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THE LOBBY A gathering place. Introductions, sports, showin' off your ride, birthday-anniversary-milestone, achievements, family oriented humor. |
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#1
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what will happen to your classic car when you die?
i sometimes toy with the idea of transferring mine into my sons' name, but not telling him.
i'm thinking if i leave behind unpaid medical bills or something; they will have to seize something else; he will still get the car. am i right or wrong? or make him co-owner? i'm not thinking of checking out anytime soon; but i just turned 50, and have high blood pressure. i'd like to be sure that my kid gets the car. i just don't want to tell him. |
#2
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Eh, I won't care. Probably crushed or derbied as the kids have zero interest in them and the wife doesn't want to drive an old car she can't work on.
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#3
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I don't have kids, and will hopefully sell it before I'm too feeble to do anything with it.
edit: Is it possible to transfer it into his name without him knowing? I'd think he would need to sign papers. |
#4
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Ask your attorney/estate planner.
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#5
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im leaving my cars to an unsuspecting friend or two..
__________________
Mark.. The Goat whisperer "I spent a lot of my money on booze, crazy women, and fast cars. The rest I just squandered." |
#6
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This! PY is a great place for car advice, but not so great for legally accurate info.
My kids (14 & 16) love the old cars and both have already claimed one each as theirs when I kick off. Any others owned at the time will be sold off based on advice my wife will receive from Pontiac knowledgeable friends.
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1966 GTO 1969 Lemans Convertible- F.A.S.T. legal family cruiser. 12.59 on G70-14 Polyglas tires. 1.78 60' 1969 Bonneville Safari- cross country family cruiser. . 1979 Trans Am 400, 4-speed, 4 wheel disc. View from the drivers seat racing down Atco Raceway- http://www.youtube.com/watch?v=GhYDMdOEC7A Ride along in the other lane-http://www.youtube.com/watch?v=mIzgpLtF_uw |
#7
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Daniel (my 20 year old) will probably end up with it.
That suits me now and I certainly won't care then.
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frittering and wasting the hours in an off hand way.... 1969 GTO, 455ci, 230/236 Pontiac Dude's "Butcher Special" Comp hyd roller cam with Crower HIPPO solid roller lifters, Q-jet, Edelbrock P4B-QJ, Doug's headers, ported 6X-8 (97cc) heads, TKO600, 3.73 geared Eaton Tru-Trac 8.5", hydroboost, rear disc brakes......and my greatest mechanical feat....a new heater core. |
#8
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I am passively selling my car now. What I tell people is "It isn't for sale but it can be bought." If someone offers me the price I have in my mind the car will be sold. If not I will drive and enjoy it until I can't.
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Remember no one is perfect. Everyone's butt has a crack in it! |
#9
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It'll get pushed to the curb so the wife can finally park her car in the garage.
__________________
http://www.pontiacpower.org/ |
#10
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Quote:
No, in seriousness , Id leave it to whoever might enjoy it. Your idea of placing the title in your sons name is a good choice. |
#11
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I don't know what will happen to the racecar, but my daughter is definitely taking the GTO. I have to teach her to drive it soon, it can be a handful.
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#12
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Weird this topic just came up.
Only today I was thinking about how much money I'm dumping in my 68 right now and that if something happened to me I'd need someone to help my wife liquidate things for what they are worth. If I had any warning at all ... it's possible I'd try to find a local person right here on this forum to help her with it. (but don't touch her till I'm gone |
#13
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Good response.
Mrs71 and I are just finishing our estate planning. The Cutlass and some pontiac stuff, goes to my nephew. He knows it, the family knows it. Don't spring it on someone, make a plan. Don't leave to someone who has know idea it was coming. This could hurt them on taxes. An easy way to do this without involving attorneys or planners, is to simply go to your dmv and ask about TOD. Transfer On Death. Easy, shouldn't cost a thing. Takes only a few minutes.
__________________
71olds cutlass S 455/400--longtime oldsmobile owner with a soft spot for pontiacs |
#14
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My youngest son gets my 67 GTO. He's worked on it for 25 years. Since he was just old enough to hand me stuff so he deserves it. My 64 GP I haven't decided yet. I have 3 more sons and grandsons so I don't know.
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#15
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You could always adopt me real quick like
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#16
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She had a plan right from the start...
Funny/True statement.
Daughter has been around the cars since born. When she was about 6 or 7 years old she said something to the effect how she can't wait to drive the LeMans, I laughed and said she would never. She then in all seriousness blurts out you'll be to old to stop me So clearly she had/has a plan and I guess no need for me to worry about where it ends up
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When I die, I want to go peacefully like my grandfather did, in his sleep. Not screaming like the passengers in his car. Last edited by Jeff Hamlin; 12-04-2016 at 07:43 AM. |
#17
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Quote:
As mentioned, an estate planner would be a good idea. Eric
__________________
"Everybody has a plan until they get punched in the mouth" noted philosopher Mike Tyson Life begins at the end of your comfort zone. “The mind, once stretched by a new idea, never returns to its original dimensions.” |
#18
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I guess buried with me.
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#19
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Since my son isn't a car guy I put mine in my will to be sold buy a knowledgeable person designated by me and proceeds donated to Cancer Research.. I would think some of my buddies would step in an help him liquidate the parts at a decent value..
Otherwise...I won't care..
__________________
ECM member. 2008 Outlaw Pontiac Drag Series Champion MANDRA Do it now fool! Life is short. 69 Grand Prix/3163lbs / IAII 535 w/ Tiger heads by Gaydosh....9.35@ 144 so far.. through mufflers. 1.26 60'. Going back to track with pump gas engine.... My 60 Ventura retired to street/strip duty.. |
#20
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They will probably sell the parts for pennies on the dollar and what isn't sold I'm sure would be scrapped. Kids aren't very interested in cars.
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1967 2+2 hardtop 428 w/auto 1967 2+2 convertible 428 w/4 speed 1967 2+2 convertible 428 w/auto 1967 Bonneville Brougham Coupe 428 w/auto 1967 Grand Prix convertible 428 w/auto https://www.plainfieldpontiac.com/ *BE SURE TO LIKE MY FACEBOOK PAGE* https://www.facebook.com/PlainfieldPontiacRescue/ |
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