revocable living trust transfer wording

Ann on

Our investment partnership has completed amending its agreement and have made provisions in it that "A Partner may, after giving written notice to the Partnership, transfer their interest in the Partnership to a revocable living trust of which they are the grantor and sole trustee."

Would you be able to provide the wording for the notice that is to be presented to the Partnership that we could use? If you have additional guidance we would appreciate that as well.

Thank you,

Ann Merrick

Irina Clements on

I think this is misguided. Who is to say the trust executor has any interest in being a member of the club? The club is adding provisions to have a partner who may not be interested, that no one wants, that won't work or a myriad of issues.

In both my clubs I requested that trusts be prohibited. My intent was to depart from the position as treasurer and exit the respective clubs if that assignments to trusts were not prohibited.

Deaths are bad enough. Having a trust executor join that no one approves or asks for. No thanks.

Be Well. Irina Sent from my iPad

On Mar 2, 2017, at 11:39 PM, Ann <aemerr@hotmail.com> wrote:

Our investment partnership has completed amending its agreement and have made provisions in it that "A Partner may, after giving written notice to the Partnership, transfer their interest in the Partnership to a revocable living trust of which they are the grantor and sole trustee."

Would you be able to provide the wording for the notice that is to be presented to the Partnership that we could use? If you have additional guidance we would appreciate that as well.

Thank you,

Ann Merrick

ira smilovitz on

Irina,

Your comments are valuable but not germane to Ann's issue. A revocable living trust is a special form of trust whose intent is to avoid probate upon the future death of the grantor. The restriction that Ann's club is incorporating requires that the grantor be the only trustee thus insuring interest and continuity of acquaintance. Revocable living trusts automatically terminate upon the death of the grantor so that event can be addressed within the partnership agreement. The only additional work for a club treasurer in dealing with a revocable living trust is figuring out how to parse the trust title to fit the "first name, last name" format of the member information and K-1.

Ann,

I would add language to the appropriate parts of your partnership agreement that specifies that the death of the grantor and/or appointment of a new trustee will be treated as a [insert what your club intends to do],

Ira Smilovitz

On Fri, Mar 3, 2017 at 12:49 AM, Irina Clements <irina39@verizon.net> wrote:

I think this is misguided. Who is to say the trust executor has any interest in being a member of the club? The club is adding provisions to have a partner who may not be interested, that no one wants, that won't work or a myriad of issues.

In both my clubs I requested that trusts be prohibited. My intent was to depart from the position as treasurer and exit the respective clubs if that assignments to trusts were not prohibited.

Deaths are bad enough. Having a trust executor join that no one approves or asks for. No thanks.

Be Well. Irina Sent from my iPad

On Mar 2, 2017, at 11:39 PM, Ann <aemerr@hotmail.com> wrote:

Our investment partnership has completed amending its agreement and have made provisions in it that "A Partner may, after giving written notice to the Partnership, transfer their interest in the Partnership to a revocable living trust of which they are the grantor and sole trustee."

Would you be able to provide the wording for the notice that is to be presented to the Partnership that we could use? If you have additional guidance we would appreciate that as well.

Thank you,

Ann Merrick

Ann on

Irina is understanding our partnership's intention exactly. We need to know how a partner words the notice to the partnership of the transfer of their interest into the revocable trust in which they are the grantor and sole trustee. As Irina has also pointed out we also need to know how to "parse" the title of first and last name into bivio so that it complies with the record keeping and tax form preparation.

Again thank you to all and for all assistance on this.

Ann

From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of ira smilovitz <ira.smilovitz@gmail.com>
Sent: Friday, March 3, 2017 5:57 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] revocable living trust transfer wording

Irina,

Your comments are valuable but not germane to Ann's issue. A revocable living trust is a special form of trust whose intent is to avoid probate upon the future death of the grantor. The restriction that Ann's club is incorporating requires that the grantor be the only trustee thus insuring interest and continuity of acquaintance. Revocable living trusts automatically terminate upon the death of the grantor so that event can be addressed within the partnership agreement. The only additional work for a club treasurer in dealing with a revocable living trust is figuring out how to parse the trust title to fit the "first name, last name" format of the member information and K-1.

Ann,

I would add language to the appropriate parts of your partnership agreement that specifies that the death of the grantor and/or appointment of a new trustee will be treated as a [insert what your club intends to do],

Ira Smilovitz

On Fri, Mar 3, 2017 at 12:49 AM, Irina Clements <irina39@verizon.net> wrote:

I think this is misguided. Who is to say the trust executor has any interest in being a member of the club? The club is adding provisions to have a partner who may not be interested, that no one wants, that won't work or a myriad of issues.

In both my clubs I requested that trusts be prohibited. My intent was to depart from the position as treasurer and exit the respective clubs if that assignments to trusts were not prohibited.

Deaths are bad enough. Having a trust executor join that no one approves or asks for. No thanks.

Be Well. Irina Sent from my iPad

On Mar 2, 2017, at 11:39 PM, Ann <aemerr@hotmail.com> wrote:

Our investment partnership has completed amending its agreement and have made provisions in it that "A Partner may, after giving written notice to the Partnership, transfer their interest in the Partnership to a revocable living trust of which they are the grantor and sole trustee."

Would you be able to provide the wording for the notice that is to be presented to the Partnership that we could use? If you have additional guidance we would appreciate that as well.

Thank you,

Ann Merrick

Ann on

I meant to say that you, Ira, are understanding our position.

Thank you.

Ann

From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of ira smilovitz <ira.smilovitz@gmail.com>
Sent: Friday, March 3, 2017 5:57 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] revocable living trust transfer wording

Irina,

Your comments are valuable but not germane to Ann's issue. A revocable living trust is a special form of trust whose intent is to avoid probate upon the future death of the grantor. The restriction that Ann's club is incorporating requires that the grantor be the only trustee thus insuring interest and continuity of acquaintance. Revocable living trusts automatically terminate upon the death of the grantor so that event can be addressed within the partnership agreement. The only additional work for a club treasurer in dealing with a revocable living trust is figuring out how to parse the trust title to fit the "first name, last name" format of the member information and K-1.

Ann,

I would add language to the appropriate parts of your partnership agreement that specifies that the death of the grantor and/or appointment of a new trustee will be treated as a [insert what your club intends to do],

Ira Smilovitz

On Fri, Mar 3, 2017 at 12:49 AM, Irina Clements <irina39@verizon.net> wrote:

I think this is misguided. Who is to say the trust executor has any interest in being a member of the club? The club is adding provisions to have a partner who may not be interested, that no one wants, that won't work or a myriad of issues.

In both my clubs I requested that trusts be prohibited. My intent was to depart from the position as treasurer and exit the respective clubs if that assignments to trusts were not prohibited.

Deaths are bad enough. Having a trust executor join that no one approves or asks for. No thanks.

Be Well. Irina Sent from my iPad

On Mar 2, 2017, at 11:39 PM, Ann <aemerr@hotmail.com> wrote:

Our investment partnership has completed amending its agreement and have made provisions in it that "A Partner may, after giving written notice to the Partnership, transfer their interest in the Partnership to a revocable living trust of which they are the grantor and sole trustee."

Would you be able to provide the wording for the notice that is to be presented to the Partnership that we could use? If you have additional guidance we would appreciate that as well.

Thank you,

Ann Merrick