revocable living trust as partner
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I've set up my personal assets as a revocable living trust, in Michigan. Is there an issue with transferring my club partnership into the trust? Do I have to select Trust rather than Individual when answering the 2013 tax questionnaire? Dear Bob, If your club partnership agreement includes wording such as this: Transfers to a Trust. A partner may, after giving written notice to the other partners, transfer his interest in the partnership to a revocable living trust of which he is the grantor and sole trustee. Your club allows a certain type of trust as a member. If it does, the name should be changed on your club account to the name
of the trust. The social security number should remain the same as the your social security number. I'm not sure where you are seeing this question: Do I have to select Trust 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 Sat, Feb 15, 2014 at 11:29 AM, Robert (revocable trust) Mann wrote: I've set up my personal assets as a revocable living trust,
It's part of step 4, partnership tax interview. Hit next four times and get the screen for entering partner type and entity type. Under entity type there are multiple options, typical response being individual.
I don't believe the name field is long enough to enter the trust's name (but I need to verify). Thus, my name appears as Robert (revocable trust) Mann, my compromise.
Bob
On February 16, 2014 at 2:24 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The wording "sole trustee" seems short-sighted for married couples. My trust is for both my wife and myself; I don't believe either of us is sole trustee. Shouldn't the wording be expanded along the lines of "X is admitted to the club as the representative of the trust and is the only person allowed to act on the trust's behalf within the club."
Bob
On February 16, 2014 at 2:24 PM Laurie Frederiksen <laurie@bivio.biz> wrote: Hi Bob, You'd only get to that page if you indicate that not all members of your club are individual US citizens or resident aliens.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 Sun, Feb 16, 2014 at 3:15 PM, Bob Mann <sailrmann@maestroanalyzer.com> wrote:
Does bivio have a tool to print a PDF of the entire tax return that masks the other partners SSNs on the K-1s? We like to allow everyone access to the data, but SSN privacy is paramount. With some manual effort, I have printed the return, masked the SSNs by hand, scanned and uploaded the return. But a tool that could automate that entire process would remove that clunky process and help all the treasurers with transparency. Hi Mark, No there is no such tool available. Perhaps you could leave SS numbers out of bivio and just hand write them in on the forms you are actually sending in.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 Sun, Feb 16, 2014 at 4:02 PM, Mark Eckman wrote:
but isn't a trust not an individual US citizen? Or is it treated as one since there is only one SSN associated with it?
On February 16, 2014 at 3:33 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
That's what my club does. No offense intended to Bivio but the fewer places in the world that know our SSNs the better!
Bob
On February 16, 2014 at 4:48 PM Laurie Frederiksen <laurie@bivio.biz> wrote: Why do your members need to see the K-1s? They can see each member's tax allocations on the Tax Allocation report. There are no SSNs on that report. Dave Swierenga bivio supoprt On Sunday, February 16, 2014 3:02 PM, Mark Eckman <mark2459@gmail.com> wrote: Does bivio have a tool to print a PDF of the entire tax return that masks the other partners SSNs on the K-1s? We like to allow everyone access to the data, but SSN privacy is paramount. With some manual effort, I have printed the return, masked the SSNs by hand, scanned and uploaded the return. But a tool that could automate that entire process would remove that clunky process and help all the treasurers with transparency. As I said, this is transparency. We are an online club with members in 6 states, so walking over to the treasurer's house to see a copy of the full tax return is not an option. We keep everything online so everyone has access and that raises the privacy issue. While we are a bit unique in the online nature of our club, we are not unique in the need for transparency, member access to documents and control over personally identifiable information. Mark Eckman On Sunday, February 16, 2014, Dave Swierenga <dswiertex@yahoo.com> wrote:
There are a number of PDF toolkits that could be used to edit the SSNs out of the file before distribution. Most of them are relatively cheap. David Cross On 2/17/2014 6:53 AM, Mark Eckman wrote: > As I said, this is transparency. We are an online club with members in > 6 states, so walking over to the treasurer's house to see a copy of the > full tax return is not an option. > > We keep everything online so everyone has access and that raises the > privacy issue. While we are a bit unique in the online nature of our > club, we are not unique in the need for transparency, member access to > documents and control over personally identifiable information. > > Mark Eckman > > On Sunday, February 16, 2014, Dave Swierenga <dswiertex@yahoo.com > <mailto:dswiertex@yahoo.com>> wrote: > > Why do your members need to see the K-1s? They can see each > member's tax allocations on the Tax Allocation report. There are no > SSNs on that report. > > Dave Swierenga > bivio supoprt > > > On Sunday, February 16, 2014 3:02 PM, Mark Eckman > <mark2459@gmail.com > <javascript:_e(%7B%7D,'cvml','mark2459@gmail.com');>> wrote: > Does bivio have a tool to print a PDF of the entire tax return that > masks the other partners SSNs on the K-1s? We like to allow > everyone access to the data, but SSN privacy is paramount. With > some manual effort, I have printed the return, masked the SSNs by > hand, scanned and uploaded the return. But a tool that could > automate that entire process would remove that clunky process and > help all the treasurers with transparency. > > -- David E Cross decross@acm.org Here are two solutions to the "hide the SSN" problem: 1) Redact the tax documents using a full copy of Adobe Acrobat and save the redacted copy in the club files. Note: You cannot redact a document using Adobe Reader.
2) Use cutePDF (a free pdf creation program) to create a redacted copy of the tax documents. The process is not as simple as Acrobat's redaction process, but it is free. You can read more about the procedure here: http://www.ehow.com/how_12196351_redacting-pdf-using-cutepdf.html.
Don't be tempted to just place a black box over the sensitive information or change the background to black as those types of "redactions" can be removed/thwarted easily. Ira Smilovitz On Mon, Feb 17, 2014 at 7:53 AM, Mark Eckman <mark2459@gmail.com> wrote: As I said, this is transparency. We are an online club with members in 6 states, so walking over to the treasurer's house to see a copy of the full tax return is not an option. Bob you are so right. We have 40 members. It took me a solid 20 minutes to enter the SS numbers. by hand.
From: "Bob Mann" <sailrmann@maestroanalyzer.com> That's what my club does. No offense intended to Bivio but the fewer places in the world that know our SSNs the better!
Bob
On February 16, 2014 at 4:48 PM Laurie Frederiksen <laurie@bivio.biz> wrote: I see how this can work with the free CutePDF
Writer (which is just a printer driver). It must be refering to the
CutePEF Professional product (which costs $50 after the free trial
period).
>2) Use cutePDF (a free pdf creation
program) to create a redacted copy of the tax documents. The process is not as
simple as Acrobat's redaction process, but it is free. You can read more about
the procedure here: http://www.ehow.com/how_12196351_redacting-pdf-using-cutepdf.html.
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