[Old Goat Racer]

My 65 GTO has been in my name only since 1981.
My 78 Trans Am since 1999.
I want my son to have them when I'm gone.
Looking for options what to do with the title.
Add his name to the title which would allow him to keep the Vanity plate.
TOD the title.
Other options ?
Thanks, OGR

[PAUL K]

One way is for you to sign the titles and keep them in a safe place the executer of the will knows about. A pre-signed title can be very helpful. The executer should have power of attorney to sign for you, but sometimes it's a bit more complicated than it sounds

[grandam1979]

That’s a great idea.

[DavesGTO]

My Dad just added my name to the title along with his. Easy to do now and easy to deal with later.


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[Shiny]

Colorado has a form to name a beneficiary and transfer title on death (DR2009):

https://www.coloradoestateplanning.c...otor-vehicles/

Keeps the car out of probate, don't have to pre-sign the title.

Check with your DMV?

[1965gp]

Is there a reason not to transfer to his name now and avoid any taxes the estate would be subject to? That’s our plan- we are going to transfer a couple a year.

[1965gp]

If you want him to have the physical title you can always apply for a lost title and possibly frame the original?

[400 4spd.]

State laws vary widely. In my state a title has to be signed by the seller and buyer in front of a Notary. Anything less and it can get complicated.

[Joe's Garage]

That way you'll KNOW that it's taken care of.

And if there is an issue, you can help your son deal with it.

[TAKerry]

Best thing you can do is talk to an estate attorney. The best thing to do is have a current will and state your wishes. No sense keeping things secret at this point. This issue varies from state to state. I know in MD you can transfer the ownership of a vehicle to an immediate family member with no problem. I do not think there is any fee associated other than maybe something for processing. There is also a DMV form that can be filled out ahead of time. This will save complications in the long run. Even with the will the form should be filled out.

[Shiny]

Originally Posted by 1965gp

Is there a reason not to transfer to his name now and avoid any taxes the estate would be subject to? That’s our plan- we are going to transfer a couple a year.

This makes sense. Seems taxes and insurance are the financial considerations.

CO does not make you pay taxes to transfer title as a gift.

Arizona apparently does... not sure about others.

Many states do charge an inheritance tax, though.

The sales tax has always been a boon for those on the receiving end. Every time a car gets sold, it is taxed over and over and over. Like a ponzi tax!

[DavesGTO]

In MD you are allowed to transfer 2 vehicles from the deceased without an having to go through estate. Trailers also count. If both names are on the title you only need the death certificate to change the title as long as your name is also on the title. I took my dad off and added my wife.


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[wase]

I'd like to learn more about trusts and LLC's. Particularly to hold assets and make transfers, of cars and things.

[Jim Scites]

From what i know, the easiest way to deal with it all is to put everything in a trust and have your son's name in the trust, When you pass away everything goes to him with no probate and no taxes.

[Sirrotica]

Originally Posted by Jim Scites

From what i know, the easiest way to deal with it all is to put everything in a trust and have your son's name in the trust, When you pass away everything goes to him with no probate and no taxes.

My parents put their assets in a trust, and it was a pain in the ass to get all the stuff settled. Cost me $3000, (the fee is set by the state of Ohio) just to satisfy Ohio that the trust was being divided according to the will amongst only 2 people, my daughter, and myself. It still ended up going through a sort of probate just to satisfy Ohio.

After going through it personally I'd never recommend putting an estate in a trust, but check with your attorney to be sure.

There was no cars involved, just cash assets and a small amount of furniture from a 1 bedroom assisted living apartment.

I talked to a banker in AZ where my parents lived, he told me that likely someone that deals in drawing up trusts talked to my parents, and convinced them that this is the best way to leave your estate. He didn't agree that it was..............

[Joe's Garage]

Originally Posted by Jim Scites

From what i know, the easiest way to deal with it all is to put everything in a trust and have your son's name in the trust, When you pass away everything goes to him with no probate and no taxes.

A good friend of ours here in Nevada sets up Family Trusts ALL THE TIME. Technical term is 'Revocable Living Trust'.

If the items in the Trust are items that you intend to leave to your son on your passing, the best (easiest) way to accomplish this is to name him as the 'Trustee' of the Trust when the Trust is originally stated.

The items then technically and legally belong to the Trust, but he has total control over what to do with them - both now AND in the future.

There are no taxes on items when they are placed into the Trust and there should not be any taxes on items that are transferred out of the Trust by the Trustee.

The Trustee can 'sell' or 'gift' items to whomever he desires. A gift may have tax due, but the Trust can legally sell the item for a nominal amount ($100) to minimize that taxable event.

My understanding is that the issues normally arise when you 'leave' something to someone in your Will and THAT item is held by the Trust and the person who receives it is not a Trustee. Transfers such as this may require a simplified form of Probate.

Note that if you live in one of the assorted 'Kommunist States', your mileage may vary......

[lust4speed]

Time for the Devil's Advocate on adding the son's name to the title.

My son's 2+2 is in my name mostly because that's what my family has always done in the past. My car was in my dad's name until he passed away. My son went through a nasty divorce several years back and the wicked witch of the west included the car in her initial demands along with about everything else he owned. "What car? Oh my dad's car? Sorry, not going to happen."

[Half-Inch Stud]

Can sell to son now, for a meager gift price of $100 because the sale is to an immediate (not distant) family member. The term "gift" might be used. No complications on value, tax, inheritance becomes moot, and Tag is registration, so active Tag transfer should(not certain) be allowed.

[68ragtop]

In Wisconsin you can put two names on the title. "John Doe or Jane Doe"
then either person can have control of it, does not have to be both like
"John Doe and Jane Doe. then your not in a pickle with insurance, registration, etc.
I'm sure not all states are the same but you can do that in Wisconsin.

Depressing conversation by the way, But I understand.