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Board reviews Phelps Trust petition; $3.3 million principal would produce lump sum in 2031
Summary
The board reviewed a petition proposing that the Phelps Trust distribute assets equally after five years, with the trust’s principal currently listed as $3.3 million and a final lump-sum payment expected in 2031; the board said it would not object.
The Town of Green Lake Board reviewed a petition concerning the Phelps Trust at its Oct. 13 meeting and agreed with the town attorney that there was no reason to object. According to the minutes, the petition requests that after five years the trust equally distribute all assets to beneficiaries and terminate, producing annual payments for five years and then a lump-sum payment in 2031.
The minutes record the petition's statement that the principal amount of the trust is currently $3.3 million. The board recorded no formal motion to object; the entry notes only that the board agrees with the Town Attorney that there is no reason to object. No additional financial modeling or projected payment amounts were included in the minutes.
