Who Gets Your Cars?
01-13-2016, 05:41 PM
#16
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I am a large part of "Street Survival" (Nationwide school for young drivers) and I swear by that for the masses.. But for us types - with our type of cars ~ Get them into a minor racing series, have them earn a competition license, & let them drive a season. NOTHING makes a young driver aware of a car, limits & the surroundings like being surrounded by 25 other like minds on a racing surface.
My Son ended up getting Rookie of the Year at our local club racing sanctioning body in my Spec Miata.
He may still get in an accident someday sure (he has not) but I know he is 1000% better than any other kid out there.
As for who gets my cars when I pass away? I have "selling data" on each one of the fleet in an electronic file / with instructions on how to maximize the sale and enjoy the proceeds.
01-13-2016, 07:48 PM
#17
If that happens, I told my Wife to call our Porsche dealer to pick the two 911 and let them sold for you
my wife do not like noisy cars, my second girl is to little (11) and the first need $$ to pay Sallie mae
my wife do not like noisy cars, my second girl is to little (11) and the first need $$ to pay Sallie mae
01-14-2016, 08:17 AM
#18
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Location: Naples, Florida
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Missouri has an interesting approach. It's called Transfer on Death.
"When you are filling out your Application for Missouri Title and License (Form DOR-108), you can assign a beneficiary by name for the transfer of death. This will allow the vehicle to be transferred to this person without going through probate.
Check the “Transfer on Death" box on the application and fill out the name of the beneficiary. If there is more than one name, the “Tenants in Common" box must also be checked"
Richard Newton
Road Scholars Magazine
"When you are filling out your Application for Missouri Title and License (Form DOR-108), you can assign a beneficiary by name for the transfer of death. This will allow the vehicle to be transferred to this person without going through probate.
Check the “Transfer on Death" box on the application and fill out the name of the beneficiary. If there is more than one name, the “Tenants in Common" box must also be checked"
Richard Newton
Road Scholars Magazine
01-14-2016, 09:26 AM
#19
Your doing it well, just not well enough. I am a large part of "Street Survival" (Nationwide school for young drivers) and I swear by that for the masses.. But for us types - with our type of cars ~ Get them into a minor racing series, have them earn a competition license, & let them drive a season. NOTHING makes a young driver aware of a car, limits & the surroundings like being surrounded by 25 other like minds on a racing surface. My Son ended up getting Rookie of the Year at our local club racing sanctioning body in my Spec Miata. He may still get in an accident someday sure (he has not) but I know he is 1000% better than any other kid out there. As for who gets my cars when I pass away? I have "selling data" on each one of the fleet in an electronic file / with instructions on how to maximize the sale and enjoy the proceeds.
My kids are 5 and 9. They are both drifting quad bikes and driving go karts. The 4.0 is for my daughter and the 996rs will be my sons. I started driving cars at the age of 12. My kids will hopefully do the same. Will likely be in an old Volvo with a stick. Nothing can break those. 😃😃
01-15-2016, 02:36 PM
#21
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Keep in mind that the federal taxes are generally not the issue. Only 5,400 estates in the US paid the federal estate taxes last year.
It's all the various taxes the states have invented. And the fact every state is different makes it even worse.
Richrd Newton
It's all the various taxes the states have invented. And the fact every state is different makes it even worse.
Richrd Newton
01-17-2016, 10:19 AM
#23
Rennlist Member
Mine will go to my wife & son but when I go it will take a long time to sort through the crap. I collect everything from scale model cars to Vacuum tubes and enough tools to start a few small businesses. Assuming they are still in the garage and I haven't cashed in they get them with the house.
What they do with it is up to them and will no longer be my problem. Hopefully they will be smart about it.
What they do with it is up to them and will no longer be my problem. Hopefully they will be smart about it.
01-18-2016, 08:32 PM
#24
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Mine are in the name of our trust, so along with all other assets they pass to the next three trusts I have set up, but where she is the Trustee for two of them. So I guess that means she has control over all the cars when I die, or my kids do if we both die. But I have the ability at any time to amend an attachment to my Will that lets me name any individual to get any particular car. Right now, nobody named. So I guess she would just sell them all since my two adult daughters don't like to drive manual transmissions. Garage sale!!!!
