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Trusts and HDFCsNov 03, 2022

Can I put my HDFC co-op in a Trust?

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Trusts and HDFCs - Steven424 Nov 05, 2022

This is a very complex undertaking and I suggest you speak to an attorney with a lot of experience in this field. Even under "normal" circumstances where you don't have the added complications of the HDFC rules and regulations, putting co-op shares into a trust requires a specific board resolution and other documentation. HDFC only adds to the pile. My co-op had our attorney draft the resolution, and my wife who was a T&E attorney said she would not undertake it on her own.

This Is *NOT* a DIY project. Do not try to undertake it on your own!

There are many issues most non-attorneys would not think of, any one of which could dig a very deep hole.

The resolution will cost your board in legal fees, and you can charge those back to the shareholder wanting to establish the trust. The alternative will be to pay an attorney many times the cost of the resolution as they try to dig you out of the hole you created.

Good luck!

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