Spouse as partner
| HelpRegister |
Spouse as partner Currently we have only individual members as partners. How do we handle the spouse of an existing member joining the club if they want to join in joint tenancy with his/her spouse? I presume we would have to modify our PA to allow joint tenancy. Do we need do anything from an accounting perspective? Would appreciate some insight into how well it works to have a married couple in a group. Do "social conflicts" frequently arise? We certainly don't want to be in the middle of spousal conflicts. Your thoughts appreciated. We have a married couple in our club and do nothing different for them. They each contribute their share and it is recorded as such. We have not had any problems with them being married either. See how this couple treat each other outside of the club to see if there is a potential for a problem. You might come across a few times when something negative happens because of it but the same thing can happen with any two of your partners. Unfortunately, you can also create a problem if you don't let the other one in.
John Rice
ABODI Investment Club
From: Jay Sternin <via95135@yahoo.com> To: club_cafe@bivio.com Sent: Thu, October 20, 2011 9:16:23 PM Subject: [club_cafe] Spouse as partner Currently we have only individual members as partners. How do we handle the spouse of an existing member joining the club if they want to join in joint tenancy with his/her spouse? I presume we would have to modify our PA to allow joint tenancy. Do we need do anything from an accounting perspective? Would appreciate some insight into how well it works to have a married couple in a group. Do "social conflicts" frequently arise? We certainly don't want to be in the middle of spousal conflicts. Your thoughts appreciated. Our club had a married couple at one time, too. They each joined as individual members, they each contributed the required minumum monthly dues, and they each received a K-1 at the end of every year. The problem I see with joint tenancy is that you have one capital account and two social security numbers. There's probably a way to do it, but I have always tried to err on the side of caution with the club. In the event the couple were to divorce (or one spouse dies), could that throw the club in the middle of a legal proceding that could result in frozen assets?
I see a lot of clubs trying to cater to members' special needs, and that's nice. But our club is an education vehicle where our members gather monthly to pool assets for the purpose of learning. We don't modify our club's philosophy, mission or rules to suit one member, and it keeps things very very simple for the rest of us.
Consider having them join as individual members. That way, there's no problem if one wants to leave. Lynn Ostrem Crow River Investment Club If you live in a community property state, don't you still have to deal with death and divorce? From: Lynn Ostrem <garbagecop@gmail.com> To: club_cafe@bivio.com Sent: Friday, October 21, 2011 4:46 AM Subject: Re: [club_cafe] Spouse as partner Our club had a married couple at one time, too. They each joined as individual members, they each contributed the required minumum monthly dues, and they each received a K-1 at the end of every year. The problem I see with joint tenancy is that you have one capital account and two social security numbers. There's probably a way to do it, but I have always tried to err on the side of caution with the club. In the event the couple were to divorce (or one spouse dies), could that throw the club in the middle of a legal proceding that could result in frozen assets?
I see a lot of clubs trying to cater to members' special needs, and that's nice. But our club is an education vehicle where our members gather monthly to pool assets for the purpose of learning. We don't modify our club's philosophy, mission or rules to suit one member, and it keeps things very very simple for the rest of us.
Consider having them join as individual members. That way, there's no problem if one wants to leave. Lynn Ostrem Crow River Investment Club
Yes, but you're not in the middle of a battle between two people sharing an account. Lynn On Fri, Oct 21, 2011 at 11:41 PM, Linda Lee <lindalee0@yahoo.com> wrote:
-- Lynn Ostrem Resource Management Group, Inc. 4439 McAllister Av NE St.Michael, MN 55376 Office: 763/497-5153 Fax: 763/497-5838 Cell: 612/750-4943 garbagecop@gmail.com |
|
||||||