Plans for your car after you die

[kiwigtx]

The "kids" sure don't want any of that car related stuff, and are not even interested in our rental property.

Until your Will is read out ....and that's where the fight starts.

 

[Budnicks]

After my stepdad passes on, he says he wants his hearse to be his yellow 1967 Fury station wagon. Regarding wills or where the cars go after he goes though, still has yet to be determined because he does not have a will or anything for them. He has a younger brother though and no kids, so I would assume they would immediately go to him to he is next to kin.

No will (?) then it's all going to probate, government red tape,
held up at a min.
a probate court/specific lawyer will determine the outcome,
or division of real property

unless he/they starts to give it away before he's gone...

that's a smart move too, avoid all the lawyers & courts
before your gone, see them enjoy it or happy too
or pissed you didn't give them 'crap'

People if you haven't already I'd suggest doing a will & testament
or an Living Trust, it will help avoid the court/mandate crap
otherwise it's going to probate still
spend the $600+ now, get a lawyer to draw it up
& do a living trust, w/revokable trust, so it can be changed
if someone pisses you off

 

[dadsbee]

Step 1... nobody is getting out alive!

Step 2... talk to your kids about what they might want, with no promises.

Step 3... add said kids to titles on properties in trust so they automatically get transfered to them. No capital gain... no probate fees to the gov and no need to be on a will. Same deal with bank accounts.

Step 4.. don't leave a bunch of funds in an RSP / RIF (401k) and lose 54% like my Mother's estate did when she passed. None of us knew she had such a thing as a nurse. Why I've been converting my yearly minimum taxed withdrawals to cars for 5 years. Kids get them for a dollar, don't even need a safety!

Step 5....enjoy the time you have left. Tomorrow is not promised and you won't care from inside the pine box!

 

[Richard Cranium]

Step 4.. don't leave a bunch of funds in an RSP / RIF (401k) and lose 54% like my Mother's estate did when she passed. None of us knew she had such a thing as a nurse. Why I've been converting my yearly minimum taxed withdrawals to cars for 5 years. Kids get them for a dollar, don't even need a safety!

Man, you got screwed! You got my curiosity going, so I just looked this up.


Do my beneficiaries have to pay taxes on my 401k?

Yes, the distributions you take from a traditional 401(k) you inherit are generally taxable as ordinary income. This is because the funds in a traditional 401(k) grow tax-deferred, meaning the money is not taxed until it is withdrawn.

 

[Plyrr471]

My wife and I have no children. I’m considering selling my RR while to market is still strong…or pretty strong.

 

[Budnicks]

My car or cars/trucks when I kick the bucket
will go to

my son James doesn't show any interests in cars really,
he's a lifer Navy guy, he still has the 89 Mitsubishi Eclipse Turbo,
it had like 5k miles when I/he got it, it had a few mod done already
wider wheels & performance tires, suspension/lowered, nice struts & a tuner
(It's what he wanted)
I bought/gifted him after he enlisted in the Navy, at 18, right before 9/11
his car currently, only has like 25k miles miles, he's never there to drive
it sits in storage, on jack stands in his garage mostly, he's always deployed
he'll drive around the base when he's there, rarely goes anywhere...
Deployed like 9 months a year, or special deployments,
if he isn't, he volunteers to be (he's a diver) & when he finally does retire,
he's going to travel, be like a vagabond in a class A RV more then likely,
& on a govt. pension...
He'll do fine...

My 68 RR, if I still have it, will go to my nephew Kieth, (HE'S LIKE MY SON)
he's shown the most interest
he's not a great mechanic or anything just smart guy & can look **** up & figure it out
his youngest daughter Sydney (10 right now) digs it too, she has a good 'old sole'...
I know Kieth would do the right thing, I think he'd keep it & work on it a lil' here or there
& he HAS A GREAT INCOME & CAN AFFORD SUCH THINGS, it'd be in great hands...
He's a school administrator & a gun advocate, 2nd amendment adv.,
he'll get all my guns & ammo, I know he'll take care of them...
Keith will get all my personal tools/boxes, welders bottle too...
That's $40-$50k probably, if you were go & buy them, easily......
He will be able to use many of them,
I've set up most of the in-laws with tools already, usually around Christmas or birthdays

The 2020 Launch Edition Jeep Gladiator off road special edition,
if I still have it, will go to my youngest Jessica
she is a diehard Jeep fanatic, so is her husband, they'd love it like they bought it

My 1999 Dakota SLT 4x4 Magnum v8, maybe go to one of my son in-laws,
probably Rebecca's husband (1 of the twins, Rachel is the other)
he's a Dodge/Ram 4x4 man, he's shown interest in it,
of course it only has 62k org miles right now, great lil' truck
going to have $3,000+ new wheels & tires/shocks here pretty soon too
has a bunch of bolt on mods, already
(all the in-laws are great people, all the girls husbands are
either Sports Car/Jeep/Truck or 4x4 people, just not 60's muscle cars)

My belongings in the house, certain things are written down, who gets what
if it's not already decided, it goes to whom ever wants it...
Keith will probably take my clothes, memorabilia stuff, he's like my clone...
I'm sure they can figure that stuff out...
Furniture dressers beds TV stereo leather couches tables etc.
Do an estate sale or something, maybe a donation to worthy charity,
of their choice, tax write offs...

If I still have a dog, Sabrina my niece will probably take him/it
she's a staunch animal lover & loves my dogs, all of them I've had
would willingly follow her anywhere, there will be extra $$, to take care of it too...

My house/s, I own everything outright (like everything else I have, all paid for)
will be split up between 4 kids, my niece & my nephew Keith will be the executor,
(so x 6, like 16.66% each) he's 15 years younger then I am, he should outlast me...
Same for my investments, stocks bonds saving accounts, checking etc.
1st to pay off anything I owe/due or property taxes etc., outstanding when I'm gone...
Kieth will get them, & distribute them equally, or as he see's fit, if any trouble...
& he will have power of attorney, if anyone gives him trouble & contests
he can deny them everything, on his digressions (I trust him 110%)
So do the kids & spouses, all agreed...

If I finally have any of my own grandkids,
my girls have NOT had any of their own yet, busy with careers & hobbies/sports etc.
I do have a couple of grandkids by proxy/marriages, they will get something too
2 of my girls married guys with children, so sort of my pseudo grandkids...
I think of them as such...
Other then my Niece & Nephews children, I treat like mine
their parents can decide what of theirs they can have,
& each of all the (young) kids, all has an account in their name when I die...

It's all spelled out well, in my 'Living/Revokable Trust'
Iron clad, in court, even for Calif.

 

[Coelacanth]

My family is going to be screwed with all my junk. They are going to cry all the way to the bank!

Don't lay all that responsibility on them. Do like that other guy suggested and give 'em to us forum members. We'll take good care of em'. ;)

 

[Coelacanth]

I'm probably in the middle of the age range here, at 58. There's hopefully still enough strip on that quarter-mile of life for me to hit 3rd gear.

My 15-year-old daughter definitely wants my Grand National, but has only mild interest in the Charger...but that's because it's not driveable yet. It's not too desireable in its current state. I give her credit for not being totally apathetic towards these old cars, she pays attention to other muscle cars and hot rods when she sees them driving around. She even decided to take an optional intro to mechanics course in Grade 9, and liked it enough to take the next level of mechanics course this year in Grade 10. She doesn't want to be a mechanic though, but I like to think my hobby/interest has influenced her somewhat.

 

[Cojohnso1]

This subject matter does get me thinking. I'm looking into a living will. Where all hard assets (like classic cars, tools, parts, real-estate among other items) that are not readily liquid for dissemination, will be listed. Most liquid assets like Retirement, 401k, bank accounts have noted beneficiaries. As does insurance policies and private investment holdings.

I'm taking a class on early retirement options co-sponsord by employer and labor union. And I'm sure this subject matter will be discussed. If not? I'm bring it up for discussion.

But how come I get the sneaky suspicion that I'm only scratching the surface? Lol.

 

[dadsbee]

58 with a 15 year old.. that's gotta be tiring. Lol. My Son is 42, I'm 63. I was 2 weeks shy of 21 when he was born.

 

[RT68440]

This is what I am talking about, and you are a rare younger guy that loves those cars but don't have the space/time/money/etc like so many others.

Exactly. My wife and I talk about eventually finding a house with some land to build a pole barn. I just don't know if I want to deal with maintaining the cars, insuring them, plates, etc. My dad and I talk about selling all of the inherited cars and buying one nice Mopar and putting the rest of the money in the bank. The sentimental aspect makes it hard to want to do that just thinking about it now, let alone when those relatives pass on..

 

[Coelacanth]

58 with a 15 year old.. that's gotta be tiring. Lol. My Son is 42, I'm 63.

The drama and eye-rolling are certainly that. And then there's my daughter...

 

[68BabyBlue]

Man, you got screwed! You got my curiosity going, so I just looked this up.


Do my beneficiaries have to pay taxes on my 401k?

Yes, the distributions you take from a traditional 401(k) you inherit are generally taxable as ordinary income. This is because the funds in a traditional 401(k) grow tax-deferred, meaning the money is not taxed until it is withdrawn.

I have a trust to deal with this issue. Well worth the fees for a good attorney.

 

[68BabyBlue]

My car or cars/trucks when I kick the bucket
will go to

my son James doesn't show any interests in cars really,
he's a lifer Navy guy, he still has the 89 Mitsubishi Eclipse Turbo,
it had like 5k miles when I/he got it, it had a few mod done already
wider wheels & performance tires, suspension/lowered, nice struts & a tuner
(It's what he wanted)
I bought/gifted him after he enlisted in the Navy, at 18, right before 9/11
his car currently, only has like 25k miles miles, he's never there to drive
it sits in storage, on jack stands in his garage mostly, he's always deployed
he'll drive around the base when he's there, rarely goes anywhere...
Deployed like 9 months a year, or special deployments,
if he isn't, he volunteers to be (he's a diver) & when he finally does retire,
he's going to travel, be like a vagabond in a class A RV more then likely,
& on a govt. pension...
He'll do fine...

My 68 RR, if I still have it, will go to my nephew Kieth, (HE'S LIKE MY SON)
he's shown the most interest
he's not a great mechanic or anything just smart guy & can look **** up & figure it out
his youngest daughter Sydney (10 right now) digs it too, she has a good 'old sole'...
I know Kieth would do the right thing, I think he'd keep it & work on it a lil' here or there
& he HAS A GREAT INCOME & CAN AFFORD SUCH THINGS, it'd be in great hands...
He's a school administrator & a gun advocate, 2nd amendment adv.,
he'll get all my guns & ammo, I know he'll take care of them...
Keith will get all my personal tools/boxes, welders bottle too...
That's $40-$50k probably, if you were go & buy them, easily......
He will be able to use many of them,
I've set up most of the in-laws with tools already, usually around Christmas or birthdays

The 2020 Launch Edition Jeep Gladiator off road special edition,
if I still have it, will go to my youngest Jessica
she is a diehard Jeep fanatic, so is her husband, they'd love it like they bought it

My 1999 Dakota SLT 4x4 Magnum v8, maybe go to one of my son in-laws,
probably Rebecca's husband (1 of the twins, Rachel is the other)
he's a Dodge/Ram 4x4 man, he's shown interest in it,
of course it only has 62k org miles right now, great lil' truck
going to have $3,000+ new wheels & tires/shocks here pretty soon too
has a bunch of bolt on mods, already
(all the in-laws are great people, all the girls husbands are
either Sports Car/Jeep/Truck or 4x4 people, just not 60's muscle cars)

My belongings in the house, certain things are written down, who gets what
if it's not already decided, it goes to whom ever wants it...
Keith will probably take my clothes, memorabilia stuff, he's like my clone...
I'm sure they can figure that stuff out...
Furniture dressers beds TV stereo leather couches tables etc.
Do an estate sale or something, maybe a donation to worthy charity,
of their choice, tax write offs...

If I still have a dog, Sabrina my niece will probably take him/it
she's a staunch animal lover & loves my dogs, all of them I've had
would willingly follow her anywhere, there will be extra $$, to take care of it too...

My house/s, I own everything outright (like everything else I have, all paid for)
will be split up between 4 kids, my niece & my nephew Keith will be the executor,
(so x 6, like 16.66% each) he's 15 years younger then I am, he should outlast me...
Same for my investments, stocks bonds saving accounts, checking etc.
1st to pay off anything I owe/due or property taxes etc., outstanding when I'm gone...
Kieth will get them, & distribute them equally, or as he see's fit, if any trouble...
& he will have power of attorney, if anyone gives him trouble & contests
he can deny them everything, on his digressions (I trust him 110%)
So do the kids & spouses, all agreed...

If I finally have any of my own grandkids,
my girls have NOT had any of their own yet, busy with careers & hobbies/sports etc.
I do have a couple of grandkids by proxy/marriages, they will get something too
2 of my girls married guys with children, so sort of my pseudo grandkids...
I think of them as such...
Other then my Niece & Nephews children, I treat like mine
their parents can decide what of theirs they can have,
& each of all the (young) kids, all has an account in their name when I die...

It's all spelled out well, in my 'Living/Revokable Trust'
Iron clad, in court, even for Calif.

Professionally speaking, you have done a sterling job. thanks for sharing.

 

[Dennis H]

Get a Grip everyone, NOBODY CARES about these cars. With isolated exception of course. It’s all about the $$$. They mostly live in their screens now. It’s over as we know (knew) it.

 

[BSB67]

Do my beneficiaries have to pay taxes on my 401k?

Yes, the distributions you take from a traditional 401(k) you inherit are generally taxable as ordinary income. This is because the funds in a traditional 401(k) grow tax-deferred, meaning the money is not taxed until it is withdrawn.

Normally rolled over into a beneficiary IRA. New rules require full distribution of BIRAs within 10 years.

 

[SteveSS]

It reminds me of that scene in Grand Torino when that little bitch of a grandaughter changed her tune when she saw his car.

Speaking of sons and daughters. I thought my son was easier to raise than my daughter. Fast forward to today I talk to my daughter almost every day. My son more like once a week.

 

[BSB67]

Get a Grip everyone, NOBODY CARES about these cars. With isolated exception of course. It’s all about the $$$. They mostly live in their screens now. It’s over as we know (knew) it.

I think it is more like: it’s unrealistic to think the next generations will have the same passion for our hobby from our time period as we do. Not unlike me and my general lack of interest in the cars (and other things) that my dad was into.

My kids are only interested in the hobby because I’m into it. But they are not passionate about the cars. Thank goodness.

I truly don’t care what happens to the cars. In a perfect world they will go to someone that will enjoy them. I don’t suspect they will be worth much by then. But I don’t want to leave my loved ones with the burden of managing them when I’m gone. I just need to polish-up my crystal ball as to when to divest.

But in the meantime, I’m gonna drop the clutch and let-er-rip

 

[Unkle Krusty]

We have been to the Arctic Ocean, Yellowstone, Bonneville, all around Vancouver Island, and other places. The Tukvan is for us. We have plans for 2026. What happens later, is not of much concern. Again, the Tukvan is for us.
Also, we have been many places in the boat. At least one month per year, over the last 15 years. But next year we will likely sell the boat. It has served us well. Now it is time for a younger person to use it, plus the expense of owning.

 

[Photon440]

My son gets my car. It's already in the will.