Our Investment Club allows transfers to a trust. We have
two members who want to transfer. However, we are unsure
what the actual document they give to our secretary must
say. Do we also need for them to complete a W-9 for the
trust?
Jack Ranby on
Karen:
Our club requires the member to submit a written request to transfer his
interest in the partnership to the trust citing the legal name of the trust
and the member as the trustee. At a meeting we vote to approve the transfer
so it is recorded in the minutes. Then the name is changed in bivio.
If you don't know your members well, you could require a "Certificate of
Trust" accompany the request. The certificate is a document in which the
trustee certifies that the trust exists and he is the trustee. It serves
instead of requiring a copy of the whole trust document.
Usually, a revocable, living trust uses the same social security number as
the creator of the trust so a w-9 would not be required. If for some reason,
trust has its own TIN then use that number for the K-1.
Jack Ranby
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen
Andrusiak via bivio.com
Sent: Tuesday, 30 October, 2018 17:23
To: club_cafe@bivio.com
Subject: [club_cafe] Transfer of Partner Interest to a Trust
Our Investment Club allows transfers to a trust. We have two members who
want to transfer. However, we are unsure what the actual document they give
to our secretary must say. Do we also need for them to complete a W-9 for
the trust?
Karen Andrusiak on
Thanks!
Sent from my iPhone
> On Oct 30, 2018, at 11:54 PM, Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
>
> Karen:
>
> Our club requires the member to submit a written request to transfer his
> interest in the partnership to the trust citing the legal name of the trust
> and the member as the trustee. At a meeting we vote to approve the transfer
> so it is recorded in the minutes. Then the name is changed in bivio.
>
> If you don't know your members well, you could require a "Certificate of
> Trust" accompany the request. The certificate is a document in which the
> trustee certifies that the trust exists and he is the trustee. It serves
> instead of requiring a copy of the whole trust document.
>
> Usually, a revocable, living trust uses the same social security number as
> the creator of the trust so a w-9 would not be required. If for some reason,
> trust has its own TIN then use that number for the K-1.
>
> Jack Ranby
>
> -----Original Message-----
> From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen
> Andrusiak via bivio.com
> Sent: Tuesday, 30 October, 2018 17:23
> To: club_cafe@bivio.com
> Subject: [club_cafe] Transfer of Partner Interest to a Trust
>
> Our Investment Club allows transfers to a trust. We have two members who
> want to transfer. However, we are unsure what the actual document they give
> to our secretary must say. Do we also need for them to complete a W-9 for
> the trust?
>
Gail Brilling on
This is a good conversation. Our investment club, 24 years old, has a founding member who is ill, hasn't been to a meeting in 2 years nor contributed. Our by-laws and partnership agreement are very clear this is a 'you are no longer a member' situation. Many members felt horrible to make this elderly member sad, and many arguments ensued. Now that we have gotten through this angst and realize we must act, the member refuses to give us her account number so that we can transfer stock to her. She has a large position - over $70,000, so we do not want sell the stocks to take capital gains. Any ideas?
> On Oct 30, 2018, at 11:54 PM, Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
>
> Karen:
>
> Our club requires the member to submit a written request to transfer his
> interest in the partnership to the trust citing the legal name of the trust
> and the member as the trustee. At a meeting we vote to approve the transfer
> so it is recorded in the minutes. Then the name is changed in bivio.
>
> If you don't know your members well, you could require a "Certificate of
> Trust" accompany the request. The certificate is a document in which the
> trustee certifies that the trust exists and he is the trustee. It serves
> instead of requiring a copy of the whole trust document.
>
> Usually, a revocable, living trust uses the same social security number as
> the creator of the trust so a w-9 would not be required. If for some reason,
> trust has its own TIN then use that number for the K-1.
>
> Jack Ranby
>
> -----Original Message-----
> From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen
> Andrusiak via bivio.com
> Sent: Tuesday, 30 October, 2018 17:23
> To: club_cafe@bivio.com
> Subject: [club_cafe] Transfer of Partner Interest to a Trust
>
> Our Investment Club allows transfers to a trust. We have two members who
> want to transfer. However, we are unsure what the actual document they give
> to our secretary must say. Do we also need for them to complete a W-9 for
> the trust?
>
Rebecca Reeves on
If you know any members of this woman's family, I would contact one of them and explain the situation. We had to deal with a member's son do that we could transfer stocks to her.
This is a good conversation. Our investment club, 24 years old, has a founding member who is ill, hasn't been to a meeting in 2 years nor contributed. Our by-laws and partnership agreement are very clear this is a 'you are no longer a member' situation. Many members felt horrible to make this elderly member sad, and many arguments ensued. Now that we have gotten through this angst and realize we must act, the member refuses to give us her account number so that we can transfer stock to her. She has a large position - over $70,000, so we do not want sell the stocks to take capital gains. Any ideas?
> On Oct 30, 2018, at 11:54 PM, Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
>
> Karen:
>
> Our club requires the member to submit a written request to transfer his
> interest in the partnership to the trust citing the legal name of the trust
> and the member as the trustee. At a meeting we vote to approve the transfer
> so it is recorded in the minutes. Then the name is changed in bivio.
>
> If you don't know your members well, you could require a "Certificate of
> Trust" accompany the request. The certificate is a document in which the
> trustee certifies that the trust exists and he is the trustee. It serves
> instead of requiring a copy of the whole trust document.
>
> Usually, a revocable, living trust uses the same social security number as
> the creator of the trust so a w-9 would not be required. If for some reason,
> trust has its own TIN then use that number for the K-1.
>
> Jack Ranby
>
> -----Original Message-----
> From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen
> Andrusiak via bivio.com
> Sent: Tuesday, 30 October, 2018 17:23
> To: club_cafe@bivio.com
> Subject: [club_cafe] Transfer of Partner Interest to a Trust
>
> Our Investment Club allows transfers to a trust. We have two members who
> want to transfer. However, we are unsure what the actual document they give
> to our secretary must say. Do we also need for them to complete a W-9 for
> the trust?
>
Mike&Megan McKinlay on
Gail - It sounds like your founding member doesn't want to lose the distinction and cache`of being a founding member even though she isn't participating. Our club made an honorary "guest" distinction when our founding/charter members were phasing out. Although we distributed their shares to them, we kept them on the roster with all privileges and the designation of Honorary Member. They were able to keep up with what was happening, sometimes coming to the Christmas party or even a meeting to visit.
If your member is the last founding member, give her the designation Founding Member Emeritus. As she isn't contributing or participating, maybe just the notices, emails and announcements are all that she needs to continue feeling as she "belongs" to a group that must be important to her. Maybe that will help get her cooperation for the distribution of her units.
This is a good conversation. Our investment club, 24 years old, has a founding member who is ill, hasn't been to a meeting in 2 years nor contributed. Our by-laws and partnership agreement are very clear this is a 'you are no longer a member' situation. Many members felt horrible to make this elderly member sad, and many arguments ensued. Now that we have gotten through this angst and realize we must act, the member refuses to give us her account number so that we can transfer stock to her. She has a large position - over $70,000, so we do not want sell the stocks to take capital gains. Any ideas?
> On Oct 30, 2018, at 11:54 PM, Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
>
> Karen:
>
> Our club requires the member to submit a written request to transfer his
> interest in the partnership to the trust citing the legal name of the trust
> and the member as the trustee. At a meeting we vote to approve the transfer
> so it is recorded in the minutes. Then the name is changed in bivio.
>
> If you don't know your members well, you could require a "Certificate of
> Trust" accompany the request. The certificate is a document in which the
> trustee certifies that the trust exists and he is the trustee. It serves
> instead of requiring a copy of the whole trust document.
>
> Usually, a revocable, living trust uses the same social security number as
> the creator of the trust so a w-9 would not be required. If for some reason,
> trust has its own TIN then use that number for the K-1.
>
> Jack Ranby
>
> -----Original Message-----
> From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen
> Andrusiak via bivio.com
> Sent: Tuesday, 30 October, 2018 17:23
> To: club_cafe@bivio.com
> Subject: [club_cafe] Transfer of Partner Interest to a Trust
>
> Our Investment Club allows transfers to a trust. We have two members who
> want to transfer. However, we are unsure what the actual document they give
> to our secretary must say. Do we also need for them to complete a W-9 for
> the trust?
>
Gail Brilling on
It's good to know you were able to make it work. Thanks
If you know any members of this woman's family, I would contact one of them and explain the situation. We had to deal with a member's son do that we could transfer stocks to her.
This is a good conversation. Our investment club, 24 years old, has a founding member who is ill, hasn't been to a meeting in 2 years nor contributed. Our by-laws and partnership agreement are very clear this is a 'you are no longer a member' situation. Many members felt horrible to make this elderly member sad, and many arguments ensued. Now that we have gotten through this angst and realize we must act, the member refuses to give us her account number so that we can transfer stock to her. She has a large position - over $70,000, so we do not want sell the stocks to take capital gains. Any ideas?
> On Oct 30, 2018, at 11:54 PM, Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
>
> Karen:
>
> Our club requires the member to submit a written request to transfer his
> interest in the partnership to the trust citing the legal name of the trust
> and the member as the trustee. At a meeting we vote to approve the transfer
> so it is recorded in the minutes. Then the name is changed in bivio.
>
> If you don't know your members well, you could require a "Certificate of
> Trust" accompany the request. The certificate is a document in which the
> trustee certifies that the trust exists and he is the trustee. It serves
> instead of requiring a copy of the whole trust document.
>
> Usually, a revocable, living trust uses the same social security number as
> the creator of the trust so a w-9 would not be required. If for some reason,
> trust has its own TIN then use that number for the K-1.
>
> Jack Ranby
>
> -----Original Message-----
> From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen
> Andrusiak via bivio.com
> Sent: Tuesday, 30 October, 2018 17:23
> To: club_cafe@bivio.com
> Subject: [club_cafe] Transfer of Partner Interest to a Trust
>
> Our Investment Club allows transfers to a trust. We have two members who
> want to transfer. However, we are unsure what the actual document they give
> to our secretary must say. Do we also need for them to complete a W-9 for
> the trust?
>