Plans for your car after you die

[RemCharger]

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.

Sounds like I meet the criteria!

 

[OneWheelPeel]

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

This reminds me, years ago so things may have changed, my brother killed himself with no will behind, just weird notes everywhere. In what seemed like a last minute note near the scene he wrote that his Mustang (a 92 4 banger) goes to me. I had to fill out a probate form at the DMV and wait while they investigated and checked if anyone disputed it, then I got the pink slip. I think it was only like a month or so for the whole process. I drove it for a little while and then gave it to a friend that needed a DD and he used it for years.

 

[71RRHI]

I was planning on building more storage space, and getting more cars. But after reading all five pages of this. I'm thinking I might be better off saving the money and just stick with the cars I have. I better go read a good restoration thread, get me back in the mood to buy more cars.

 

[copper67sat]

My wife and I talk about this from time to time. We don't have kids or any family that would have a clue what to do with old cars. If any of them do express sincere interest, they can have them when the time comes. I hope the next owner(s) will enjoy and take care of them but don't think I'll lose sleep worrying about what happens to them.

My wife knows about what the cars are worth. If something happened to me she would probably move by her sister. She would be able to take her time selling this property, the cars, etc if she wanted to. Or she might just sell it all off for what she can get and be done. The difference between a peak market sale and a quick one at a discount won't make or break her retirement portfolio.

Assuming we stay healthy, we'll still want to downsize our house/property at some point. The cars will likely go at that point. Just turned 61 so hoping for at least 14 more years. I'd like to retire within 2 years and have some time to enjoy what we have before we divest.

 

[BSB67]

I was planning on building more storage space, and getting more cars. But after reading all five pages of this. I'm thinking I might be better off saving the money and just stick with the cars I have. I better go read a good restoration thread, get me back in the mood to buy more cars.

That made me chuckle Dave.

 

[BDF6]

If I can't have it, no one can have it!
Bury me in it.
Just kidding, son'll inherit.

 

[OneWheelPeel]

I have a friend who says that all the time (half jokingly) but luckily he can't afford to do that. It would be pretty selfish and wasteful to destroy a nice car just because he doesn't want anyone else to have it.

 

[Triplegreen500]

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.

This was my thought as well, but a lawyer pointed out the difference between inheritance tax (what you pay when you sell inherited items), and capital gains tax (what you pay if you sell something that has your name on the title/deed). I encourage you to look up the numbers yourself, but for my situation....let the stuff be inherited.

 

[68BabyBlue]

If I can't have it, no one can have it!
Bury me in it.
Just kidding, son'll inherit.

Sadly, we’ve all seen this mindset at work with the guys who let the car rot away outside, and refuse to sell it.

 

[Unkle Krusty]

JTWRS, is joint tenants with right of survivor. This also needs to be studied. if it is a simple estate, with not too much $$, and the logical thing to do, then it may work.
If it is a large estate with competing beneficiaries, then a sharp lawyer will use the grey area of the law, and it may fail.
Each state likely has their own wording for these type of contracts, so it is worth reviewing. There are usually about five tests for the formation of a contract.

 

[gtx6970]

Mines future is well sealed

Only the black one is still here, and its going no where
The women in my life have spoken

 

[SlingLow]

If I could afford it, I would hire Elon Musk to shoot my Roadrunner into space with me sitting in it.

He should pay you for that.

Binders are up to date for all cars, all costs are tallied. Son knows where they are. All nos parts are marked with cost / value as of last year. Wife knows how to get on here and list anything the kids don't want and I know none of you will take advantage of her! Some might try to move in, but... LOL

Hell, I'll move in right now, do chores and leave your wife alone. That guest cottage is sweet.

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.

If you're intestate (no will, not no testicles) the order is children 1st, parents 2nd, siblings 3rd.

1 grandson wants the 67 he has been interested in it for several years. I will see to it its his, will try to make things fair with the other grandkids money wise.

Having no children of our own means no grandchildren as well. As a result, nieces and nephews are a big part of our distribution plan. One thing I discovered is that fairness and equality is optional and purely at our discretion. For instance, I have one nephew that went into the clergy and is a pastor. His 2 brothers and sister all have professional jobs and make bank. As a result he will receive more than them. My choice, no guilt. With regard to the cars, not one of them has an interest or is equipped to store or maintain a classic car. They will eventually be sold when I begin to downsize after the wife retires. I do have spreadsheets on each to document the total cost including purchase price, acquisition costs and all improvements, and a personal balance sheet documenting the market value at the end of each year. If I go first, my wife can sell anything left for whatever price she chooses. This is not our retirement money - it's my entertainment.

This was my thought as well, but a lawyer pointed out the difference between inheritance tax (what you pay when you sell inherited items), and capital gains tax (what you pay if you sell something that has your name on the title/deed). I encourage you to look up the numbers yourself, but for my situation....let the stuff be inherited.

Inherited real estate is passed on at fair market value at the time of death and can be the preferred method for highly appreciated assets. Be sure to get a formal appraisal at the time of death to document the value.

JTWRS, is joint tenants with right of survivor. This also needs to be studied. if it is a simple estate, with not too much $$, and the logical thing to do, then it may work.

There is also a Deed on Death that can be executed before death that automatically transfers ownership to a specified party upon death.

 

[SlingLow]

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

Agreed. And it gives you peace of mind knowing that you wrote the blueprint. For anyone considering this avenue, be aware that you can change the trust at any time or it can be revoked completely at your discretion. Avoiding probate is worth the price of admission.

 

[68BabyBlue]

Agreed. And it gives you peace of mind knowing that you wrote the blueprint. For anyone considering this avenue, be aware that you can change the trust at any time or it can be revoked completely at your discretion. Avoiding probate is worth the price of admission.

A warning here. This stuff can be expensive. I just had a consultation a few weeks ago. I always meet with the senior partner, and she never bills me. Her rate would be over $500 per hour. She brought me up to speed on some tax advantaged moves I could employ for paying the fees when my wife and I pull the trigger on the old folks home. She suggested we try out an in house accountant to run numbers specific to our situation. I agreed, and forked over a $2000 retainer. I get what I need from the partner, but then I throw a bone, so she can get her new associates some paid stick time.

As always, my wife threw a fit when she got a bill for $200 in addition to the retainer. The kid billed seven hours at $300 per hour. I ran the same process myself that week, multiple scenarios, in less than an hour, and of course no charge. I wasn't excited about the fee. I will realize $15,000 in out of pocket savings when I enter the facility, and $300 per month as long as I'm in there. I don't expect a high end law firm to work for free.

My wife has been spoiled by being married to a lawyer. Lay people are typically shell shocked by the fees charged by good ones, one reason I left private practice early in my career. My spouse hates the idea of paying for these services if I predecease her, but that is her best option if I'm dead. These services can be heart stopping expensive up front, but are well worth it when performed well.

I paid five figures up front for our wills and trusts, even with a significant discount for work I did myself, but I can also change them at no additional charge at any time.

 

[SlingLow]

A warning here. This stuff can be expensive. I just had a consultation a few weeks ago. I always meet with the senior partner, and she never bills me. Her rate would be over $500 per hour. She brought me up to speed on some tax advantaged moves I could employ for paying the fees when my wife and I pull the trigger on the old folks home. She suggested we try out an in house accountant to run numbers specific to our situation. I agreed, and forked over a $2000 retainer. I get what I need from the partner, but then I throw a bone, so she can get her new associates some paid stick time.

As always, my wife threw a fit when she got a bill for $200 in addition to the retainer. The kid billed seven hours at $300 per hour. I ran the same process myself that week, multiple scenarios, in less than an hour, and of course no charge. I wasn't excited about the fee. I will realize $15,000 in out of pocket savings when I enter the facility, and $300 per month as long as I'm in there. I don't expect a high end law firm to work for free.

My wife has been spoiled by being married to a lawyer. Lay people are typically shell shocked by the fees charged by good ones, one reason I left private practice early in my career. My spouse hates the idea of paying for these services if I predecease her, but that is her best option if I'm dead. These services can be heart stopping expensive up front, but are well worth it when performed well.

I paid five figures up front for our wills and trusts, even with a significant discount for work I did myself, but I can also change them at no additional charge at any time.

Our living trust was $3,500. I have not made any changes in the 2-3 years since then and am not sure what the fees will be when I do, but I expect to be billed. One of our beneficiaries passed last week and it's time for a review. It's a much more difficult process when you're not simply leaving everything equally to your children.

 

[68BabyBlue]

Our living trust was $3,500. I have not made any changes in the 2-3 years since then and am not sure what the fees will be when I do, but I expect to be billed. One of our beneficiaries passed last week and it's time for a review. It's a much more difficult process when you're not simply leaving everything equally to your children.

I have generation skipping provisions in mine, which complicates the process, and raises the upfront cost. Pays off with tax advantages for the grand kids.

 

[Richard Cranium]

I have generation skipping provisions in mine

Talkin' 'bout my generation

 

[OneWheelPeel]

Sadly, we’ve all seen this mindset at work with the guys who let the car rot away outside, and refuse to sell it.

I had a friend like that back in the 90s, his back yard was filled with cars rotting away, but most of them started. He would start them every week or so.
He had a couple of 68/69 Chargers, not 100% sure on the years, that were rusting along with some other desirable and not so desirable models.
Then he died suddenly, I'm sure his wife did not get best dollar trying to liquidate the stuff.