Problems with a deceased mmember's withdrawal
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Problems with a deceased mmember's withdrawal We are looking for some suggestions on how to handle the withdrawal and other issues related to the death of one of our members Our club president passed away in mid-August. I am now the new president of the club. Our club is now down to three member and so we have decided to disband. So far we have processed our deceased member's withdrawal. We have also stopped future member payments and have just sold our stock in preparation to disband the club. We plan to make all final member payments by the end of the year. We plan to file our final tax return during the tax season for 2025. But here are the problems we are dealing with. Our deceased member did not have a will and no one has been identified as representing his estate. * We mailed a withdrawal check to the deceased member's address but the mail was returned to the club treasurer. * We continue to get automatic monthly payments to our club brokerage account from our deceased member's personal account. So here are our questions - * What should we do with deceased member's withdrawal check? How can we deliver it to the estate? * How can we stop our member's automatic contributions (our brokerage, Fidelity< seems unable to identify the source of these contributions)? * Can we disband our club and file a final tax return if the above issues are not resolved? We are wondering if any other clubs have had a similar situation and how did you proceed. Thanks in advance for any suggestions! Len Delmolino Massachusetts High Flyers Investment Club It did not say how long you had the club? What we did when disbanded was transfer stock to each member to avoid all the capital gains. I do not think you can close the club account since their stock will still be in it. You might have to contact a estate lawyer. Did the club have a next of kin listed? We had each member fill out what to do with their account. We passed a rule that it would only be stock transfers. Legal help is what you need. Good luck. Also in MA
On Monday, November 4, 2024 at 02:20:41 PM EST, Leonard J Delmolino via bivio.com <user*27879700001@bivio.com> wrote:
We are looking for some suggestions on how to handle the
withdrawal and other issues related to the death of one of our members Our club president passed away in mid-August. I am now the new president of the club. Our club is now down to three member and so we have decided to disband. So far we have processed our deceased member's withdrawal. We have also stopped future member payments and have just sold our stock in preparation to disband the club. We plan to make all final member payments by the end of the year. We plan to file our final tax return during the tax season for 2025. But here are the problems we are dealing with. Our deceased member did not have a will and no one has been identified as representing his estate. * We mailed a withdrawal check to the deceased member's address but the mail was returned to the club treasurer. * We continue to get automatic monthly payments to our club brokerage account from our deceased member's personal account. So here are our questions - * What should we do with deceased member's withdrawal check? How can we deliver it to the estate? * How can we stop our member's automatic contributions (our brokerage, Fidelity< seems unable to identify the source of these contributions)? * Can we disband our club and file a final tax return if the above issues are not resolved? We are wondering if any other clubs have had a similar situation and how did you proceed. Thanks in advance for any suggestions! Len Delmolino Massachusetts High Flyers Investment Club So here are our questions - * What should we do with deceased member's withdrawal check? How can we deliver it to the estate? A. Try to locate a family member or next of kin. Start with who notified you of the death. Call local funeral homes to find out who arranged for the disposition of the body. Find out from that person who is handling the estate and delivery the check to that person. B. You cannot locate anyone who will represent the estate, contact the government agency in MA that handles abandoned property and escheat estates. Follow the instructions of that agency on how to send the funds to that agency. * How can we stop our member's automatic contributions (our brokerage, Fidelity< seems unable to identify the source of these contributions)? It seems improbable that Fidelity cannot determine the source of the funds. In any event, instruct Fidelity to reject future deposits. If all else fails, closing the Fidelity account will stop them. * Can we disband our club and file a final tax return if the above issues are not resolved? Following the above instructions should resolve the issues quickly so you can meet your end-of-year deadline. If you still have not been able to transfer the decedent's funds before the end of the year to a representative of the estate or the government agency, buy a money order or cashier's check in the name of the estate so you can close the Fidelity account and stop earning interest and the funds are no longer assets of the partnership. The partnership is dissolved with no assets. So then, you can go ahead and file final tax returns. Jack Ranby, Treasurer, Grants Partners Investment Club Club lost contact with a member until someone saw notice of Memorial service. The Church gave our info to her executor. Try funeral parlors. Churches, Land Registry for property transfer, Post Office for mail forwarding. Cindy Gerke On Mon, Nov 4, 2024, 8:34 PM John W Ranby Trustee PGM Cariboo Trust via bivio.com <user*15792700001@bivio.com> wrote: So here are our questions - |
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