Transferring a Car Within Family
Hi - Hope this is the right place to post – Wondering if anyone can provide a little insight here. I’ll start with we live in Illinois. My father wants to pass his antique car to me. He is the original owner and we want to keep in family. We are trying to determine what the correct way is but I’m finding mixed results. Someone told me they just did a title transfer and that was it, but I think there might be more. I went to the secretary of states office and seemed to get the run around. From what they told me this could cost more than a new car in tax and title money. I can’t imagine that is the case. I also found online that we would need to use a RUT-50 tax form and from what I read the tax amount would be $25.00. The person at the office had never heard of that. I also found that there is a VSD773 Beneficiary title transfer but not sure that is correct and of course they had never heard of that either. Can anyone shed some light on this or have personal experience? Thanks in advance.
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