The URL can be used to link to this page

Home My WebLink About1/4/2017 - STAFF REPORTS - 1.D. 4014 p A`M S. iy V N ' �Qp.r to.Js C'041FORt�% CITY COUNCIL STAFF REPORT DATE: JANUARY 4, 2017 CONSENT CALENDAR SUBJECT: RECEIVE GIFT FOR LIBRARY TRUST FUND FROM JABLOW TRUST FROM: David H. Ready, City Manager BY: Library SUMMARY The Palm Springs Public Library Trust Fund is a beneficiary of the Alexander Jablow and Grace Jablow Inter Vivos Revocable Trust. The Jablow Trust requests that funds be given to the Palm Springs Public Library Trust Fund. RECOMMENDATION: Adopt Resolution No. , "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ACCEPTING A GIFT FROM THE ALEXANDER JABLOW AND GRACE JABLOW INTER VIVOS REVOCABLE TRUST FOR THE LIBRARY TRUST FUND." STAFF ANALYSIS: The Palm Springs Public Library has received notification that the Library is a beneficiary of the Alexander Jablow and Grace Jablow Inter Vivos Revocable Trust. At the passing of Grace Jablow in May 2016, the terms of the trust have gone into effect. The gift to the Palm Springs Public Library Trust Fund is $25,000. The following request has been made according to "Disposition of Credit Shelter Trust Upon Death of Surviving Spouse:" Section 6.4: Upon the death of the surviving spouse, the property in the Credit Shelter Trust shall be distributed as follows: Section 6.4 (a): The Trustees shall first make the following cash gifts: REM NO. L•D• City Council Staff Report January 4, 2017 Page 2 Section 6.4 (a)(iii): Twenty Five Thousand Dollars ($25,000) to the BOARD OF LIBRARY TRUSTEES of the CITY OF PALM SPRINGS, 3200 E. Tahquitz-McCallum Way, Palm Springs, CA 92262. FISCAL IMPACT: No fiscal impact. 1 X.lrt,41.AA 4 ar u d t Jeannie Kays Boalff of Library T usteess Director of Library Services David H. Ready, E City Manager Attachment: Resolution 02 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ACCEPTING A GIFT FROM THE ALEXANDER JABLOW AND GRACE JABLOW INTER VIVOS REVOCABLE TRUST FOR THE LIBRARY TRUST FUND. WHEREAS, the Palm Springs Public Library gives great benefit to the residents and visitors of Palm Springs, California. WHEREAS, the Library Trust Fund is available to provide additional resources to the Palm Springs Public Library. WHEREAS, the Alexander Jablow and Grace Jablow Inter Vivos Revocable Trust has designated the Palm Springs Public Library Trust Fund as a beneficiary of their estate. WHEREAS, the City of Palm Springs is appreciative to Alexander Jablow and Grace Jablow for their generous donation and receives this donation on behalf of the Palm Springs Public Library Trust Fund. THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The gift to the Palm Springs Public Library Trust Fund by the Alexander Jablow and Grace Jablow Inter Vivos Revocable Trust is hereby approved. SECTION 2. The City Manager is authorized to execute all documents related to the acceptance of this gift. ADOPTED THIS 4TH DAY OF JANUARY, 2017. David H. Ready, Esq., Ph. D. City Manager ATTEST: Kathleen D. Hart, MMC Interim City Clerk 03 Resolution No. Page 2 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, KATHLEEN D. HART, Interim City Clerk of the City of Palm Springs, hereby certify that Resolution No. is a full, true and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on by the following vote: AYES: NOES: ABSENT: ABSTAIN: Kathleen D. Hart, MMC Interim City Clerk City of Palm Springs, California ®Q COSGROVE, COSGROVE &HUMPHREY Attorneys at Law 41-610 INDIAN TRAIL ROAD,SUITE 2 RANCHO MIRAGE,CALIFORNIA 92270 MICHAEL J.COSGROVE TELEPHONE:(760)340-6665 WILLIAM N.COSGROVE'(1957-2015) FAX:(760)779-9487 DAVID V.HUMPHREY,JR.- WEBSITE:www.cosandcos.com STEPHANIE L.WEISMAN* WRITER'S EMAIL: "Certified Specialist,Estate Planning, mcosgrove@cosandcos.com Trust and Probate Law, The State Bar of California Board of Legal Specialization December 19, 2016 Palm Springs Library 300 S . Sunrise Way Palm Springs, CA 92262 Re: The Alexander Jablow & Grace Jablow Inter Vivos Revocable Trust Declaration - Credit Shelter Trust To Whom It May Concern : As you are aware, the undersigned is legal counsel for the trustee of the trust . Your organization was named as a beneficiary of The Alexander Jablow & Grace Jablow Inter Vivos Revocable Trust - Credit Shelter Trust . We have provided you with a copy of the trust documents . Enclosed please find a check in the amount of $25, 000 . 00 representing payment of the entire amount of the gift to you. I would ask that you sign the enclosed duplicate copy of this letter and return it in the envelope provided. By signing this letter you are acknowledging: 1 . Receipt of this payment; 2 . That the payment is a full and complete payment to you under the specific bequest provisions of the trust; 3 . That you have no other claims or challenges against the estate; Palm Springs Library Page Two Re : Jablow Trust December 19, 2016 9 . That you have no objections to the current administration of the estate process . If you are not in agreement with the above, please return the enclosed check in the envelope provided. Please note that we are also in need of your tax identification number. If you have any questions concerning the enclosed distribution, please do not hesitate to contact the undersigned or the trustee . Sincerely, COSGROVE, COSGROVE & HUMPHREY ATTORNEYS AT LAW By MICHAEL J. CO VE MJC:bem Enclosures � Signature Print Name C/T7 or r4L/i SpR/rGf 95-60007S"2 Tax ID No.