Cars in “Trusts” Any info on putting autos registered as Collector Cars in “Trusts” for your child when you die. Washington St & Michigan specifically, would be appreciated. I’d like to know the general ins and outs and dealing with registration
Good question. That sounds like the type of question best posed to a lawyer who specializes in the matters of an estate. It seems to me like they would be best to help you navigate those waters. Of course there may be someone on here who has already gone down that path that can help you get started.
Thanks for response
Thats where a TRUST would be prepared but I’d like to know a little first.
Washington & California have both juggled the rules to harvest $$$ by taking a particularly popular plate and have moved it to the “Personality Plate” category where you pay a Personality Plate Fee at each renewal.
Hagerty is a Michigan based company and I now live there. It’s going to effect anyone with a collector car. They run adds for brokers trying to get the cars whole sale with a “You can’t take it with you” tag line.
If someone in your family wants a specific car, like a good rest-mod VW split screen bus, it would be nice to handle it with assigning a price. Estate lawyers and the states both stand to gain by a higher price, neither entity has sterling reputation.
Absolutely check into the rules in your state/province from an actual lawyer you are trusting.
I have family members with large (not necessarily valuable) collections. Past history suggests most of this will not be dealt with and left to the estate to sort out. Messy. Even with a “list” (even if properly done via lawyers) this gets messy. One recent estate paid out massive taxes due to being under a trust that had outdated rules (government closed loopholes so this one got taxed hard). Plus someone is likely mad that they didn’t get item X when so and so did or someone is mad because the deceased wishes weren’t respected (i.e., half the stuff scrapped because it was too much work to move a field of parts cars when the property is sold). Specific to registration, in my area that was simple as the estate was authorized to sell the vehicle. If the will had said “gift the car” to me it probably still would have been simple though I likely would of had to pay taxes.
It seems the hardest thing for most people to do is let go of something before they are gone. But if you have a collection it really does make sense to pare it down as life moves on. Hopefully this means you have children, grandchildren, relatives and/or friends that you want to give the item or give a sweet heart deal to. Sometimes it is that person that knows you have a certain thing and has been asking you to sell it for years (i.e., my son will just sell this model A to someone that will cut it up, this woman has wanted it for years because it is like her grandpa’s —sell it to the woman.)
A relative of mine has a collection that mostly resembles a scrap yard. Quite a few of these he will never get to (and arguably most of them are parts cars at best). He could monetize some (there is a few I would buy, and some no one in the family wants ever) and finish one really nice and/or pick up one of his dream cars he has never managed to get. Or he can sit on a large collection he isn’t actually doing anything with. If I was given this collection tomorrow I would divest more than half of it (won’t get to it in my lifetime… just too many big projects).
This post is getting long, but whether it is cars, guitars or something else. Ask yourself “can I give it to this person sooner than later?” and “should I get rid of this before my estate has to deal with it?”.