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Health Services Department recommending Board consider the following:
1) Accept the gift of funds from the Gladys L. Closson Trust (“Trust”);
2) Accept payment as beneficiary under Mass Mutual Annuity Contract ODY15328763 (“Annuity”);
3) Authorize the Chair to sign the Waiver of Objections and Consent to Informal Accounting of Trust Estate and Consent to Proposed Distribution and Designation of Preference and the Mass Mutual Annuity Claims Packet.
FUNDING: Gladys L. Closson Living Trust and Annuity policy.
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Fiscal Impact/Change to Net County Cost: There is no Net County Cost associated with this gift of funds.
Background: The Gladys L. Closson 1991 Living Trust named The El Dorado County Animal Control Shelter Aid Trust Fund as a residual beneficiary. As such, under the terms of the Trust, the El Dorado County Animal Control Shelter Aid Trust Fund is entitled to receive twenty-five percent (25%) of the residual estate of the trust.
Additionally, the "El Dorado County Animal Control Shelter and Trust Fund" (it is believed this title is a typographical error and should read “El Dorado County Animal Control Shelter Aid Trust Fund, which is consistent with the title used in the Living Trust) is named as a beneficiary under an annuity policy issued by Massachusetts Mutual Life Insurance Company and affiliates, Contract number ODY15328763. Gladys L. Closson was the annuitant under the policy.
It is estimated that the gift under the Trust is approximately thirteen thousand seven hundred seventy-three dollars ($13,773). It is estimated that the gift under the Annuity is approximately ninety-five thousand dollars ($95,000).
The Animal Services section of the Health Services Department - Public Health Division (“Animal Services”) was contacted by the co-trustee Marianne Oliphant and was provided with the following documents to be executed in order to expedite the disbursement of the funds:
1. Waiver of Objections and Consent to Informal Accounting ...
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