How to Transfer, Sell or Abandon

I do not want to own this investment

A number of you have contacted us to tell us that for one reason or another you simply don’t want to own this investment any longer. That is understandable given the tax consequences of owning the investment (the dreaded phantom income) and IRA custodian fees etc. So what are your options. There are three different things you can do.

First, you can try to sell your investment position but in order to do so, unless you are transferring to a family member, you will have to obtain a legal opinion from a law firm which says your transfer will not violate securities laws and that will cost you money.

Because the forms related to this process are lengthy and complex, if you want to pursue a sale, please contact Leslie Lincoln at llincoln@qslwm.com or Cheryl Morris at cmorris@qslwm.com.

 

The second thing you could do is transfer your investment position to a relative or heir. These are called permitted transfers and do not require a legal opinion. However, the forms to do so are also lengthy and complex, so if you want to pursue a transfer, please contact Leslie Lincoln at llincoln@qslwm.com or Cheryl Morris at cmorris@qslwm.com.

 

The third thing you could do is abandon your investment position back to the Trust. This may have tax implications to you so you will probably want to consult with an accountant or tax advisor before deciding to do this. If you decide you do want to abandon your interest, the form you need to complete is set forth below. We do not make any recommendation one way or the other as to whether this is a good thing for you to do.

Form to ABANDON Your Investment

If we have any questions regarding your abandonment form we will contact you. Otherwise, once we process your request we will send confirmation to you that it has been completed.