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R. Ann Bliss
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| 06/07/2007 3:08 PM |
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I proposed some changes to the Partnership Agreement of my club, recently. One change was to include a trust as a member. I used the text posted on the Treasurers' list.
One of my members said that would leave her out as she has an ABC Trust. I am not sure what that is. She also said that she was not the sole trustee as the proposed ammendment states.
Any thoughts on this? What is it and how could it be included, or can it be included?
R. Ann Bliss
Ladies Learning Investing and Profiting Society |
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Lynn Ostrem
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| 06/07/2007 3:54 PM |
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Gosh, I almost hate to post my comment, but I'm
compelled. The problems that are already arising, before it's even
implemented are "case in point" why most clubs don't get involved in trusts and
beneficiary issues. I can't help but wonder what issues you will have to
deal with when you actually buyout the trust. Legal advice from a probate
attorney can run about $400/hour. Pretty steep for a small investment
club. We elected not to do it.
If a member dies, we withdraw them using the same method we
would for a voluntary withdrawal, then we would cut the check to the deceased
person and send it to their last known address. Sometimes, simple is
best. And sometimes, we have to do what's in the best interests of ALL
members, not just a small handful.
Good luck with this. I hope you find a simple
solution.
Lynn Ostrem
garbagecop@earthlink.net |
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R. Ann Bliss
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| 06/08/2007 4:17 PM |
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Geez, Lynn, you have made a good point. Sometimes I forget that old adage, "Don't fix it if it ain't broke." Thanks for your input. I think I will withdraw my proposal on that count.
R. Ann Bliss, Ladies Learning, Investing and Profiting Society
Annie, LLIPS |
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