HomeMy WebLinkAbout1995-07-11; City Council; 13239; ACCEPTANCE OF DONATION FROM THE WALTER ERIKSEN TRUST4
ACCEPTANCE OF DONATION FROM
THE WALTER ERIKSEN TRUST
City Council adopt Resolution No.qgd@ accepting a $1 9,276.4~
donation from the Walter Eriksen Trust.
Item Explanation:
In February 1995, Senior Center Staff was advised by the Law Office o
Jack D. Farris that the City of Carlsbad Senior Citizen Trust was namec
as a residual beneficiary of the Walter Eriksen Trust (Exhibit 2).
In May, a check (Exhibit 3) in the amount of $19,276.44 was receive
and the "Receipt of Distribution" form (Exhibit 4) was returned.
Senior Commission Recommendation:
At their meeting June I, 1995, the Senior Commission voted unanimous1
to accept the $19,276.44 donated from the Walter Eriksen Trust, an
recommended the donation be deposited into the Senior Citizen Trus
Fiscal Impact:
The $19,276.44 donation from the Walter Eriksen Trust has bee
deposited into the Senior Trust Fund Account #880-5 19-9203-0000. Th
funds will be utilized for the purchase of special equipment or to suppot
"special" activitiedevents at the Carlsbad Senior Center.
L3 w
1. Resolution No. c45 c 240.
2. .. z 9 b 3. Copy of $19,276.44 check. a i
0 4, Receipt of Distribution. z 3 0 0
Letter from Jack D. Farris, Attorney at Law, 2/25/95.
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RESOLUTION NO. 95-200
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF CARLSBAD, CALIFORNIA,
ACCEPTING A DONATION OF NINETEEN
THOUSAND TWO HUNDRED SEVENTY SIX
DOLLARS AND FORTY FOUR CENTS ($19,276.44).
WHEREAS, the City of Carlsbad Senior Citizen Trust was named as
residuary beneficiary of the Walter Eriksen Trust which donated Ninetee
Thousand two hundred seventy six dollars and forty four cen
($1 9,276.44) to the Carlsbad Senior Center; and
WHEREAS, the City Council wishes to accept this gift:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Ci
of Carlsbad as follows:
1. That the City Council accepts the donation of Nineteen Thousar
two hundred seventy six dollars and forty four cents ($1 9,276.44) (
behalf of the Senior Citizens of the City of Carlsbad.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Ci
Council of the City of Carlsbad held on the 11th day
JULY
AYES: Coun ers Lewis, Kul innila, Hall
, 1995, by the following vote, to wit:
ATTEST: 10- - ALETHA L. RAUTENKRANZ, City Clerk
(SEAL)
rAniDii L 0 0 JACK D. FARRIS, Attorney at Law
3239 Erie Street, San Diego, California 921 1 7 (61 9) 275-3929
February 25, 1995
City of Carlsbad Senior Citizens Trust Fund
799 Pine Avenue
Carlsbad, CA 92008
Re: The Walter Ericksen Trust
Dear Ladies or Gentlemen:
Please be advised that you are named as a residuary beneficiary of The Walter
Ericksen Trust. The trust is in a position to close and we anticipate final distribution to th
residual beneficiaries prior to April 15th.
The Successor Co-Trustees, George S. Heard and William Reeves, however, have
resigned due to ill health. Article 7.3 of the trust agreement specifically states in part as
follows: "All trusts created under this agreement shall be administered free from the active
supervision of any court." Therefore, it is my opinion, that with the nomination of a
successor trustee by the beneficiaries under the trust, no formal court approval is necessv
I have contacted Helen A. Lock, who has consented to act as Successor Trustee in
order the distribute the assets on hand, account, and ensure preparation of the tax returns.
However, you have the right to suggest a Successor Trustee of your choosing. Under Art
Six of the trust agreement, there are four specific pecuniary beneficiaries and eleven residi
beneficiaries. I have suggested Helen A. Lock because of my knowledge of her abilities t
act in this position and because her appointment would enable us to quickly and efficient11
close this trust and distribute the assets.
Therefore, in an effort to expedite distribution, enclosed for your signature is a
Nomination of Successor Trustee nominating Helen A. Lock, Certified Paralegal, as
Successor Trustee for your signature. Also enclosed, is a stamped, self-addressed envelof
provided for your convenience in returning this document to Helen A. Lock so that she m
organize the documents that require signature from all interested parties.
Please call me at the above number if you have any questions. dz%,&z
Jack D. Farris
Enclosures
'C*Z =-a Ty mLLS FARGO BANK
CARSBAD - OCEANSIDE OFFICE 2701 VlSFA WAY OCEANSIDE. CA 92054 '3 ,-. . t~.n
\ .. 7: --:
I EXHlBlI 4 o RECEIPT ON DISTRIBUTIOY 1) .
CITY OF CARLSBAD SENIOR CITIZENS TRUST FUND, as
one of the charitable remaindermen beneficiaries of the WALTER
ERIKSEN TRUST of July 18; 1991, created by WALTER ERIKSEN
hereby acknowledge receipt from HELEN A. LOCK, Trustee, of the sum
of $19,276.44 in full settlement of my interest in the WALTER ERIKSEN
TRUST, with the exception of the $2,000.00 being held pending discharge
from the Internal Revenue Service of trustee’s personal liability.
CITY OF C
CITIZENS TRUST FUND
Name:Chsm hlS thu 1 t z ApcCl
(Print name)