Re: One day you are fine and the next you are final.
[Re: MidPenMopar]
#2709535
10/23/19 01:15 PM
10/23/19 01:15 PM
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Joined: Jan 2003
Posts: 31,260 Oregon
AndyF
I Win
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I Win
Joined: Jan 2003
Posts: 31,260
Oregon
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Thank you all for the incredible outpouring of support towards me and my family. I will rest easy know what a great group of friends i have made over these 20 years or so. I have a question regarding the transfer of title of the road runner to my wife's name. Right now the car is in my name only and what is the best way to put to put it her name name only from now on. Do i "gift" it or "sell" it at a very low low price or ??? I wan to make it as easy as possible for her is my goal. She had an appointment next month at the DMV. Thank you for any ideas. Stu I wouldn't think you have to do anything at all. On your passing it goes to her since she is your wife. State law is going to be very clear on that. If you wanted to be extra sure you could add her to the title now but I wouldn't think that was even required unless she is planning to sell the car immediately. You can also file a will and make it very clear that your wife gets the car but even without a will she would get it since everything goes to your spouse unless stated otherwise. Same thing with bank accounts and stuff like that. You can add her to all of your accounts so she has access now, but if you don't everything will transfer. The only issue with bank accounts is it can take some time for the paperwork to all get thru the system so your wife needs to have access to some funds in order to pay bills. For any retirement accounts (401K or IRA) you can name a beneficiary on the account and then it skips the whole process. These days everyone has lots of accounts and passwords and monthly charges that are hard to shut off and all sorts of stuff like that. I've had a few close friends pass away recently and their wives all had some issues with passwords and account access and stuff like that.
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Re: One day you are fine and the next you are final.
[Re: MidPenMopar]
#2709537
10/23/19 01:22 PM
10/23/19 01:22 PM
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Joined: Jan 2003
Posts: 31,260 Oregon
AndyF
I Win
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I Win
Joined: Jan 2003
Posts: 31,260
Oregon
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Do you have a will or living trust? Have her inherit the car. Or can you change the registration to include "and/or"? Yes we do have an appointment to get a simple living well set up cause all i own will go straight to sally in the end. Our guy is $400 an hour so i was hoping to do anything we can as cheap are possible. Stu You probably don't even need a will since everything will go to your wife but it could be worth the money just to go over it all with a lawyer. If you make a list of all of your possessions and then double check to see who is listed as the official owner it will make the task much easier. As stated before, lots of items can be owned jointly and/or you can name a beneficiary on the account. There is a potential tax issue that might be worth exploring more since I don't know the answer. Typically an asset is stepped up to the current value on inheritance so it might be better for your wife to inherit the car rather than be a joint owner. I'm not 100% sure this is true in CA but it could be a big difference in taxes when the car is sold so you should make at least a phone call to a tax person. If you bought the car for $10,000 and it is now worth $50,000 then it would be better for her to inherit it. If the numbers aren't big then don't worry about it since I'm sure you have better things to do with your time.
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Re: One day you are fine and the next you are final.
[Re: AndyF]
#2709553
10/23/19 02:03 PM
10/23/19 02:03 PM
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Joined: Dec 2003
Posts: 23,543 Here
jcc
No soup for you!!!
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No soup for you!!!
Joined: Dec 2003
Posts: 23,543
Here
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I'm not addressing the will aspect, its self explanatory and above my pay grade.
I do want to repeat, a lot stuff is dealt with before a will is in play, and it's an extremely stressed time for everyone involved as that time approaches..
A durable power of attorney fills the gap, and makes life easier for everyone, until the will comes into play.
If you become incapacitated, a power of attorney is no longer an option.
They are revocable, they are immediate, they are not cumbersome, and they are not costly, but you need a lawyer to set one up with his advice for your situation.
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Last edited by jcc; 10/23/19 02:05 PM.
I'm with Helmuth Hübener, and no soup is being served today.
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Re: One day you are fine and the next you are final.
[Re: AndyF]
#2709556
10/23/19 02:04 PM
10/23/19 02:04 PM
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Joined: Dec 2003
Posts: 36,840 South San Francisco, Californi...
MidPenMopar
OP
Looking for fun? Keep looking
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OP
Looking for fun? Keep looking
Joined: Dec 2003
Posts: 36,840
South San Francisco, Californi...
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Typically an asset is stepped up to the current value on inheritance so it might be better for your wife to inherit the car rather than be a joint owner. I'm not 100% sure this is true in CA but it could be a big difference in taxes when the car is sold so you should make at least a phone call to a tax person. If you bought the car for $10,000 and it is now worth $50,000 then it would be better for her to inherit it. If the numbers aren't big then don't worry about it since I'm sure you have better things to do with your time. Thank you Andy for the help!! Stu
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Re: One day you are fine and the next you are final.
[Re: jcc]
#2709570
10/23/19 02:50 PM
10/23/19 02:50 PM
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Joined: Jan 2003
Posts: 31,260 Oregon
AndyF
I Win
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I Win
Joined: Jan 2003
Posts: 31,260
Oregon
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I'm not addressing the will aspect, its self explanatory and above my pay grade.
I do want to repeat, a lot stuff is dealt with before a will is in play, and it's an extremely stressed time for everyone involved as that time approaches..
A durable power of attorney fills the gap, and makes life easier for everyone, until the will comes into play.
If you become incapacitated, a power of attorney is no longer an option.
They are revocable, they are immediate, they are not cumbersome, and they are not costly, but you need a lawyer to set one up with his advice for your situation.
. You might be correct but personally I don't see much value in it when there is a spouse who is still a loving partner. If my wife was terminal I wouldn't suggest that she sign a power of attorney over to me. I just don't see the point. She could just as easily make her wishes known in other ways and skip the extra paperwork. But my law school diploma is 30 years old and I never practiced in this area so perhaps it would be on the list of questions to ask a lawyer. I do know that several of my older relatives have been told by lawyers that they need powers of attorney set up, they need trusts and they need living wills and they need other such stuff. In all cases these were just money grabs by the lawyers. If the estate is small and there is a living spouse who is still in good standing then things should go very smoothly. The main thing is to make sure that there is access to funds for at least 6 months and that all the paperwork is in order. (insurance, social security, pension, retirement accounts, bank accounts, saving bonds, contracts, loan guarantees, etc.)
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Re: One day you are fine and the next you are final.
[Re: AndyF]
#2709634
10/23/19 06:43 PM
10/23/19 06:43 PM
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Joined: Dec 2003
Posts: 23,543 Here
jcc
No soup for you!!!
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No soup for you!!!
Joined: Dec 2003
Posts: 23,543
Here
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I'm not addressing the will aspect, its self explanatory and above my pay grade.
I do want to repeat, a lot stuff is dealt with before a will is in play, and it's an extremely stressed time for everyone involved as that time approaches..
A durable power of attorney fills the gap, and makes life easier for everyone, until the will comes into play.
If you become incapacitated, a power of attorney is no longer an option.
They are revocable, they are immediate, they are not cumbersome, and they are not costly, but you need a lawyer to set one up with his advice for your situation.
. You might be correct but personally I don't see much value in it when there is a spouse who is still a loving partner. If my wife was terminal I wouldn't suggest that she sign a power of attorney over to me. I just don't see the point. She could just as easily make her wishes known in other ways and skip the extra paperwork. But my law school diploma is 30 years old and I never practiced in this area so perhaps it would be on the list of questions to ask a lawyer. I do know that several of my older relatives have been told by lawyers that they need powers of attorney set up, they need trusts and they need living wills and they need other such stuff. In all cases these were just money grabs by the lawyers. If the estate is small and there is a living spouse who is still in good standing then things should go very smoothly. The main thing is to make sure that there is access to funds for at least 6 months and that all the paperwork is in order. (insurance, social security, pension, retirement accounts, bank accounts, saving bonds, contracts, loan guarantees, etc.) For , other then what has already been mentioned: 1. Almost nobody in late stages of C think of everything 2. It it makes one task more efficient in the final stages, any of the paperwork involved in acquiring the document will seem minor 3. It the estate is small, the "Money Grab" aspect is no longer an issue 4. A durable power of Attorney can be conditional/timely as desired, it is not a one size fits all entity 5. There is a point of no return when making the decision to acquire a POA. 6. A POA is hardly contestable , vs trying to handle finances and prove you are a legal spouse and with all needed authority to conduct a transaction with a living spouse. 7. Lawyers make their money off of finding things that do not go "smoothly", that A POA helps prevent, but then I am not a lawyer, and likely am biased. I'll now step aside from this suggestion at this point, as Stu has more important matters at hand.
I'm with Helmuth Hübener, and no soup is being served today.
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Re: One day you are fine and the next you are final.
[Re: MidPenMopar]
#2709721
10/24/19 07:24 AM
10/24/19 07:24 AM
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Joined: Aug 2004
Posts: 9,654 Southern by Choice
Shoozy
I have a foot fetish
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I have a foot fetish
Joined: Aug 2004
Posts: 9,654
Southern by Choice
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Aww Stu, I don't come on here often anymore, and then I see this. You and I have chatted in the past about this - today marks two years since my diagnosis of stage 4 liver and colon cancer, and the surgeries and treatments have kept me going! Anything is possible, and miracles DO happen.
You are truly the heart and soul of this place, and loved by so many who may have never met you (myself included). Know that you are in my prayers, and that you can reach out to me anytime for any reason. Stay positive, fight hard, and may God be with you and yours throughout the fight.
Tim
Old, tired, and sometimes broke down. Me, not my car...
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Re: One day you are fine and the next you are final.
[Re: second 70]
#2709796
10/24/19 01:38 PM
10/24/19 01:38 PM
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Joined: Sep 2003
Posts: 20,517 north of coder
moparx
"Butt Crack Bob"
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"Butt Crack Bob"
Joined: Sep 2003
Posts: 20,517
north of coder
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in my two experiences in pa. [my dad and my sister] the state ALWAYS wants to go into probate so they can get a BIG slice of the money pie. my dad had virtually nothing except for his car, [1999 stratus, bought from a member here] which i sold off to finish paying for his funeral. the carpenter's union paid for the majority of that expense. his girlfriend was on his bank account, and was beneficiary of his life insurance. he lived in her trailer, so all that was left was his cloths and some trinkets that were in the trailer. he had a minimalistic, will, so the state was MAD that there was nothing to claim. [BOO-HOO ! ] my sister had the same basic items in her possession, with an exception. her will stated that if there was anything left over in her bank account after everything was paid, those moneys were to be given to the local animal shelter. once again, the state had their grabby hand out, and got NOTHING ! both instances had my attorney involved, and in my opinion, turned out great for all involved. as an aside, my attorney and i went to school together, and when i opened my junkyard in 1972, i was his first client after he graduated from law school. [he treats me really well as to his fees to this day ]
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Re: One day you are fine and the next you are final.
[Re: Alaskan_TA]
#2709838
10/24/19 04:36 PM
10/24/19 04:36 PM
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Joined: Dec 2007
Posts: 20,464 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,464
Puttin' on the foil in Charles...
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Stu, let the decisions be yours & yours alone. Leave the state out of it, they will have no respect for your interests or your loved ones. Exactly. Which is why having a will, etc...is so important. There is no downside to a will and a POA. Plenty of downsides to not having them, most notably the probate process, in which the state makes you jump through hoops, moves at an incredibly slow pace, and milks your estate for more $$$.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: One day you are fine and the next you are final.
[Re: finn]
#2709900
10/24/19 09:19 PM
10/24/19 09:19 PM
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Joined: Dec 2003
Posts: 36,840 South San Francisco, Californi...
MidPenMopar
OP
Looking for fun? Keep looking
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OP
Looking for fun? Keep looking
Joined: Dec 2003
Posts: 36,840
South San Francisco, Californi...
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Hang in there Stu. Haven’t been around much lately, but always read your posts for years. No drama in them, which was always appreciated.
As to the will, it’s a good idea to have one, but even more so that your surviving spouse has one.
My mom never got around to having one put together, probably because she couldn’t face making the required decisions, so we went through probate. Her estate was not large, but respectable. Probate costs were something like $350 here in Michigan, so unlike what I read in other posts, the State didn’t exactly make a bundle upon her death.
Hang in there! Just got the living trust done tonight as the lawyer was kind enough to come to my house to have all the papers signed as i cant get out of the house anymore. Stu
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Re: One day you are fine and the next you are final.
[Re: MidPenMopar]
#2709908
10/24/19 10:05 PM
10/24/19 10:05 PM
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Joined: Jan 2003
Posts: 8,509 Highland, MI.
Sunroofcuda
master
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master
Joined: Jan 2003
Posts: 8,509
Highland, MI.
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Thinking about you every day Stu.................
No Man With A Good Car Needs To Be Justified
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Re: One day you are fine and the next you are final.
[Re: Sunroofcuda]
#2709925
10/25/19 06:14 AM
10/25/19 06:14 AM
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Joined: Jan 2011
Posts: 4,785 Utah and Alaska
astjp2
master
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master
Joined: Jan 2011
Posts: 4,785
Utah and Alaska
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This just sucks Stu. one thing to consider is that my dad has been stage 4 for 3+ years now, not super high functioning but he is able to get around some and tinker on vehicles to keep them going at the ranch. So dont think of this as a death sentence, just work at staying alive. There are still a lot of tough old bastards out there and I hope you are one of them.
1941 Taylorcraft 1968 Charger 1994 Wrangler 1998 Wrangler 2008 Kia Rio 2017 Jetta
I didn't do 4 years and 9 months of Graduate School to be called Mister!
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Re: One day you are fine and the next you are final.
[Re: RJS]
#2709951
10/25/19 09:00 AM
10/25/19 09:00 AM
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Joined: Sep 2003
Posts: 20,517 north of coder
moparx
"Butt Crack Bob"
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"Butt Crack Bob"
Joined: Sep 2003
Posts: 20,517
north of coder
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the POSITIVE ATTITUDE one has plays a HUGE role in one's life ! Stu has ALWAYS had a positive attitude, proven by all the pics he has submitted over the years showing the good times at shows and his cooking abilities. [sure wished i could have sampled some of those feasts ! ] also, when we have talked on the phone concerning garage door issues, you could just TELL he was a positive guy. keep up the attitude you have always had Stu. we are all with you in this deal together ! [to paraphrase Red Green]
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Re: One day you are fine and the next you are final.
[Re: Tesla_HV]
#2710035
10/25/19 06:07 PM
10/25/19 06:07 PM
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Superfreak
Unregistered
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Superfreak
Unregistered
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I dread opening this thread every time I see new posts added. Hang in there Stu!
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