HomeMy WebLinkAboutSol Lovas - Billie Riddle•
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SLL
SoL LOVAS, LAWYER, P.C.
2817 Second Avenue North, Suite 207
PO Box 399, Billings, MT 59103-0399
D www.(awyers.conV(avas(aw Phone 406.252.7522
(ovas(aw@(awyers.com Fax 406.252.8024
December 20, 2000
To the Charitable Devisees of Billie L. Riddle:
Dear Sir or Madam:
Enclosed with this letter to each of you is an initial distribution from Billie Riddle's Trust
(except for those of you who received your check directly from Betty Vogel in Billings over the
Holidays).
We are currently distributing a total of approximately $325,000. The house has been sold, and
we are in the process of liquidating the rest of Billie's assets. We expect that we will be
distributing the bulk of Billie's Trust early next year (February or March). We will hold back a
small amount of the Trust until fall of next year, in order for all tax issues to be resolved prior to
final distribution, and once they are resolved, we will make a final distribution, probably before
the end of the year. We will send you a formal inventory of the trust assets and a projected final
distribution with your next check.
Because the Trust is making a residuary distribution in 2000, the Trust's tax return for 2000 will
show a DNI income distribution out to the beneficiaries. In January, we will be making an
estimated tax payment to the IRS on behalf of the individual beneficiaries which should cover
any tax due on their distribution. Since you are a tax-exempt entity, it is our understanding that
you will not owe any income tax on the distributed amounts, and we will therefore make a cash
distribution to you in an equivalent amount.
If you have any questions about your enclosed check, or the income tax situation for 2000, or
anything else about the trust, please feel free to give me a call.
Hope your Holidays are Happy!
Sincerely yours,
P?rv X_
Sol Lovas
c: Betty Vogel, Sally Schmalz
enc: Check (except as noted)
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