member's unit transfer

Matt McCarren on

Within our club we have several married couples.

One of the wives wishes to withdraw from the group and
transfer her units to her husband. What is the best way to
do this?

Matt

Gary Ordway on

Matt,

You process the wife as a full withdrawal for cash and then make a payment
(purchase units) for the husband equal to the withdrawal amount.

Regards,

Gary Ordway

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Matt
McCarren
Sent: Saturday, July 11, 2009 10:19 AM
To: club_cafe@bivio.com
Subject: club_cafe: member's unit transfer

Within our club we have several married couples.

One of the wives wishes to withdraw from the group and
transfer her units to her husband. What is the best way to
do this?

Matt

Rip West on

No! That is bad advice. Withdrawals are taxable events, and you don't want to have a taxable event between husband and wife. You should direct your inquiry to bivio support.

You process the wife as a full withdrawal for cash and then make a payment
(purchase units) for the husband equal to the withdrawal amount.
>>

Rip West
Saint Paul, MN

iras1 on

NO!!! This method creates a taxable event for the wife. Spouses can make unlimited gifts of property without income or gift tax consequences. Contact bivio support and they can make the transfer.

Ira Smilovitz

In a message dated 07/11/09 13:37:00 Eastern Daylight Time, garyordway@msn.com writes:

Matt,

You process the wife as a full withdrawal for cash and then make a payment
(purchase units) for the husband equal to the withdrawal amount.

Regards,

Gary Ordway

Matt McCarren on

Thanks to everyone for the input. I have contacted BIVIO
support.

Matt

iras1 wrote:
> NO!!! This method creates a taxable event for the wife. Spouses can make unlimited gifts of property without income or gift tax consequences. Contact bivio support and they can make the transfer.
>  
> Ira Smilovitz
>  
>  
>  
> In a message dated 07/11/09 13:37:00 Eastern Daylight Time, garyordway@msn.com writes:
>
> Matt,
>
> You process the wife as a full withdrawal for cash and then make a payment
> (purchase units) for the husband equal to the withdrawal amount.  
>
> Regards,
>
> Gary Ordway
>  
> An Excellent Credit Score is 750. See Yours in Just 2 Easy Steps!

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