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#1 Posted : Monday, March 12, 2018 11:09:41 AM(UTC)

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We learned that a partnered past away in December. How do we make out the check for his withdrawal? Do we mail it to his address of record? Tony Aquilino Financial escape investment Club

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#2 Posted : Tuesday, March 13, 2018 3:24:04 AM(UTC)

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First follow your partnership agreement procedure for withdrawing a deceased member. This will determine what valuation to use. It does not need to be the same valuation the estate uses for any possible estate tax.
We recommend checks be made out in the name of the deceased member or to "Estate of deceased member". I suggest you add a Member Withdrawal report. It may be helpful to the executor of the estate. Mail the check and report to the last known address of the member. If you want to add a bit of caution mail the letter certified or registered mail.
Do not make a check out to an heir. You do not know the details of any bequests. It is better for the club to stay out of that process. By making the check out to the member or the estate of the member, the decision of how that value gets distributed is the responsibility of the executor.

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