Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Robert Shaw on
I suggest that the decision of where to transfer the decedents assets is not your call.
I would contact the executor and ask them where they want the assets.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Mike & Kim Potter on
Alessandro,
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Kim Potter, treasurer
BI Brighton
On Thursday, January 21, 2021, 02:28:07 PM EST, Alessandro via bivio.com <user*8340400001@bivio.com> wrote:
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Bob Mann on
Even if the son is already a partner in your club, you need to perform a withdrawal of the deceased member so her estate can correctly file her final income taxes.
Bob Mann
On 01/21/2021 2:27 PM Alessandro via bivio.com <user*8340400001@bivio.com> wrote:
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Norman Gee on
You could cash her out and then decide if you want her son to be a member. An estate cannot forced you to accept a new member.
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Kevin Gillogly on
I will echo what has already been written. We had a member pass away a little over a year ago. Always always always make the check out to the estate of the deceased member. If you make out the check to the estate you protect the estate and your protect the members of the club.
Adding the son may or may not be a good fit for your club.
Don't confuse the full withdrawal of the deceased member with the addition of the son. They are two distinct issues.
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Alessandro Squeo on
The son wants to take over and basically not forcing any stocke sales or setting any positions just transfer the units over from the mother to the son.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
I will echo what has already been written. We had a member pass away a little over a year ago. Always always always make the check out to the estate of the deceased member. If you make out the check to the estate you protect the estate and your protect the members of the club.
Adding the son may or may not be a good fit for your club.
Don't confuse the full withdrawal of the deceased member with the addition of the son. They are two distinct issues.
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
I will echo what has already been written. We had a member pass away a little over a year ago. Always always always make the check out to the estate of the deceased member. If you make out the check to the estate you protect the estate and your protect the members of the club.
Adding the son may or may not be a good fit for your club.
Don't confuse the full withdrawal of the deceased member with the addition of the son. They are two distinct issues.
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Laurie Frederiksen on
A club should never distribute assets to anyone without official notification from the deceased members estate executor that that is permitted.
Otherwise, your whole club could end up in the middle of estate settlement legal issues that you may not be aware of.
Once you do have this authorization from the estate, there are ways to make the transfer without selling any stocks.
I will echo what has already been written. We had a member pass away a little over a year ago. Always always always make the check out to the estate of the deceased member. If you make out the check to the estate you protect the estate and your protect the members of the club.
Adding the son may or may not be a good fit for your club.
Don't confuse the full withdrawal of the deceased member with the addition of the son. They are two distinct issues.
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.
Regards,
Alessandro
Mike & Kim Potter on
For anyone else who had to look up the term:
The cost basis of property transferred at death receives a "step-up" in basis to its fair market value. This eliminates an heir's capital gains tax liability on appreciation in the property's value that occurred during the decedent's lifetime. ... Step-up in basis discourages people from realizing capital gains.Mar 13, 2019
On Thursday, January 21, 2021, 03:27:43 PM EST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
I will echo what has already been written. We had a member pass away a little over a year ago. Always always always make the check out to the estate of the deceased member. If you make out the check to the estate you protect the estate and your protect the members of the club.
Adding the son may or may not be a good fit for your club.
Don't confuse the full withdrawal of the deceased member with the addition of the son. They are two distinct issues.
We've never had this situation but there was quite a discussion on club cafe about this not all that long ago. My understanding is that the only thing a club should do on the passing of a member is to send that partner's holdings (cashed out, I believe) to their estate. As in a check made out to that member's name or to the estate of...
Does your partnership agreement deal with this issue?
Check back in the discussion list or check with bivio support.
Hi, we have a situation, we're one of the members passed away and we want to transfer her position to her son. What is the best way to achieve this transfer. I'm looking for the advice of this community and greatly appreciated.