Previous Thread
Next Thread
Print Thread
Page 10 of 15 1 2 8 9 10 11 12 14 15
Re: One day you are fine and the next you are final. [Re: MidPenMopar] #2709535
10/23/19 02:15 PM
10/23/19 02:15 PM
Joined: Jan 2003
Posts: 28,793
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
A

Joined: Jan 2003
Posts: 28,793
Oregon
Originally Posted by MidPenMopar
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. wave


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.

Re: One day you are fine and the next you are final. [Re: MidPenMopar] #2709537
10/23/19 02:22 PM
10/23/19 02:22 PM
Joined: Jan 2003
Posts: 28,793
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
A

Joined: Jan 2003
Posts: 28,793
Oregon
Originally Posted by MidPenMopar
Originally Posted by 70sixpkRT
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.

Re: One day you are fine and the next you are final. [Re: AndyF] #2709553
10/23/19 03:03 PM
10/23/19 03:03 PM
Joined: Dec 2003
Posts: 21,699
Trumussia
J
jcc Offline
If you can't dazzle em with diamonds..
jcc  Offline
If you can't dazzle em with diamonds..
J

Joined: Dec 2003
Posts: 21,699
Trumussia
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.

.

Last edited by jcc; 10/23/19 03:05 PM.

If you can't dazzle them with diamonds, don't waste your time, because nothing will
Re: One day you are fine and the next you are final. [Re: AndyF] #2709556
10/23/19 03:04 PM
10/23/19 03:04 PM
Joined: Dec 2003
Posts: 36,840
South San Francisco, Californi...
MidPenMopar Offline OP
Looking for fun? Keep looking
MidPenMopar  Offline OP
Looking for fun? Keep looking

Joined: Dec 2003
Posts: 36,840
South San Francisco, Californi...
Originally Posted by AndyF
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

Re: One day you are fine and the next you are final. [Re: jcc] #2709570
10/23/19 03:50 PM
10/23/19 03:50 PM
Joined: Jan 2003
Posts: 28,793
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
A

Joined: Jan 2003
Posts: 28,793
Oregon
Originally Posted by jcc
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.)

Re: One day you are fine and the next you are final. [Re: AndyF] #2709595
10/23/19 05:35 PM
10/23/19 05:35 PM
Joined: Jan 2003
Posts: 12,909
Whoa-is-mia
S
srt Online content
ESYC
srt  Online Content
ESYC
S

Joined: Jan 2003
Posts: 12,909
Whoa-is-mia
We simply changed the title to Husband Name *OR* Wife Name
We already had a family trust that spelled out everything owned be either, or jointly was common property (California is commonn property state) and what was to be done after either or both of were not around.
# or 4 hundred at the attorney along with all costs for changing title of vehicles and deed.



Re: One day you are fine and the next you are final. [Re: AndyF] #2709634
10/23/19 07:43 PM
10/23/19 07:43 PM
Joined: Dec 2003
Posts: 21,699
Trumussia
J
jcc Offline
If you can't dazzle em with diamonds..
jcc  Offline
If you can't dazzle em with diamonds..
J

Joined: Dec 2003
Posts: 21,699
Trumussia
Originally Posted by AndyF
Originally Posted by jcc
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. biggrin

I'll now step aside from this suggestion at this point, as Stu has more important matters at hand.


If you can't dazzle them with diamonds, don't waste your time, because nothing will
Re: One day you are fine and the next you are final. [Re: MidPenMopar] #2709721
10/24/19 08:24 AM
10/24/19 08:24 AM
Joined: Aug 2004
Posts: 9,654
Southern by Choice
S
Shoozy Offline
I have a foot fetish
Shoozy  Offline
I have a foot fetish
S

Joined: Aug 2004
Posts: 9,654
Southern by Choice
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...
Re: One day you are fine and the next you are final. [Re: MidPenMopar] #2709772
10/24/19 12:54 PM
10/24/19 12:54 PM
Joined: Feb 2014
Posts: 1,312
central il.
S
second 70 Offline
pro stock
second 70  Offline
pro stock
S

Joined: Feb 2014
Posts: 1,312
central il.
Stu You just need to know CA. state law. Here in Illinois if there isn't a will it all goes to the surviving spouse. A will can maybe avoid probate not sure. The changing of names on paper work can be done with a copy of death certificate.

Andy they was no upstep in assets when my father died and they transferred to my Mom, but her stocks did when she passed.

Re: One day you are fine and the next you are final. [Re: second 70] #2709796
10/24/19 02:38 PM
10/24/19 02:38 PM
Joined: Sep 2003
Posts: 14,882
north of coder
moparx Offline
"Butt Crack Bob"
moparx  Offline
"Butt Crack Bob"

Joined: Sep 2003
Posts: 14,882
north of coder
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 ! laugh2]

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 ! boogie

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 bow]
beer

Re: One day you are fine and the next you are final. [Re: moparx] #2709835
10/24/19 05:19 PM
10/24/19 05:19 PM
Joined: Jan 2003
Posts: 29,062
Hamtramck, PA
Alaskan_TA Offline
Fluffy Balladeer
Alaskan_TA  Offline
Fluffy Balladeer

Joined: Jan 2003
Posts: 29,062
Hamtramck, PA
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. twocents

Re: One day you are fine and the next you are final. [Re: Alaskan_TA] #2709838
10/24/19 05:36 PM
10/24/19 05:36 PM
Joined: Dec 2007
Posts: 17,722
Puttin' on the foil in Charles...
not_a_charger Offline
Mr. Big Shot Moparts Moderator
not_a_charger  Offline
Mr. Big Shot Moparts Moderator

Joined: Dec 2007
Posts: 17,722
Puttin' on the foil in Charles...
Originally Posted by Alaskan_TA
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. twocents


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
Re: One day you are fine and the next you are final. [Re: not_a_charger] #2709868
10/24/19 07:57 PM
10/24/19 07:57 PM
Joined: Dec 2005
Posts: 584
UP
F
finn Offline
mopar
finn  Offline
mopar
F

Joined: Dec 2005
Posts: 584
UP
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!

Re: One day you are fine and the next you are final. [Re: finn] #2709900
10/24/19 10:19 PM
10/24/19 10:19 PM
Joined: Dec 2003
Posts: 36,840
South San Francisco, Californi...
MidPenMopar Offline OP
Looking for fun? Keep looking
MidPenMopar  Offline OP
Looking for fun? Keep looking

Joined: Dec 2003
Posts: 36,840
South San Francisco, Californi...
Originally Posted by finn
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

Re: One day you are fine and the next you are final. [Re: MidPenMopar] #2709908
10/24/19 11:05 PM
10/24/19 11:05 PM
Joined: Jan 2003
Posts: 7,855
Highland, MI.
Sunroofcuda Offline
master
Sunroofcuda  Offline
master

Joined: Jan 2003
Posts: 7,855
Highland, MI.
Thinking about you every day Stu.................


No Man With A Good Car Needs To Be Justified
Re: One day you are fine and the next you are final. [Re: Sunroofcuda] #2709925
10/25/19 07:14 AM
10/25/19 07:14 AM
Joined: Jan 2011
Posts: 4,781
Utah and Alaska
astjp2 Offline
master
astjp2  Offline
master

Joined: Jan 2011
Posts: 4,781
Utah and Alaska
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!
Re: One day you are fine and the next you are final. [Re: astjp2] #2709931
10/25/19 08:14 AM
10/25/19 08:14 AM
Joined: Jan 2003
Posts: 6,072
JERSEY
RJS Offline
master
RJS  Offline
master

Joined: Jan 2003
Posts: 6,072
JERSEY
Stu although I really never knew you I know from the years that your a Good Guy! I feel very sad to hear this news for you. I wish you all the best, I always thought it was real cool how you would help so many with garage issues. This is a relentless disease and wish there was a cure by now.
Try to keep your positive attitude!!!!
Ron Sannino

Re: One day you are fine and the next you are final. [Re: RJS] #2709951
10/25/19 10:00 AM
10/25/19 10:00 AM
Joined: Sep 2003
Posts: 14,882
north of coder
moparx Offline
"Butt Crack Bob"
moparx  Offline
"Butt Crack Bob"

Joined: Sep 2003
Posts: 14,882
north of coder
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 ! drool]

also, when we have talked on the phone concerning garage door issues, you could just TELL he was a positive guy. up

keep up the attitude you have always had Stu. we are all with you in this deal together ! [to paraphrase Red Green]
beer

Re: One day you are fine and the next you are final. [Re: MidPenMopar] #2710027
10/25/19 05:38 PM
10/25/19 05:38 PM
Joined: Aug 2003
Posts: 17,092
Brookline NH
Tesla_HV Offline
I Live Here
Tesla_HV  Offline
I Live Here

Joined: Aug 2003
Posts: 17,092
Brookline NH
I am so very sorry to hear this news Stu. Thank you for your hospitality when I would visit there. I will always remember fondly our times together.

Re: One day you are fine and the next you are final. [Re: Tesla_HV] #2710035
10/25/19 07:07 PM
10/25/19 07:07 PM
Joined: Nov 2008
Posts: 3,982
the great wet north
S
Superfreak Offline
master
Superfreak  Offline
master
S

Joined: Nov 2008
Posts: 3,982
the great wet north
I dread opening this thread every time I see new posts added. Hang in there Stu!


"Too much to do and not enough time to do it"
Page 10 of 15 1 2 8 9 10 11 12 14 15






Powered by UBB.threads™ PHP Forum Software 7.7.1