case of death or If we can still add stocks to study, could you add
G&W railroad?
Thank you very much
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