Member Death

James D. Szalkowski on

A member of The NW Buckeye Model Club died recently. his
wife is also a member of the club. They each had a separate
account. She wants his valuation transferred to her club
account. What documentation is needed from her to accomplish
her request?
Thank You
JDS
NW Buckeye Treasurer

Rip West on

You would be taking a chance by doing as she requested. You are in no position to determine the provisions of the deceased's will. My suggestion is to follow your partnership agreement and make a withdrawal payment to the estate of the deceased. If the spouse wishes, she can make a deposit of an equal amount, which will increase her account.

I notice that you also had a telephone request in on this subject. I am going to mark that as resolved. If you have more questions, send a request to support@bivio.com.

Thank you for using bivio,
Rip West
bivio Inc.

John W Ranby on

I recommend you take Rip's advice to heart. Besides it being
the easiest and legally safest for your partnership, it will
be best for the widow. Even if she is in fact the final
beneficiary of the estate assets (and you don't know
that--depends on whether you are a community property state,
common law state and estate plan of the decedent) having the
decendent's assets in the club pass through the estate can
result in more favorable tax treatment for the widow through
a stepped up basis. Particularly for 2010 with no estate
tax.

Jack Ranby, Treasurer
Grants Partners Investment Club

James D. Szalkowski wrote:
> A member of The NW Buckeye Model Club died recently. his
> wife is also a member of the club. They each had a separate
> account. She wants his valuation transferred to her club
> account. What documentation is needed from her to accomplish
> her request?
> Thank You
> JDS
> NW Buckeye Treasurer

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